How to close an Indian Bank Account online? What all factors are important while closing the Indian bank account?

What are the things to know before closing my Indian Bank account? Is it closed online or offline? Is there someone who can mention everything in an easy way?
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Short Answer

Indian Bank account cannot be closed in online mode. However, you can close it by submitting the account closure form in offline mode to your Indian Bank branch.

Detailed Answer

Indian Bank is a Chennai-based government-owned institution owned by the Ministry of Finance. It is the distinctive public-sector bank with the lowest NPA (Non-Performing Assets ) rate and a history of consistently reporting profits.

Indian bank has a similar account opening procedure to other banks, and you can open an account online as well.

However, if you already have an account with Indian Bank and want to close it, here is the step-by-step guide to closing an account with Indian Bank.

How to close Indian bank account online?

Unfortunately, Indian Bank does not provide customers with the option to close their bank accounts online.  

In order to close the Indian Bank account, you will have to go to the bank branch where you opened your account. Your bank account will be closed after you complete some paperwork and a few other steps.

Closing an Indian Bank account online can be a bit of a headache. So, the best option for you is to visit the branch and talk to the customer executives. Before closing your account they will check the following:

  • Any dues or outstanding amount. It includes overdrafts and loans taken by you and any of the other accounts that are joint to yours.
  • If there is a cash balance, you have to withdraw it.
  • They will also ask you the reason for closing.
  • If your passbook is not updated then it will be updated first and then the account will be closed.

These are some of the things that might be checked before closure, there can be more/less depending on your bank.

Steps to close Indian bank account

Indian bank account can only be closed in offline mode, by following these steps your account will be closed successfully.

Step 1. First, get the Indian Bank account closure form from the branch where you opened the account.

Step 2. Complete all the fields, including the name, account number, registered phone number, and address of the account holder.

Step 3. Next, if the bank account balance is negative, you will have to pay that amount as well. However, if the account balance is positive, you must also submit the method of receiving the money (cash, check, or transfer to another bank account).

Step 4. In addition to this form, you must also submit all other documents you received from Indian Bank, such as your debit card, credit card, passbook, and chequebook.

Step 5. After thoroughly checking everything, sign the closure form. If the account is a joint account, another person's signature is also required. 

Step 6. Submit the closure form with all of the bank-received documentation and the appropriate negative amount that is remaining to pay.

Closing The Indian Bank Account

There is no fee for closing an Indian bank account, but you will need to pay if there is a negative balance. You must also submit a copy of your KYC documents, and your account will be closed in 7–10 working days after verification.

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