Thinking of closing your BOB bank account but unsure about the process? Look no further! You have come to the right place.
In this post, we will walk you through the steps to close your BOB bank account, along with some basic requirements that you have to meet before closing your bank account.
There may be several reasons for wanting to close a bank account.
One common reason is having multiple savings bank accounts in various banks. Maintenance is one big issue, and probably yours too.
Regardless of the reasons that you have, closing your Bank of Baroda account should not be difficult. With the right information, you can navigate through the process quite easily.
Whether you have found a better banking option or want to consolidate your accounts, this guide will provide you with everything you need.
So, let’s get started on closing the BOB account the right way.
Closing a BOB Bank account
When you have decided to stop using the Bank of Baroda account, everything associated with your bank account should be clean and clear.
It is important that you know the probable consequences of closing your bank account.
Once you have closed your BOB account, there should not be any unsettled transactions.
Otherwise, it will create problems, and you might be in an awkward position.
That’s why it’s so important that you confirm if there are any active payment settings with your BOB bank account.
It could be a standing order, EMIs, Nach payments, or any other type of payment or receivable that you have.
If there are existing active settings, then it is advisable to update the other bank account.
BOB bank account closure has to be done by visiting the bank only. You cannot close BOB bank account online. There’s an option to close BOB bank account with customer care service. For this to happen, make sure your bank account balance is nil and there are no pending charges.
Things to consider before closing a BOB Bank account
Before closing your Bank of Baroda bank account, there are a few things that need to be considered.
These are important factors that ensure a smooth and hassle-free account closure process.
- Evaluate your banking needs: Before your BOB bank account is closed, you have to evaluate certain things. This could be whether the new bank account has all the financial services that you need or not. You can consider factors such as online banking services, ATM accessibility, account maintenance costs, and customer support to evaluate the current situation.
- Transfer or close any linked services: Having or enjoying banking services and products such as credit cards, loans, insurance policies, or any other product is common. If you have them with your BOB bank account, you have to switch them to the new bank, or you can link them up with the new bank account.
- Update your information: If you have any recurring payments or direct deposits linked to your BOB bank account, make sure to update your account information with the respective companies or individuals. This will ensure that your financial commitments continue uninterrupted.
- Clear any outstanding balances: Before closing your BOB bank account, ensure that there are no outstanding balances or pending transactions. Clear any dues, including fees, charges, or overdrafts, to avoid any complications during the closure process.
By considering these factors before closing your BOB bank account, you can streamline the closure process and ensure a seamless transition to your new banking arrangements.
Documents required for closing a BOB Bank account
When visiting the bank to close your BOB bank account, you must produce certain documents.
If you make them ready and available, your bank account closure process will be smooth and easy.
Here are some of the important papers and documents you need to compile:
- Application for BOB Account Closure: You may get the BOB account closure application online as well as offline. The simple format is available at the counter. Alternatively, you may also write an application to close your BOB account.
- Identification Proof: Provide a valid identification document such as a passport, voter card, driving license, or Aadhaar card. Ensure that the document is current and not expired. Also, make sure the address is proper.
- Account Details: The Bank may ask you to surrender a passbook, chequebook, ATM card, etc. Make sure you carry these when visiting the bank.
- PAN Card: If you have a PAN card, make sure to provide a copy. Though a PAN card is not a mandatory document, it is often required for account closure and for any tax-related purposes.
- Signature Proof: Make sure you sign properly. If there’s a signature mismatch, your bank account closure request may be put on hold.
When you proceed to close your BOB account, keeping in mind the above points, your bank account closure should be completed easily without any unnecessary delays.
Its always better if you can maintain a few multiple savings bank accounts in differnet banks. One bank may give services which is not available on other banks. Generally, if you can maintain 2 savings bank accounts which has the best features will definitely streamline your finances.
Step-by-step guide on closing a BOB Bank account
Now, let’s see what you can expect when executing the BOB bank account closure process.
With these step-by-step guides, things may get easier.
- Visit the Branch: Visit the BOB branch where you maintain your account. Talk to the concerned staff and ask what needs to be done. They will guide you through the necessary steps.
- Fill out the Account Closure Form: Get the account closure application form. Fill it out accurately, providing all the required details. Make sure you provide the correct account number along with proper KYC details.
- Submit the Required Documents: Submit the required documents, including your identification proof, account details, address proof, PAN card, and signature proof. Ensure that you put your signature on all the documents that you have provided. You can also state the intended purpose of the documents. Just above your signature, write for KYC purposes or for bank account closure purposes. That’s how you limit the use of your documents by the company or bank.
- Settle Any Outstanding Balances: Check whether you have any outstanding balances or dues. If it’s on a credit balance, you may want to withdraw the funds. And if it’s in debit balance, you have to pay them before initiating the closure process. The credit balance is normal. Having a debit balance could be due to many reasons. It could be pending charges that the bank did not deduct from your account, or it could be loan dues.
- Return Unused Chequebooks and Cards: If you have any unused chequebooks, debit cards, or credit cards associated with your BOB bank account, return them to the bank. This will prevent any misuse or unauthorized transactions. Banks generally ask you to surrender them if you have them along with your bank account passbook.
- The Account Closure Proceeds: You may direct your BOB bank to credit the account closure proceeds to your other bank account via NEFT or RTGS. Other alternatives are getting a banker’s cheque or you can close the bank account with a cash payment too. Closing a bank account by cash has to be in a smaller denomination; as per reserve bank guidelines, banks close accounts by cash only up to ₹20000, if the account balance goes beyond this, closure by account payee or through a banker’s cheque is a must.
- Receive Confirmation: Once everything is in order and you have completed the necessary steps, the bank will provide you with a closure confirmation. Retain this document for your records and future reference.
- Get the Account Statement: The last necessary thing is getting an account statement. If possible, get it for the time period you might need. The current financial year statement will be required for income tax filing.
BOB Bank Account Closure Fees
Knowing the BOB bank account closure charge will be helpful in avoiding any unwanted charges and fees.
The current account closure is totally free of course.
You may refer to Bank of Baroda service charges to learn more about other bank account-related charges and fees.
Savings bank account closure is chargeable only in certain cases.
For example, if you close the account beyond 14 days to 1 year, you will be charged ₹800 straight forward.
You may also find certain bank accounts, such as Recurring Deposit (RD) and Yatha Shakti Jama Yojana (YSJY) are chargeable while closing the account.
Yes, Bank of Baroda cut slack on account closure due to death; there will be no charge in this case.
Tips for a hassle-free account closure process
You can streamline your BOB bank account closure process and avoid getting caught in the middle of a crowd.
If you follow the above-mentioned tips, you might be able to execute the process without any delays.
To sum up, we have a few bullet points that you can refer to. Here we go:
- Plan Ahead: Before initiating the closure process, plan ahead. Take your moment and decide at your convenience. If you visit the bank as early as possible, you may be able to continue your routine. Going late may be a bad decision.
- Contact Customer Support: If you have any doubts regarding the closure process, reach out to BOB’s customer support for guidance and assistance.
- Keep Records: Throughout the closure process, maintain copies of all documents, receipts, and correspondence related to your account closure. This will help resolve any potential disputes or issues in the future.
- Monitor Your Account: Even after initiating the closure process, continue monitoring your account for any unexpected transactions or charges. Report any discrepancies to the bank immediately.
- Update Your Financial Information: Once your BOB bank account is closed, make sure to update your financial information with relevant parties, such as employers, bill payment services, and government agencies.
Closing your BOB bank account doesn’t have to be a complicated or stressful process.
By following our step-by-step guide, gathering the required documents, and considering important factors, you can close your account with confidence.
Remember to plan ahead, communicate with BOB’s customer support if needed, and keep records of all relevant documents and correspondence.
With these steps, you can ensure a seamless closure and transition to your new banking arrangements.
Closing a bank account is a personal decision, and it’s important to evaluate your banking needs and options before making a final choice.
So, if you’re ready to bid farewell to your BOB bank account, follow our guide and make the process as smooth as possible.