Karur Vysya is one of the leading private banks in India. It is a scheduled commercial bank which is founded in 1916 and it has its headquarters in Karur, Tamil Nadu. It provides various banking and financial services to all its account holders. It also provides its operational services to the NRIs and MSME. Currently, Karur Vysya Bank has approximately eight hundred branches across the nation.
Reasons For Closing An Account In Karur Vysya Bank
Though having a bank account facilitates its holder in many forms. But many a time, the need arises for the account holders to shut down their accounts in the Karur Vysya Bank. There can be any reason for the account holder to take such an action. A few of the reasons that can be listed are:
- Higher account maintenance charges by the bank.
- Providing a lower rate of interest.
- If the bank asks the account holder to maintain a monthly minimum amount of money mandatorily for the maintenance of the bank account.
- Poor customer services of the bank.
- Higher charges on the financial transactions.
- Transfer of the account holder to some other city, state, or country.
- If the account holder has multiple accounts in the bank, he might choose to shut down one of his many accounts.
Any of the reasons listed above can play a major role in the account closure deciding factor of the account holder. Hence, the account holder must think wisely before deciding to close his bank account.
Steps To Be Followed To Close An Account In Karur Vysya Bank
Closing an account in Karur Vysya bank is not a hectic task. The account holder needs to maintain a minimum balance in their account before applying for the closure of that bank account.
The account holders of the Karur Vysya bank can easily close their bank accounts by following some procedures. One can follow the following steps to permanently close their account in the Karur Vysya bank.
Step 1: First of all, the account holder must visit the nearest Karur Vysya Bank branch to avail of the bank account closure form from there. Alternatively, the account holder may also download the Karur Vysya Bank account closure form from the official website of the bank and get a printout copy of the account closure form as well.
Step 2: Once the form is obtained in the physical form, the account holder needs to fill it with the necessary details, such as the name of the account holder, his mobile number, the signature of the authorized signatory of the bank account, etc.
After filling in all the details correctly, the account holder must sign the duly filled-up form. In the case of the 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.
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 4: 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 5: 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). One must also write an application letter to the branch manager stating therein his reason to close his bank account in the Karur Vysya Bank.
Once all these documents are submitted, the bank account closure application is then considered complete to be processed for further actions. After the form is submitted successfully, the Karur Vysya bank validates the documentation on its end.
Step 6: After completing all the necessary legal formalities satisfactorily, the bank intimidates the account holder to withdraw his balance funds in the form of cash, DD, Cheque, or a transfer of the amount to some other bank account.
Step 7: Then, the Karur Vysya bank sends an account closure confirmation message via email or through an SMS either on the account holder’s registered email ID or on his registered mobile number with the bank. After all the necessary formalities are done by the Karur Vysya Bank, the bank account is successfully closed.
Hence, by following this procedure, the account holder can easily close his Karur Vysya bank account. In case of any query, one can reach out to the customer service of the Karur Vysya Bank through their helpline number 18602581916.
Karur Vysya Bank Account closure Charges
|Age of Account||Closure Charges|
|Within 14 Days||Zero|
|14 Days to 1 Year||Rs. 300|
|Above 1 Year||Zero|
Just like any other bank, the Karur Vysya Bank does not provide the facility of closing a bank account online to its account holders. Hence, the account holders need to visit the nearest physical branch of the Karur Vysya Bank to close their bank accounts. But before shutting down the bank account, the account holder must need to take proper care of his funds.
He must clear the loan against his account (if any) or must transfer the excess amount from that account to some other bank account. The account holder must visit the branch of the Karur Vysya Bank himself. If any third party claims to help him close his bank account online, he must not fall prey to such claims. He must not share any of his personal or bank details with any such person.