Overseas bank accounts often known as offshore bank accounts are those held in a nation where the owner does not reside. In other words, the bank is located outside of the resident’s country and is further maintained or controlled by an international banking body.
Thus Indian Overseas Banks are under the purview of the Ministry of Finance and are a leading Indian nationalized bank. IOB’s headquarters are in Chennai. Similarly, IOB has provided exceptional banking services to customers from all walks of life.
How To Close Indian Overseas Bank Account
To close your IOB account go to their bank. There is no way to cancel the account online. One should fill up the closure form and after a specific period of time and processing the account is closed and the funds in the following bank account may be readily moved to another bank account.
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Go to the bank and fill out the closure form.
To begin closing an account the first step is to visit the branch and fill out the closure form which may be acquired from the branch’s official website or obtained from the branch itself. Fill out the form completely and accurately. After that send the paperwork to the branch manager.
Attach all papers Carefully
This one must include a copy of all KYC (Know Your Customer) paperwork. It contains a PAN card an ATM card a checkbook, and a passbook that acts as identification. Submit Passbook Debit or ATM card and Balance Cheque Leaves After attesting the needed papers the checkbook with unused cheque leaves the ATM card and the passbook must be surrendered.
Withdrawal of funds from IOB account
This is the final step in the process of closing the bank account. The verification and approval procedure begins when all documents have been submitted. Following verification, the holder is instructed to withdraw the funds from the bank. There are several alternatives available including cash or the issuance of a check to move funds between bank accounts.
For confirmation of the closing of an account the bank will often send an email. This is a pretty simple way to close an Indian Overseas Bank.
He is Complaint Number 18004253402 and Toll Free Number 18008904445.
There is no other way to close an Indian Overseas bank account but to visit the home branch.
It is usually a good idea to pay off any outstanding debts before closing an account.
Also and this is the most crucial aspect keep a soft copy of every printout provided by the bank for future reference.
The account cannot be reopened once it has been closed by the bank therefore it should only be closed for legitimate reasons.
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