Rs 5,000 too much? Steps to close SBI savings account!

swatkats

swatkats

Skilled
Those who guys are thinking of closing State bank of India's savings accounts due to enforcement of Rs 5,000 minimum balance rule, These are the steps:


Things to carry:

- Patience (You would need to waste 3-4 hours)
- Debit card
- Cheque book
- Pass book(s)
- Id proofs like Aadhar with photocopies
- Maintain minimum balance of Rs 1,000 for cheque book and Rs 500 for no-cheque book (So that they'll deduct any dues for SMS alerts or ATM card maintenance fee) if any!

Step 1:

Take a customer request form. Fill the account closure column which contains Debit card number, Unused cheque numbers from ... to ....

Step 2:

Meet the operations manager or branch manager and hand them Cards, Books, ID proofs etc.. whatever they demand.

Step 3:

He'll make you wait for hour or hour(s) depending on his compulsion to serve other customers or feed his early hunger even before lunch time.

Step 4:

After the operations manager clears and signs it'll go to the manager, who will sign the form which will be returned to the cashier

Step 5:

Now the cashier after adjustments of dues (If any), Will handover the remaining amount to the customer.


Congrats, You've achieved a big feat!
 
My personal experience with SBI (Nerul West Branch) is worst.
I have opened A/C on last week on Jan 17, I am still waiting for Debit card and Net banking kit to arrive, visited almost 5 to 6 time in branch still, Sadly I am closing SBI A/C
Thanks for Info
 
Isn't the waiting true for any thing SBI offers? I landed there to get my PPF account. 3 single window operators - 1 missing, 1 doing only cash transactions and 1 opening account. After sometime both left for lunch. They came back and somehow got my account, turns out the window opening account couldn't print the passbook so had to go back next day. So I still don't get what does single window operator means at all if they are anyways going to differentiate the windows.
 
SBI is an total harrassment institution. If you want to piss anyone off ask them open a account in this bank.

Except for low DD, cash deposit charges & a easy to use IB portal, occasionally working CDM'S are its pros and rest are cons.

₹5,000 AMB is for funding another mallya or some new Adani's overseas scam projects.
 
How many members of this forum have closed the savings account?

These are the charges if you do not close the savings account.

If your average monthly account balance is..
  • If between ₹0 - ₹1350 = ₹115 fine
  • If between ₹1351 - ₹2500 = ₹86 fine
  • If between ₹2501- ₹4999 = ₹57 fine.
 
Isn't it easier to withdraw everything in the account and forget about it. Over a period of time, it will be deemed dormant and then closed due to inactivity, right?
 
After the merger of all associate banks into SBI, they might have lost their minds in the process.

I will also close the account ASAP.
 
logistopath said:
Isn't it easier to withdraw everything in the account and forget about it. Over a period of time, it will be deemed dormant and then closed due to inactivity, right?
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How about accumulating Charges over a period of time and you will need SBI account sometime later in like next 5 years and you're asked to clear dues to activate your dormant account?
 
Why don't we put in 5k and forget about it?

In today's time, having more number of accounts is better as you can withdraw more cash from ATM for free. I opened a YES bank account only for this purpose (they had unlimited cash withdrawal from any bank ATM even for Monthly minimum balance of 10k )
 
logistopath said:
SB accounts cannot have negative balances. This is as per RBI orders. So no question of accumulating charges.
http://economictimes.indiatimes.com...savings-accounts-rbi/articleshow/52218257.cms
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Duly noted.

I have an dormant account in Andhra bank which is lying unused since 5 years. So i happened to visit the branch recently where the employee said give a letter to activate the account and you shall pay minimum balance charges and account had ₹0.

I'll follow up with the bank again.
 
hotshot05 said:
Why don't we put in 5k and forget about it?

In today's time, having more number of accounts is better as you can withdraw more cash from ATM for free. I opened a YES bank account only for this purpose (they had unlimited cash withdrawal from any bank ATM even for Monthly minimum balance of 10k )
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SBI Fools never were able to provide enough money. Even during this period where RBI says you can withdraw unlimited amount. The bank manager says i cannot give you more than 40k in cash, you can go for cheque payments (as if I didn't knew). I insisted i had to pay for daily wage workers at my place. And i need 70k in cash.. after arguments he agreed.

I told him I'll close the account. He's like I don't care. Also some woman had to bring in wedding card to get 90k cash. How Osum?
 
swatkats said:
Hahaha. Not all have Fifty thousand 5 digit salary like you! :p

So rheotric!
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you mean rhetoric :p also, i dont have a 5 figure salary. but thats besides the point.

going, coming, id proofs waiting for 2 -3 hrs if not 3-4 as per yourself. its not worth it for less than 5k. time is money. if someone's time:money ratio is that low, they should invest in spending time more productively..

that's my thought but this is more likely for students etc and in today's world having a account less than 5k is redundant with 3% interest and what not. one should just keep a single account instead of depositing small sums of money across low worth accounts at different banks.
 
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