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Wednesday, 21 September 2022

Do not make these 5 mistakes in closing the savings bank account, there can be a big loss

 Do not make these 5 mistakes in closing the savings bank account, there can be a big loss

Saving bank account: In today's time most of the people have more than one savings account. There may be an account among them, from which you are not transacting. In such a situation, if you are thinking of closing that savings bank account, then take special care of some things. If you do not do this, you may have to face problems later. Let us know what are the 5 things to take special care of before closing the savings account.

1. Turn off Automated Payments

If you are going to close a savings account and there is an automated payment attached to it, then first of all close it. Along with this, fill the information of the bank account from which you want to start automated payment, taking the form from the bank. In Automated Payment, you do not know and your bills are paid automatically. If you do not do this, then the bill will not be paid and you may have to pay a penalty later.

2. Download the Statement

Before closing the savings account, you must download all the statements in your computer or laptop. By doing this you can avoid further trouble. If you ever need the statement in future then don't have to worry.

3. Make sure to check the amount deposited in the account

Before closing the savings account, make sure to check the amount deposited in your account. If there is a negative balance in the account, then the bank will not allow the account to be closed. In such a situation, you have to deposit money in the account and then close it by paying the bank charges.

4. Know Account Closure Charges 

Many banks charge a fee for closing the account. However, this mostly happens when the account is being closed within a year of account opening. However, if the account is closed after one year of account opening, then no closure fee is charged. For example, SBI does not charge a fee for closing a savings account within 14 days of account opening. 

5. Update Account Information

Immediately after opening the new account by closing the old savings account, provide the information of the new account in all the necessary places like in ITR, in gas agency, in automated bill payment etc.


 

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