Do you want to close the Bank of India account but need to know the process? Then, this article will give you detailed information about the online and offline processes. Other details are also explained here, including the closure procedure.
Bank of India:
Bank of India is a well-reputed public sector bank in India. The headquarters of BOI is in Bandra Kurta Complex, Mumbai. In 1906 a group of Mumbai businessmen formed the bank, which was nationalised in 1969. The ban even provides services for international customers like Hong Kong, Shanghai, Dubail, New York, Moscow, South Africa, Doha and Tanzania.
All kinds of services are provided to its customers, like bank loans, credit cards, savings accounts etc. There are nearly 6,000 branches of this bank. It is very easy to open an account online, but it is a hassle to close the same account online.
How to close the Bank of India account?
A person might have multiple accounts in the Bank of India. After opening an account, if you decide to close the account, there are several ways to close the account.
It is important to make a zero balance before closing the account in a bank. Internet banking is the easiest method to close an account. You can follow this method to avoid visiting the bank. Follow the below steps to close a bank account in BOI.
- Visit the official portal of the bank of India and choose the account option.
- On online form will display on the screen, and fill the form.
- The form will have an account number and the account holder’s name. Enter them.
- Add your Aadhar card number and mobile number and request closure.
- Then, credit all your amount to another bank account or new account.
- Finally, the account will be closed as no balance is left.
- You can call the customer care number of any branch and ask them to close the account. You should give the exact details in the call that match your bank account. After that, they will send you a confirmation code to start the procedure. You should also submit all the required documents.
- Customer care number: 1800220229/18001031906.
Most of the accounts are closed by this method only. For this, you need to visit the nearest branch. Go to the counter and fill out the closure form. The form is available in the bank, and you can download it from the portal. Fill in the details in the form and submit it to the manager. After receiving all the required documents, they will close the account.
A customer needs several documents to close an account in the Bank of India. They are:
- Closure application form
- De-linking form.
- Unused chequebook
- Debit card.
Steps to follow before closing the account in Bank of India:
Before closing an account, you should follow some basic steps.
Stop all automatic debits:
Remember to stop all the automatic debits. The bank account may be linked to many automatic debits, so de-link them. It may have monthly debiting like instalments, EMI etc. Close all of them before your application.
Submit Closure form:
In the offline procedure, you should fill out the closure form. Please fill it out carefully and submit the closure form to the manager.
Update your new account details:
You should update your new account if the old account is linked to salaries or pensions. So, that amount can credit to your new account.
For every bank, there are different closure charges. If you close your account within 14 days of its opening, there will be no charges. But if it is beyond 14 days, they will charge some for the closure.
Things to know before closing an account:
Consider a few things before closing an account with the Bank of India.
- You cannot re-open the account if it is closed once.
- Make sure to make the account balance zero.
- Pay all your dues in case you have any pending payments.
- Take that bank statement as it may be useful in future.
Charges during bank account closure:
In the Bank of India, no charges are applied if you close your savings account after 14 days of its opening. But if you want to close it after 14 days, it may charge between Rs. 500/- and Rs.1000/-.
Frequently asked questions (FAQs):
The application process might take between 7 to 14 days. But after application, it will be closed by the next working day.
Yes, you can close an account in BOI using internet banking.
The account holder might be penalised if you don’t maintain the minimum balance.
Rs. 500/- is the minimum balance.