Banks are required to follow the Reserve Bank of India’s rules. Customers can terminate their bank accounts in their individual banks if they are dissatisfied with the financial services or do not believe they are enough.
Banks sometimes provide attractive incentives for opening an account in a certain bank branch which may also be a viable cause for transferring a bank account to another location. A few banks charge clients for account closures whereas others are sorry to see them go and do not charge anything.
If a client has a savings or current salary account with the State Bank of India and chooses to terminate it permanently there is a thorough method for closing the SBI account properly. Customers should keep a few things in mind before canceling their SBI account. These are the following
If a customer chooses to close their SBI account due to an emergency or for any other reason they are not entitled to reactivate it. This disadvantage may cause consumers problems in the future.
Before starting with the account closure procedure the user must leave a zero balance in their account. As a result if the client has a decent bank balance they must transfer it to another account or remove it promptly in order to complete the closing procedure at the State Bank of India.
If there are any outstanding balances on the customers account they must be paid before the account may be closed. If the customer’s dues remain unpaid he or she is not permitted to request for the accounts closure with the State Bank of India.
If the consumer intends to utilize the account in the future they must have a comprehensive bank statement of their SBI account.
Steps To Close State Bank of India Account
Here are the step to Close the State Bank of India Account
Enter the SBI branch where the account is situated
The bank executive will supply the consumer with an account closing request form. CDSL is another name for this type. If the user wants to save a few minutes they may also obtain the SBI account closure form from the official SBI website which is located under the title SBI account closure form. After getting the form the user must fill it out in order to progress with the process.
The user must fill out the form with the account holders name account number signature and contact information.
In addition the user must provide a few reasons for cancelling the account in the particular branch.
The customer can also move the money from the bank balance by check DD or cash or they can transfer it to two other accounts. This option must be filled out on the form.
Once the foregoing procedure has been completed, the user must return the Chequebook, as well as the debit card and passbook.
SBI bank account customers must return their chequebook together with any unused or remaining check leaves to the relevant State Bank of India branch upon terminating their account. The same chequebook is used to withdraw money from the bank account as well.
Debit card If the account user has a debit card it must be returned to the nearest State Bank of India branch. This debit card may be used to withdraw any amount of money from POS or ATM machines.
Passbook When closing an SBI bank account the user must return their passbook.
Submit ID and address verification papers.
A few SBI offices require its valued clients to provide ID and residence evidence before cancelling their SBI account. The account holder is required to furnish them with the same information. After the account closure procedure is finished the account holder will get an SMS and email notice on their registered mobile number and email address. If a consumer has any problems with the State Bank of India account closure procedure they can contact the bank at the toll free number 1800112211.
Pay The Charges
There are a few banks that charge a feast for closing an account in their branch. They do so in order to recoup the cost of a range of services offered to clients throughout the account opening process which may include the purchase of a chequebook debit cards and other items. However the State Bank of India has recently eliminated account closing fees for account holders with accounts that are more than a year old.
If a consumer decides to terminate their account within 14 days of starting it for whatever reason SBI does not charge them anything. However if the account is terminated between 15 days and one year a fee of INR 500 and GST as applicable in prior periods would be charged. With effect from October 1st 2017 the banks new policy declaring no GST fee for closure services is in place.