IndusInd Bank is an Indian private sector bank. It was inaugurated in April 1994 and has its headquarters in Mumbai. It has more than two-thousand branches spread across all the cities of the nation. IndusInd Bank provides all the essential banking services to its customers.
IndusInd Bank is a leading private sector bank. However, the conditions may arise where the account holders may choose to close their current account, savings account, or fixed deposits account.
Reasons For Closing an Account in IndusInd Bank
Many a time, the need arises for the account holders to shut down their accounts in the IndusInd Bank. There could be any reason to take such an action. A few of the reasons that can be listed are:
- Higher account maintenance charges by the bank.
- Lower rate of interest.
- If the bank asks to keep a minimum sum of money mandatorily to maintain the account balance.
- Poor customer services of the bank.
- If the account holder has multiple accounts in the bank, he might choose to shut down one of his many accounts.
Before shutting down their accounts, the customers must need to take proper care of their funds. They must clear the loan against their account (if any) or must transfer the excess amount from that account to some other bank account. The account holder needs to maintain a minimum balance before applying for the closure of the bank account.
Steps To Be Followed To Close An Account In IndusInd Bank
Closing an account in IndusInd bank is not a hectic task. The account holders of the IndusInd bank can easily close their bank accounts by following some procedures. One can follow the following steps to permanently close their account in the IndusInd bank.
Step 1: Firstly, visit the nearest IndusInd Bank branch. Alternatively, the account holder may also download the IndusInd Bank account closure form from the official website of the branch and get a printout copy of the same.
Once the form is obtained in the physical form, the customer needs to fill it with the necessary details.
Step 2: After filling in all the details correctly, the account holder must sign the duly filled-up form. In the case of joint holders, all the account holders are liable to sign the bank account closure form.
Step 3: Once the form is filled up and signed, the account holder must preview the form for the accuracy of the details before submitting the form at the counter or to the branch manager.
Step 4: After going through the details filled in the form and getting a thorough revision done, the account holder must submit the form to the branch manager responsible to collect the bank account closure form.
Step 5: With the account closure form, the account holder also needs to submit his KYC documents. These documents include a copy of PAN. PAN serves as the proof of identity of the account holder.
Apart from the PAN, the account holder must also submit his proof of address. The account holder may be required to self attest the copies of his KYC documents as well.
Step 6: Along with the PAN, the other documents that need to be submitted by the account holder are his passbook, his debit card, and the balance cheques (if remaining any.)
Once all these documents are submitted, the bank account closure application is then considered as complete to be processed for further actions.
Step 7: After the form is submitted successfully, the IndusInd bank validates the documentation on its end. After all the necessary formalities are done by the IndusInd bank, the bank account is successfully closed.
The IndusInd bank sends a confirmation message via email or through an SMS either on your registered email ID or on your registered mobile number with the bank.
Hence, by following this procedure, the account holder can easily close his IndusInd bank account.
IndusInd Bank Account Closing Charges
If the customer opts to close his IndusInd Bank account within fourteen days of opening or after twelve months of opening, then no account closing charges are levied.
But if the IndusInd Bank account is closed in the period between 15 days to twelve months of opening, then either two hundred INR or account balance, whichever is lower that amount will be charged.
| Account Opening | Closure Charges |
|---|---|
| Account Closed within 14 Days | Free |
| Account Closed within 14 days to 6 Months | Rs. 200 |
Conclusion
IndusInd Bank facilitates its account holders to open an account online in the bank. But the customers cannot close their bank account through the online method. For that, they need to visit the physical branch of the IndusInd Bank. The IndusInd Bank only provides the facility of downloading an account closure form through the online method of its official website.
Though the procedure to close a bank account is quite easy for the customers of the IndusInd Bank, the account holder needs to take this decision wisely. He should not only clear the dues (if any) but also transfer all his funds to some other bank account. He might also choose to withdraw his funds from the bank account that he is opting to close.
The account holder should only choose the legal channels to close his account in the IndusInd Bank. He must be aware of the fraudsters and imposters. Hence, he should not fall prey to any third party or any online method to shut down his IndusInd Bank account.
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