4 steps to follow before closing a bank account

Money Control | Sep 10, 2019 at 8:44 AM
  • Many salaried people hold multiple bank accounts as they change jobs or shift to new cities.
  • In case your old bank account is linked to repay monthly loan instalments or invest in recurring deposits, you need to provide a new alternative bank account number for your lender or recurring deposit providing institution to debit.
  • Banks levy these account closure charges from customers to recover the costs incurred in opening accounts and issuing cheque books and debit cards.