While there is nothing wrong with maintaining multiple accounts, extreme caution should be exercised as negligence can result in losses. Keep in mind that you will need to pay all related fees like debit card fees, SMS fees, and you need to maintain a minimum balance depending on the account; if the minimum balance is not maintained, a deduction from the Monthly Quarterly Balance (MQB) will be made.
Here is an overview of what you need to do to close an SBI bank account.
Things to keep on hand before closing the account
These things are best kept close at hand:
- Debit card
- Identity document and proof of address
- Closing letter or closing form
Things to remember
- Before closing the account, make sure you pay all your pending dues
- Close or transfer all of your EMI and credit card attached to this account.
- Keep the balance at zero, so that there is no problem transferring the amount
- Be sure to download the bank account statements for future reference.
- Remember that this account cannot be reopened.
How to close an SBI account?
You cannot close your savings, salary or SBI checking account online; you must go to the branch with the required letter or form, as well as identity 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 items related to the account such as a debit card, checkbook and passbook. Account closure fees may be charged by the bank depending on the length of the account.
Account holders who close their bank accounts after one year are not charged any fees by SBI. The account holder will have to pay fees if the SBI account is closed between 15 days and one year; account closure fees are Rs 500 plus GST for savings account.
For current accounts, the fees will be Rs 1000 plus GST for a mandate of 14 days to 1 year after opening the account, and Rs 500 plus GST for a mandate of 1 year to 5 years after opening the account. account.