It's wiser to close your State Bank of India (SBI) savings, salary, or current account if you're not using it than to leave it open and pay the fees. Furthermore, your account may become dormant or inactive if you do not utilise it for longer than the stipulated amount of years. The bank does this to prevent any illicit or uncontrolled account activity.
While there is no danger in having numerous accounts, considerable caution should be used because mistakes can lead to losses. Keep in mind that you will be responsible for any associated fees, such as debit card fees and SMS fees, as well as maintaining a minimum balance, which varies per account; if the minimum balance is not maintained, a Monthly Quarterly Balance (MQB) deduction will be made.
Here's what you'll need to do to close an SBI bank account.
Before closing an account, there are a few things to bear in mind.
Debit Card
Closure letter or Closure form
Cheque Book
ID and Address proof
Passbook
Things to keep in mind
Make careful to pay off any outstanding debts before closing the account.
All of your EMIs and credit cards associated with this account should be closed or transferred.
Keep the balance at zero so that transferring the money won't be a problem.
Make a backup copy of your bank account statements for future use.
Keep in mind that you will not be able to reopen this account.
Procedure for closing an SBI account?
To shut your SBI savings, salary, or current account, you must visit the bank with the relevant letter or form, as well as identification credentials. The account closing form may be downloaded from the SBI website.
Mention why you're closing your account, and include all account-related things such a debit card, a chequebook, and a passbook. Depending on the account's term, the bank may charge a fee to close it.
SBI does not levy fees to account holders who close their bank accounts after a year. If the SBI account is closed between 15 days to one year, the account holder must pay costs; the account closure price is Rs 500 plus GST for savings accounts.
The price for current accounts will be Rs 1,000 plus GST for a period of 14 days to one year after account opening, and Rs 500 plus GST for a period of one year to five years after account opening.
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