There are a variety of factors that influence a customer’s decision to close a savings account, including less competitive interest rates, higher minimum balance requirements, unsatisfactory customer service, poor online services, high fees on financial transactions, and multiple savings accounts.
As a result, if you want to close a savings account, you must take a few steps. It is important to note that the procedures for closing a savings account may differ from one bank to the next. In this article, we will walk you through the common steps involved in closing a savings account.
Things to do Before Closing a Savings Account
When you decide to close your savings account, there are a few things you should consider before proceeding.
- You must go to the bank in person because closing an account cannot be done online
- Unlike most banks, Paytm Payments Bank allows you to close your savings account online by following a few simple steps
- If your account is dormant, meaning it has been inactive for an extended period of time, you must first activate it before closing it
- If you have a joint savings account, both joint account holders must be present during the account closure process. However, some banks require a ‘No Objection Certificate’ (NOC) in the absence of one partner
- If you have a loan, credit card services, a Demat & Trading account, or a locker facility, you must decide what to do with them before closing the account
- Keep all official documents, such as your PAN card and AADHAAR card ready before closing the savings account
- Stop all automated payments from the account you want to close immediately and link the payments process to the new bank account
- Transfer funds from your old savings account to the new one. A Paytm Payments Bank savings account, on the other hand, has no effect on the functionality of the Paytm wallet. This means that instead of transferring the remaining funds to another account, you can simply transfer them to your Paytm wallet and use them for regular transactions
- If it is a salary savings account, make sure to submit the account details of a new account to your company in order to receive timely salary credit
Apart from these, you can contact a banking official who will advise you on the steps to take before closing the account.
It’s finally time to close the savings account. It should be noted that, while different banks have their own terms and conditions for closing accounts, a few basic steps remain the same.
How to Close a Savings Account?
Follow these steps to close your savings account:
- Fill out the account closure form properly, stating the reason for the account closure. The form can be obtained from the bank or from the bank’s website. In the case of joint account holders, both account holders must fill out the form, or a NOC can be used as previously mentioned
- Now, submit all required documents, such as ID proof, along with the bank kit, which includes the passbook, cheque book, and debit card
- The banking official will review your account history for any pending dues, fines, or charges against the account, which, if discovered, must be paid by the account holder
- If you have a credit card, a Demat account, a loan, or an FD account linked to your account, you must unlink them
- After submitting the required documents, forms, and bank kit, you will be charged a fee to close your account. Again, the account closure fee structure will differ between banks based on the account tenure and type of account
- The banking official will now hand you the account closure acknowledgement
It will take approximately 7-10 working days to close an account; however, the duration may differ from one bank to another. When your account is closed, you will be notified via SMS or email to your registered mobile number or email address.
While most banks in the country follow the procedure outlined above, Paytm Payments Bank allows users to close their savings account in fewer, simpler steps. Unlike other banks, no supporting documents, etc., are required to close a savings account.
How to close Paytm Payments Bank Savings Account?
Unlike most banks, which require numerous documents to be submitted and specific banking criteria to be met before closing an account, Paytm Payments Bank allows you to close an account in just two steps with no documentation. Here’s how to close your Paytm Payments Bank savings account:
- Navigate to the ’24*7 Help’ section of your Paytm mobile app
- Close your savings account by filing a ticket with Paytm Payments Bank
- Follow the instructions as they appear!
This is how simple, quick, and digital it is to close an online Paytm Payments Bank savings account. It’s also worth noting that having a closed savings account has no effect on your Paytm wallet access. Even after you close your Paytm savings account, you can continue to use your Paytm wallet for everyday transactions.
- Multiple bank accounts
- Not so satisfactory customer service
- Lower interest rates
- Heavy fee on transactions
- Switching from child account to regular account