Discover the Simple Steps to Close Your Savings Account Today!

2023-06-01 00:05:13 - Grace Browns Grace Browns has been a lifestyle, fashion, and beauty writer for over 5 years, and she currently serves as a senior editor at

The closure of a savings account is influenced by various factors, such as uncompetitive interest rates, high minimum balance requirements, inadequate customer service, ineffective online services, costly financial transactions, and multiple savings accounts. Therefore, if you wish to close your savings account, you must take certain measures. It is important to note that procedures for closing a savings account may differ from one bank to another. We will guide you through the general steps for closing a savings account below while retaining all ,


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Preparations Before Closing a Savings Account

Prior to closing your savings account, there are a few things you should consider.

It is important to know that closing an account cannot be performed online, and you must visit the bank in-person. Nevertheless, Paytm Payments Bank permits the online closure of a savings account by following a few simple steps. If your account is dormant, meaning it has been inactive for a long time, you must activate it before closing it. If you have a joint savings account, both partners must be physically 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. Ensure that all official documents like your PAN card and AADHAAR card are ready before closing your savings account. Stop all automated payments from the account you wish to close immediately and link the payments process to the new bank account. Transfer the remaining funds from your old savings account to the new one. However, a Paytm Payments Bank savings account has no bearing on Paytm wallet functionality. This implies that instead of transferring the outstanding 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, provide the account details of your new account to your company to receive timely credit. You may also contact a banking official for advice on the necessary steps to take before closing the account.

Closing a savings account entails specific steps, although different banks will have their own terms and conditions.

Follow these procedures to close your savings account:

    Complete the account closure form accurately, indicating the reason for the account closure. You can obtain the form from the bank or its website. Both account holders must complete the form in the case of a joint account, or a NOC can be used as mentioned earlier. Next, submit all necessary documents, including ID proof, as well as the bank kit, which contains the passbook, cheque book, and debit card. The banking official will inspect your account history for any unpaid dues, fines, or charges, which must be paid by the account holder if discovered. You must unlink any credit card, Demat account, loan, or FD account linked to your savings account. After submitting the necessary paperwork, forms, and bank kit, you will be charged a fee to close your account. As previously stated, the account closure fee structure will differ depending on the type of account and tenure. The banking official will offer you the account closure acknowledgement. The account closing process normally takes about 7-10 working days, but this duration may vary depending on the bank. You will be notified via SMS or email to your registered mobile number or email address when your account is closed.

    Unlike other banks in the country, Paytm Payments Bank enables users to close their savings account in less complex steps, without requiring supporting documentation.

    A Step-by-Step Guide to Close Your Paytm Payments Bank Savings Account

    Say goodbye to the hassle of submitting numerous documents and meeting specific banking criteria to close your account. Paytm Payments Bank streamlines the process, allowing you to close your savings account in just two simple steps without requiring any documentation. Follow these steps to close your account in just a few clicks:

      1. Navigate to the '24*7 Help' section of your Paytm mobile application.

      2. Close your savings account by filling out a ticket with Paytm Payments Bank.

      3. Follow the instructions that appear on your screen.

      With just a few clicks, you can close your online Paytm Payments Bank savings account promptly and digitally. Plus, keep in mind that this does not impact your Paytm wallet access. You can continue to use your Paytm wallet for all your daily transactions even after closing your Paytm savings account.

      Want to know more? Here are answers to some commonly asked questions about closing a bank account:

      • What is the process for closing a joint account?

      To close a joint account, both account holders must be present in the bank and sign the necessary paperwork. Additionally, both account holders must log in to the account separately to request account closure. In some cases, banks may accept a NOC in the absence of a single partner.

      Is it possible to close a bank account online?

      Unfortunately, you cannot close your bank account online, but at Paytm Payments Bank, you may close your account digitally.

      How can you close an inactive account?

      Before you can close an inactive account, you must first activate it. Connect with your bank officials and request that they activate your account. Check your bank's website or mobile application for an activation option or visit your bank's branch to activate the account.

      Why would you consider closing a bank account?

      There are various reasons why you might consider closing a bank account, including having multiple accounts, unsatisfactory customer service, low-interest rates, high transaction fees, or transitioning from a child account to a regular account.

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