Overseas bank or offshore bank accounts are those that one has in a country that one doesn’t live in. In other words, the bank is located outside the country of the residence and is further maintained or regulated by the international banking authority.
Thus Indian Overseas banks are under the ministry of finance and are a prime Indian nationalized bank. IOB has its headquarters in Chennai. Likewise, IOB has shown remarkable banking services to all the different sectors of people.
There is a systematic process of opening and closing an Indian Overseas account.
Closing of an Indian Overseas bank account
To close an IOB account one has to visit their branch. There is no option to close the account online. One should have to fill the closure form and after a certain time and processing the account is closed and the amount in the following bank account can easily be transferred to another bank account.
Here is the whole process for the closure of an Indian Overseas bank account.
1. Visit the bank branch and fill the closure form
To begin with closing, the initial step is to visit the branch and fill the closure form which can be downloaded from its official website, or even the branch itself also provides the account closure form. Fill the form properly with the correct details. After this, submit the form to the in charge of the branch.
2. Attach all the documents
This one has to attach every copy of KYC(Know Your Customer) documents. It includes a PAN card, ATM card, checkbook, and passbook which serves as proof of identity. Submit Passbook, Debit or ATM card and Balance cheque leaves- After attesting the required documents, then one needs to surrender the checkbook with unused cheque leaves, ATM card, and passbook.
3. Withdrawal of the amount from the IOB account
This is the last step of closing the bank account. After the submission of all the documents, the verification and approval process takes place. After verification, the holder is asked to withdraw the amount from the bank. There are options one can choose cash or even they issue a cheque also to transfer the amount in different bank accounts.
There is an email that is generally sent by the bank itself for confirmation of the closing of an account. This is a very hassle-free manner for closing an Indian Overseas Bank.
Few points to keep in mind with respect to the closing of an Indian Overseas bank account–
- To close any Indian Overseas bank account one has to visit the home branch only there is no other medium of closure.
- One should always keep in mind to clear all the pending dues before the closure of the account.
- Also the most neglected and important point one should have a soft copy of every printout given by the bank for future reference.
- Once the account is closed by the bank then it can’t be reopened so one should close the account for a valid reason.
It is a noticeable point that for opening an IOD account it can simply be opened online through their official website, but for closing, one has to visit the branch as every bank has different regulations and norms thus Indian Overseas banks also have different rules and terms and conditions. Thus closing any type of overseas bank is rarely advised to anyone because once it is closed by the bank it can’t be reopened.
If any queries and doubts related to this, visit their official site or call on the customer helpline number.