How to Close a Current Account?
Current account is a bank account which is opened by businesses and companies to conduct regular transactions. Sometimes, they may need to close a current account which is no longer of any use for them.
If you have a current account with bank and interested to know how to close it, following are the steps you will have to follow,
Step (1): Visit Bank BranchYou need to visit your bank's branch to initiate the account closure process. You will need to bring the following items,
- Identification proof: A valid ID document like PAN, Aadhaar, passport or driver's license
- Address proof: A recent utility bill, GST certificate or rental agreement
- Cheque leaves and passbook: You need to surrender all your unused cheque leaves and your passbook
In order to close your bank account, the first step is to fill up an Account Closure Form. You can download it from bank's website or alternatively, you can visit your branch, get the account closure form and fill it up properly. After that you need to sign it and submit it to the branch manager/ officer-in-charge. Please note that if there is/ are any joint holder/s in your account, all need to sign the account closure form.
Step (3): Attach your KYC Documents
All the holders of the account need to attach a copy of KYC documents i.e. a copy of PAN, which also serves as your proof of identity and a proof of address to the account closure form. The account holders may also be asked to self attest these documents.
Step (4): Surrender Balance Cheque Leaves and Passbook
You need to surrender your Balance Cheque Leaves, if any and the Passbook. Your account closure application is taken for processing only after you have surrendered all these items.
Step (5): De-link the Account
If you use your current account for investments, loans, trading, credit card payments, deposits, NACH mandates or standing instructions, you need to de-link the account before closing it.
Step (6): Withdraw the Balance Amount in your Bank Account
The banker verifies the documents submitted by you and if he/ she finds all the things are correct then you are asked to withdraw the balance amount in your account. You may either take cash withdrawal or the bank issues a cheque/ DD in your favour or the amount can be transferred to another account.
Step (7): Receive Account Closure Confirmation
After you submit the necessary documentation alongwith the account closure form and completed all the above-mentioned steps, the bank will process your request and gives account closure confirmation.
If you follow above steps, you would be able to close your bank account in an easy manner. Banks generally send an email or SMS on your registered email id and mobile after your account is closed.
What to Remember Before Closing Current Account?
You should see whether your existing current account is still useful before going for an account closure. Even if you have multiple accounts, there is no need to close any old account which is having no recurring fees.
Before closing your account you should,
- Check account balance
- Check account closure charges
- Update your current contact information
- Cancel any pending transaction
- Download your bank statements since inception till date of closure
- Surrender any unused cheque leaves and debit card