Bank Account Closing Letter | How to Close an Account

For many people, closing a bank account permanently might appear to be the biggest hurdle. That’s because people are not aware of the important facts connected with closing the bank account. If you are planning to write a bank account closing letter, this post might help you. Apart from that, banks try to discourage the process by making it a bit complex.

Banks operate under the strict guidelines of the Reserve Bank of India. Whenever you feel dissatisfied with the services, you can opt for bank account closure. However, some banks charge you while closing the account and some don’t. Read on the post to find out more about the whole procedure.

Getting started with the bank account closing procedure

There is no question that banks do not want their loyal users to leave them. That’s why the process involved in closing a bank account is conducted in a complex way. All the other features are made user-friendly except for the closing process.

Most importantly, you won’t find any kind of account closing form on most of the official websites of different banks. They do not want to promote the thing. Even the bank staff would make it to their best of efforts not to let you go.

They might want to know about the issue and provide you with some kind of lucrative offer most of the time. However, if you are certain that you need to suspend your bank account, you have to remember some important things. You don’t have to hesitate while approaching the bank.

An application letter is all you need to get started. Here is something you should not forget.

The bank account closing letter must be clear and compact. It should reflect the causes for closing the account. Keep the letter precise.
The letter is addressed to the branch manager of the bank.
Give clear details about your account and identity in the form of photocopies.
Keep your debit or credit cards, passbooks, checkbooks, and other belongings close at hand.
Take a print out of your bank account statement
Be ready for the closing charges, if there are any. However, the fees are quite minimal.

How to close your bank account

As aforementioned, closing a bank account involves some important steps. When these are fulfilled, you can walk free from your bank. So, if you are wondering how to close SBI account, the same rule applies. Therefore, follow the simple steps.

Walk into your bank and ask an executive to provide a bank account closing form.
Complete the form with the correct details.
Enter the reason why you are taking the step.
If you have a balance in your account, choose the option of how to transfer the remaining balance. You could be provided with a Cheque or a Demand Draft quoting the balance amount.
Return the bank possession such as passbooks, checkbooks, and Debit or Credit Cards.
The bank executives may ask you for some kind of identity proof. Provide them with the same and keep in mind that it matches the information in your bank account.
Now, hand over the bank account closing letter along with the application form, photocopy of your identity, and the belongings to the concerned authority.
After a successful closure, you get an email and SMS on your contact number.
If your bank charges an additional fee, you have to give. These charges are the cost incurred during the procedure. The fees are very minimal. Some banks even waive off the account closing charges.

Some examples of bank account closing letter

Here are some samples that may help you to write a good bank account closing letter. And, if you are thinking about how to close SBI account, you need an application letter first. Change the details in the brackets according to your needs.

Sample bank account closing letter

To,

The Branch Manager

(Bank name)

(Branch name)

(Place)

Subject: Application to close bank account no: (insert your savings or current account number)

Respected Sir / Madam,

With deep regret, I would like to inform you that for personal reasons I cannot continue to operate my savings / current account on your branch. I have returned my Cheque book, Passbook, and Debit / Credit Cards to the Bank.

Also, I would request you to kindly arrange to return my balance amount lying in the account. Here are my account number and name.

Account holder name –

Account number –

Please do what is needed and oblige thereby. Thanking you.

Regards,

(Your name)

(Date & place)

Sample #2:

To,

The Branch Manager

(Bank name)

(Branch name)

(Place)

Subject: Humble request to close my bank account.

Respected Sir / Madam,

I would like to inform you that I have a savings / current account in your branch. However, for several months, I did not have any kind of transactions with the Bank. So, grant permission to close the account because I think I cannot run it smoothly.

Also, I find it hard to maintain the minimum balance sometimes. Therefore, please look into it and close the account. There is a little amount of money on the account. So, please make arrangements to return the balance. My bank account name is (write your name here) and my account number is (write your bank account number here).

Thanking you.

Yours faithfully,

(Your name)

(Date & place)

Sample #3:

To,

The Branch Manager

(Bank name)

(Branch name)

(Place)

Subject: Request to close a joint bank account in your branch.

Dear Sir / Madam,

We, the undersigned humbly request you to close our savings / current account in your branch with immediate effect. It is unfortunate that because of some unfavorable circumstances, we are not able to maintain the account. The details are furnished below.

Account holder names –

Account number –

Thanking you and expecting an early result for the same. For this act of yours, we shall remain grateful to you forever.

Regards,

(Both account holders name)

(Date and place)

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