No, You cannot close an account without visiting the bank. The common way to close bank account is to either visit the bank and submit a written application or talk to the customer support service.
Closing a bank account is a big step. It requires you to fulfill certain formalities and paperwork. Even though everything is done online, it is one thing that must be done personally. There are a handful of banking institutions that allow you to close bank account online.
Before the closure happens, you need to settle any unpaid bills and transfer pending cash to other accounts.
There can be any reason why a person closes a bank account. Perhaps a new bank provides better features, customer support, or even a higher interest rate on savings accounts. One of the biggest advantages of core banking systems is that such kinds of processes are done in a very speedy way.
Preliminary Steps to Close an Account
Before straightaway closing your savings account, it is crucial to follow these three steps. They will ensure that the account is closed for good and nothing is pending that might arise anytime in the future as “amount outstanding”
- Settle Unpaid Bills/Payments
If you have a negative balance, the bank won’t allow you to close. So, you must pay any unsettled bills and payments, and then only your request will be considered. By paying off you are also improving your credit score.
- Update New Details for AutoPayments/Direct Bills
There might be some payments that are auto-deducted from your account after every payment cycle. Since one account is closing it is mandatory to update the details of the new one. The reason is simple make sure from the next cycle the bill is charged from a different bank account.
- Transfer Cash Balance
This one you might already know! Transfer the cash balance to a new account or an existing account. You can also withdraw or transfer via NEFT. It will happen only after you clear the above two steps. Do check the policy of your account to ensure that you are not leaving any steps.
Now all you gotta do is follow these three steps to close bank account. In a few days, your account will be closed for good!