Why is it necessary to close the inactive account? Know here how to close it

Why is it necessary to close the inactive account? Know here how to close it

Most of the job-professionals have a normal bank account. Sometimes the company has to change the bank account and open a new account. Some banks convert customers' zero balance salary account into a savings account if they do not have salary credit for a few months. The non-salary savings account has to have a minimum balance, which is not possible every time. The account should be closed when there is no minimum balance to avoid the charges. When you go to close your bank account, you should take care of some important things.

Better to turn off automatic debits: Get all debits linked to your account delinked when you close your account. If your bank account is linked to the loan IMI of the month, you should give your lender a new alternative bank account number.

Update new account details: On closing the old salary account, give the employer new account details so that your salary or pension is new.

The person will have to go to the branch: The account holder will have to go to the bank branch to permanently close the bank account. You have to go to the branch and fill in the account closure form. With this form, you also have to submit a delinking form. The checkbook, credit card, and debit card not used are also to be deposited in the bank.

What is the account closure fee: There is no charge for closing the savings account within 14 days of opening it. Banks charge some fees for the closure of the account between 14 days and one year after the account is opened. The fees of different banks may vary. There is no fee applicable for closure after one year of account opening.

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Image credit: financialexpress

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