If you have more than one savings account and you do not use them, then you should close them, otherwise you may have to face many losses. Know about it-
Many times, even without wanting to, people have multiple savings accounts. This often happens with working people. Along with the new company, their new salary account is also opened. In such a situation, many savings accounts are created and remain idle. They are not even used. If you also have many savings accounts, then close them in time, otherwise you will suffer loss. Know how-
- A limit for minimum balance in savings account has been made in all banks. This limit ranges from Rs 500 to Rs 10,000. In such a situation, the bank imposes penalty for not maintaining monthly average balance in your account.
- There is no condition like minimum balance in salary account, but if salary is not received for 3 consecutive months, it becomes a savings account. In such a situation, the condition of minimum balance also applies. If you do not maintain this balance, the bank will charge you a penalty.
- Many banks charge some fees on all their services like debit card, SMS service etc. Even if you are not using your account, you will still have to pay the debit card fees.
- If you do not make any transaction in your bank account for 12 consecutive months, then the bank will consider your account as an inactive account. Even after this, if there is no transaction for the next 12 months, your account will go into the category of dormant account. You cannot do net banking, ATM transactions or mobile banking etc. from a dormant account. In such a situation, to activate the dormant account, you will have to get KYC done again by giving an application in your home branch.
Close your account like this
To close a bank account, you will have to go to the bank branch and fill the closure form. You will also have to tell why you are getting your savings account closed. If you have money in your account and you want to transfer it to another account, then you will have to fill another form. While closing the account you will be asked to deposit the unused check book and debit card. Don’t forget to take these things with you.
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