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Closing a Bank Account

IndianMoney.com Research Team | Updated On Monday, November 17,2014, 05:00 PM
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Closing a Bank Account

 

  • To close an account all the account holders must write to the bank stating their intent to close the account. They must also submit all unused cheques to the bank.
  • The bank generally asks the account holder/s to sign one cheque in blank. This is the demand by the account holder for the balance in his account.

The bank might also request the customer to close his account in the following cases :

  • If the customer is no longer a desirable person
  • If the account has not been operated for a long time.
  • If a customer cannot be traced, the balance will be placed in an unclaimed deposits account.
  • If a statement or correspondence sent to the customer is returned, the balance must be transferred to a dormant account (to keep a check on the account) or in some other "watch" account.

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IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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