Procedure for closing salary account?

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6pack

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I have a salary account with SC which i'm not using from more than a year. Also have a free debit and cc with same guys. Its a zero charges and zero balance account. But i dont need it anymore.
Anyone know whats the procedure to close a salary account?
Also should I transfer all the cash that is still there in the account to another bank, before closing it? Confused on this part, cause dont know if there are bank closing charges or not.
 
^^

If your CC has no dues, you can file (at your account branch) individual applications to close down the account. They make you fill out a form. If any pending amount in your savings account you receive it via cheque.

Yea, move out any cash, then you do not have to wait for the cheque.
 
Its doubtful that there would be any closing charges unless you have any dues. Usually if you close an account and there is any money left you would be given a cheque/dd for the balance amount
 
i haven't used the debit card, cc or account in a year. so no dues anywhere. just checked the account too, to see if there were any charges etc. none.

So i'll have to go to the branch where my account is to close it? shucks :(

Another query: Do i need to cancel all the remaining checks in checkbook i have with me and give it to them?
 
if you haven't used their cc in a year be prepared to pay their yearly subscription fees. They normally waive this off for regular customers but since you'll be leaving them they might just ask you to pay for it even if it was a lifetime free card.
 
6pack said:
i haven't used the debit card, cc or account in a year. so no dues anywhere. just checked the account too, to see if there were any charges etc. none.

So i'll have to go to the branch where my account is to close it? shucks :(

Another query: Do i need to cancel all the remaining checks in checkbook i have with me and give it to them?
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Once you have confirmation that everything is closed, and all dues are over. Tear up the cheques/burn them. Cut the plastics perpendicular to the magnetic strip.

But note down your account number/customer ID somewhere -- for future reference.

Game over...!
 
6pack said:
I have a salary account with SC which i'm not using from more than a year. Also have a free debit and cc with same guys. Its a zero charges and zero balance account. But i dont need it anymore.

Anyone know whats the procedure to close a salary account?

Also should I transfer all the cash that is still there in the account to another bank, before closing it? Confused on this part, cause dont know if there are bank closing charges or not.
Click to expand...

Keep the CC active if you think to use in future & closed the Salary account.
 
Dont wait for the cheque. Go to ATM, Withdraw all the money, Keep like 100 Rs in A/C & Close it. Even if you loose or they dont bother, U are risk free ;)
 
Praks said:
Dont wait for the cheque. Go to ATM, Withdraw all the money, Keep like 100 Rs in A/C & Close it. Even if you loose or they dont bother, U are risk free ;)
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No he is not. Cause one day they will convert his salary account, to a normal saving account. Which will have a caveat of minimal balance per 90 days. If not met, they will start to charge him penalty. This will translate to the customer owing the holding bank money and the account moves to delinquency.
 
If I'm not mistaken, ICICI Bank has a Rs 100/- closure fee. Some banks may charge an account closure fee.

In my opinion, a zero balance account is very useful. If one has 4+ bank accounts, one has to maintain a minimum of 5K (ICICI has a 10K minimum balance which is worse) in those accounts which amounts to 20K being blocked. Instead, you could've put the 20K in a nice high yield FD or buy a mutual fund.
 
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