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Closing a Salary Account is normally required when you have changed your employer. In such a scenario, you can either close the salary account or you convert it into a savings account by maintaining a minimum balance specified the bank of your choice.
How to Close a Bank Salary Account Through Creditseva
If you are not willing to close your salary account immediately, then you should convert it to a savings account. The most feasible manner to close a salary account in the easiest way is by taking the help of Credit advisory services of Creditseva and stay creditworthy. You just need to sign up, fill in your basic details and receive detailed as well as holistic insights of your credit-related data and thus maintain, improve your credit score in an easy and simple manner.
Procedure for Closing a Salary Account
A series of steps are followed while closing a salary account. Following these steps will result in successful closure of your salary account
- Predominantly you need to go the bank from where you have opened the account and request them to close the account. You will be given a form, which you need to fill up and give it back to the bank officials.
- If you have any balance left in your account, you should withdraw it completely so that there is no amount in this account.
- Often, a CASA account is correlated with your ID. You need to close this too and see to it that there is another form provided to you for closing it.
- If all the details filled in by you seem to be appropriate in the banking official’s point of view, your salary account will be closed the same day.
Important Points to be Kept in Mind While Closing a Salary Account
- You should surely take your ATM/Debit card and cheque book along with you as they will be helpful in filling up your details in the account closure form.
- Sometimes it so happens that it takes 7 or more days to close the salary account. In this case, you will have to wait patiently till the account is closed.
Procedure for Closing a Salary Account Online
Though it is a bit compulsory that you need to visit the bank when you want to open or close an account, you can also try the following steps to access your account online. After trying this method, post 3 months, it is required to verify the account. I am sure it will show the status as closed.
- You need to connect to your account and make a note of the amount in the account.
- Now you should transfer the entire balance via RTGS/NEFT to another account which belongs to you.
- After you have transferred the entire amount, there will be Zero Balance in your account. Thus having no minimum charges for the balance in the account.
- Now you need to send a request for closing the account via net banking.
- Prior to sending the closure request, you should see to it that you have not provided this particular account number for receipt of LIC Benefits, Company dividend warrants etc.
- After following the steps mentioned above, if the bank does not close your salary account, your account will display an overdraft due to a minimum balance.
- Since no bank prefers to maintain an account with the debit balance, the bank will close your salary account as you had requested for it.
Letter Format for Closing a Salary Account
Sub: Salary Account Closure
With reference to the above, I request you to close of my Salary A/C With A/C No …….………………… that has been maintained with your branch since 2 years, as I am unable to maintain this account due to some unavoidable situations.
Please transfer the balance amount to my Savings A/C # ………………………….
Salary Account Closure FAQs:
1. What should be done for confirmation of the closure request of my salary account?
The most important thing to be done while closing the salary account is that you should always remember to write your latest mobile phone number in the closure request form and obtain a confirmation letter with a stamp and date from the bank. By doing this you will have an evidence that you have submitted the closure request so that no problem arises in the future course of time.
2. Is there any penalty to be paid while closing a salary account?
Mostly there is no penalty, but if your salary account gets converted to a savings account, then you will have to pay a penalty for not maintaining the minimum balance.
3. If I want to close my salary account, do I have to approach the same branch of the bank where I had opened the account?
No. If you are willing to close your salary account, you don’t have to particularly approach the same branch of the bank where you had opened the account.
4. If I am not using my salary account for a couple of months, will it get closed automatically?
No, it will not get closed automatically. If your salary account has not been used for more than 6 months, there are chances that it is declared inactive. Usually, banks convert this account to savings account and ask for minimum balance to be maintained in this account.
5. Is it possible to have more than one salary account in a bank without closing the previous one?
Ideally, you should not have two salary accounts. In case you try to create more than one salary account, you will end up with a delay in receiving your salary. This will happen because there would be two accounts in the name of the same person. Thus, the bank will not process the salary and finally, you will land in trouble.
6. If you close a salary account which is linked to the Aadhaar card, does it de-link the Aadhaar card from the account?
If you close the account linked with Aadhaar Card, it is surely going to be de-linked.
7. Does a bank report the CIBIL about negative salary accounts?
No, banks do not report the negative salary accounts to CIBIL. Presently, banks only report the CIBIL about the particulars on credit cards and loans.
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