Owners of bank accounts: You will be responsible for this loss if you do not utilize your savings account. Close it

Owners of bank accounts: You will be responsible for this loss if you do not utilize your savings account. Close it

Owners of bank accounts: You will be responsible for this loss if you do not utilize your savings account. Close it

Closing several savings accounts that you do not use is advised since failure to do so might result in significant losses. Be aware of it

several have several savings accounts, many of them unintentionally. This often occurs with working individuals. They create a new salary account in addition to the new firm. Numerous savings accounts are opened in such circumstances, but they are never used. Not even one is using them. If you have many savings accounts, you should shut them as soon as possible to avoid losing money. Understand how

Every bank has set a minimum balance requirement for savings accounts. This upper limit is between Rs. 500 and Rs. 10,000. The bank will charge you for failing to keep your account's average monthly balance up to date in such a case.

The pay account does not have a minimum balance requirement, but it turns into a savings account after three months without an income. The requirement of minimum balance is also applicable in this circumstance. You will be assessed a penalty by the bank if you fail to keep this amount current.

Numerous banks impose fees for all of their services, including SMS and debit card services. In the event that you are not using your account, the debit card costs will still need to be paid.

A 12-month period during which no transactions are made in your bank account qualifies your account as inactive according to the bank. Even after this, your account will be classified as inactive if there are no transactions over the next 12 months. A inactive account cannot be used for online banking, ATM transactions, mobile banking, etc. In this case, you will need to apply at your home branch and complete KYC once again in order to revive the inactive account.

Close your account in this manner.

You must fill out the closure form at the bank branch in order to close an account. Additionally, you will need to explain your reasons for closing your savings account. You will need to fill out another form if you want to move money from your account to another account. You will be required to deposit the unused debit card and check book when you close the account. Remember to bring these items with you.