Bank money transfer and account closure query

nRiTeCh

nRiTeCh

Skilled
I have salary savings account in Axis bank from my employer. Now I have left the co. and I might have to maintain a MAB of 10k after 3 months which I dont wish to.

I have Kotak lifetime free zero-bal a/c where I wish to transfer all the money from Axis before its closure.

Can I NEFT to Kotak a large sum in one go (its in lacs) or it should be done in parts.

Also, is it wise to first approach Axis bank and tell them I wish to close the account as I dont wish to main the MAB. (& they might offer me lifetime free zero-bal a/c which doesnt matter to me even if they say NO)

I think when my Axis a/c falls to zero then during a/c closure formalities they might charge some fee for not maintaining mab.Correct me if I'm wrong.

I dont want to pay any charges to Axis for closing the account so please let me know the viable option for smooth a/c closure.
 
Transfer the amount in one go and close the account, it really does not makes a difference if it's in lacs or crores.

The only thing is u might get a notice from the IT department for clarification of the amount where u got it from.
 
Salary account= zero balance basically. But account closure charges are 500+GST.

You can transfer amount in one GO through a Cheque without charges. No need to worry about IT, Just mention all the account numbers you have during filing.
 
So go ahead and transfer it in one go, Also ifbu really want to keep that account bargain with the bank maybe they will offer u a zero balance account.
 
I transferred 1.5L from one salaried ac to my savings ac in one go. There was an option in some drop down that said transfer between own account and you have to select that. IT does not care when you transfer money between your own accounts.
 
6pack said:
I transferred 1.5L from one salaried ac to my savings ac in one go. There was an option in some drop down that said transfer between own account and you have to select that. IT does not care when you transfer money between your own accounts.
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Was it in same bank or different?
 
Different bank. All banks have that option now. I saw that option in Axis, Standard Chartered and ICICI and probably in HSBC too. I think its built into banking software by default for compliance purposes.
 
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