How to close SBI savings bank account.

To close SBI savings bank account, you would need to understand certain terms and conditions of the bank. Here’s what you need to know.

• First of all online closure request is not possible as of now although there is a menu on internet banking.
• The application form can be downloaded online or you can get it from the branch.
• You have to visit your SBI home branch and request for closure of your account.
• Only the Fixed Deposit account which you have created through online banking can be closed.
• Simply writing an application addressing the bank will also serve the purpose.

Requirements to Close SBI Savings bank account.

Full KYC is required if your account status is inoperative or dormant. Accounts become inoperative when there is no transaction for the last 2 years.

The balance in your account will be given to you as a banker’s cheque, or cash or you may request to credit the closure proceeds to another SBI account.

To close your account, a personal visit is required. Bank normally does not accept any other person for closure requests.

Make sure you get the statement of account for future purposes.

The following documents and papers will be required to surrender.

• An account passbook.
• Cheque book.
• ATM card.
• Any other documents and papers related to your bank account.

SBI Account Closing Application

SBI account closing application can be given handwritten if you are unable to get the closure form. A simple letter addressing to the branch manager might serve the purpose. Just make clear indication what you intend to do with your bank account in the application letter.

Alternatively, you can either download the State Bank of India account closing form from the bank website.

Process for closing SBI bank account

• Write an application to the branch manager or download the State Bank of India account closing form and submit it to your home branch.
• The concerned staff will verify your application and process it accordingly as per your application.
• Carry your personal documents such as your ID cards and PAN card. Bank may ask during verification.
• Within a few minutes, your request will be processed and you will get the payment if there were a balance in the account.
• You will get a confirmation message for the closure of your account.

SBI account closing charges

Not all the accounts are chargeable for closing. But let’s talk about it considering both savings and current accounts.

The revised service chart is available here. 

The process of closing any type of bank account is more or less the same. A maximum of it is not required to fill up a standard format. Just a mare application will serve the purpose. But you have got to be precise about what you want.

A specific form is required when it’s for PPF account closure or closure of sukanyasamridhi accounts which is a government scheme.

For closure of a fixed deposit account, you need to submit fixed deposit advice along with the application including for premature closure of FDs.

Normally closing of account does not take much time. I’d say within a few minutes your work will be done.

Takeaways

1. Don’t forget to get a statement of your account.
2. Make sure your name is printed correctly on the banker’s cheque. If it’s an account payee, make sure it’s credited.