For a doubt canceling a bank account is a scary job. If you have a bank account that you no longer use for money transactions or anything else you should close it. Many people believe that if one withdraws all money and does not use the bank account would be closed automatically since no one will transact from it.
However, this is a completely incorrect understanding. It is possible that because you did not terminate your old bank account you are now unable to establish a new one as a person cannot open a new bank account with a similar name and data while the previous bank account in the same branch still exists. It is a rule that every bank follows.
Many people have several bank accounts that were opened by their employers. For irregularities in pay credits, the bank transforms the salary accounts into normal savings accounts after a few months. However, every savings bank account must have a minimum amount and if you fail to maintain it you will be penalized. As a result, it is preferable to have fewer bank accounts so that no one is required to maintain them with a minimum amount.
As a result, canceling an inactive account is imposed in order to avoid additional costs and penalties. Bank of Baroda is one of the best-nationalized banks providing outstanding services to its clients in order for them to have a positive experience.
How to Close Bank of Baroda Account Easily
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You can cancel your bank account only when the clearance procedure is completed as there would be no pending transactions. Here are the specific processes for closing a bank account.
Step 1: While you cannot terminate your bank account online you can obtain a closure form from the BOB official website. To complete the task goes to the Bank of Baroda’s main branch.
Step 2: Fill out the form step by step with accurate information. Use the information you entered when you opened your Bank of Baroda account. Put all of the information that the form demands in the appropriate areas and pay attention to where the block letter style is required and complete that space properly.
Step 3: In the form explain why you wish to close the account. The customer’s signature will be required on the form. Sign in to the proper location. The signature should be the same as the one you provided when you opened the account.
Step 4: Double-check that you have completed all of the steps before sending it to the branch manager. Then together with the for submitting the checkbook and the passbook.
D-Link all debits associated with the bank account.
If you have any insurance or debts on the prior account you must clear them immediately.
If you have any installment reimbursements or want to invest with the previous bank account before it closes, you must submit alternative account details to debit for the lender.
All credit cards must be delinked. And it will take at least 7 to8 days to officially shut all the links.
Toll-Free Number 1800 258 44 55 or 1800 102 44 55 Email [email protected]
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