Savings Bank Account Closing: With the changing times, the banking system has undergone a lot of changes. Banks today encourage their clients to adopt mobile and online banking. Most banks allow customers to open bank accounts sitting at home. In such a situation, customers easily open online savings accounts. Opening a savings account can be very beneficial in many cases, but it can also be very harmful at times.
Having multiple savings accounts gives you the advantage of banking facilities of different banks, but if you do not use these multiple savings account properly, it can also cause you a loss. Savings accounts that you do not use are called dormant or dormant savings accounts.
Often when people don’t use a savings account, it later changes to the inactive or inactive category. Later on, this might be used as a scam scheme. This kind of account might be utilized improperly. If you are in this scenario and have not used a savings account in a while, you should terminate it as soon as you can. You won’t experience any issues after that. Let us know what things should be kept in mind while closing the account-
1. Pay the service charge and penalty of the account
When you do not use an account for a long time and do not maintain a minimum balance in it, due to this the bank starts levying various penalties on your account. Is. Before terminating the account, the consumer will be required to pay a variety of service fees and penalties. You may only close the account after that. Failure to do so can have a negative impact on your credit score.
2. Will have to pay closure charge
Let us tell you that if you close the account within one year of opening the account, then you will also have to pay the closure charge to the bank. Your obligation to pay a closing charge depends on the banks. If your account is about to be closed in this circumstance, you should absolutely deposit the closure fee in accordance with the banks’ policies.
3. Update Savings Account Details
Before closing the Savings Account everywhere, you need to update your new Savings Account details with EPFO, IT Department, or Insurance Company. People frequently neglect to complete this necessary task, which leaves them in a difficult situation later. In such a situation, try to update all the details related to the account first and only then close your savings account.
4. Cancel EMI Linked Account
If there is any subscription or EMI linked to your savings account, then you should cancel it first. Many times people do not keep these things in mind while closing the account. Most banks give payment instructions to their customers, in which you automatically deduct money from the savings account. If you do not cancel the instruction, your payment will not be made and it will affect your credit score later.
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