While there is no harm in maintaining multiple accounts, one should exercise extreme caution because negligence can result in losses. Do keep in mind that you will have to pay all related charges such as debit card charges, SMS charges, and should maintain a minimum balance depending on the account; if the minimum balance is not maintained, a Monthly Quarterly Balance (MQB) deduction will be made.
Here is a look at what you must do to close an SBI bank account.
Things to keep handy before closing account
It is better to keep these things handy:
- Debit Card
- Cheque Book
- ID and Address proof
- Closure letter or Closure form
Things to remember
- Before closing the account, make sure to pay all your pending dues
- Close or transfer all your EMI and credit card attached with this account.
- Keep the balance zero, so that there will be no issues of transferring the amount
- Make sure to download the bank account statements for future reference.
- Remember that this account cannot be re-opened again.
How to close SBI account?
You cannot close your SBI savings, salary, or current account online; you must visit the branch with the required letter or form, as well as ID documents, to close the account. You can download the account closure form from the SBI website.
Mention the reason for your closure and submit all account-related items such as a debit card, a cheque book, and a passbook. Account closure fees may be charged by the bank depending on the account’s tenure.
Account holders who close their bank accounts after a year are not charged any fees by SBI. The account holder will have to pay fees if the SBI account is closed in between 15 days to one year; the account closure charge is Rs 500 pluis GST for savings account.
For current accounts, the charge will be Rs 1,000 plus GST for tenure from 14 days to 1 year after account opening, and Rs 500 plus GST for tenure from 1 year to 5 years following account opening.