How to close the IDBI bank account?

Close the IDBI bank account; usually, if someone opens a bank account, they rarely close it & the account remains open in the Bank for a long time. Nowadays, as most banks have started working through the online platform, there is no need to close a bank account under normal circumstances.

IDBI Bank is the largest Bank offering its customers the best corporate and personal banking services.

There are many kinds of accounts you can open with IDBI accounts. They also have the best interest rates on fixed deposits. 

However, sometimes we think we don’t need to open our account in any particular bank. So, you don’t need to keep a specific account. You can close your bank account anytime if you are an IDBI Bank account holder.

Reasons for closing IDBI bank account

Everyone has a personal reason for closing any bank account. The reason could be that they don’t want to continue their banking services with a particular bank, or they don’t maintain a minimum balance that incurs charges. 

Some people may have many other reasons to close their bank account with IDBI Bank. However, there can be many reasons for closing a bank savings account: 

• Low-interest rate. 
• Unsatisfactory customer service. 
• Bad relationship with bank staff 
• Having multiple bank accounts. 
• Bank’s online services are not available properly. 
• High fees & charges on financial transactions
• Lower Limits for Financial Transactions 
• A high minimum account balance is required to be maintained 
• A customer moves to another city with no bank branch near his place.

Important Points for Closing IDBI Bank Account

• To close your account, you must visit the bank branch where you opened the account. 
• Banks generally do not allow the reopening of a closed account, so the account should be closed if he does not need it in the future.
• You must save a soft copy or a printout of the complete bank statement from start to finish must be saved for any future reference purposes. 
• Cancel your automated payment instructions. 
• One must clear all their pending dues or charges before closing the account.

How to close IDBI Bank Account? 

There are two ways and methods to close your bank account at IDBI Bank: 

1. By visiting branch
2. Via online.

1. By visiting the branch

We get almost every assistance by visiting our main branch. Still, it is a very time-consuming task, and we have to wait for our turn to solve our problem or place any request. 

If you desire to close the IDBI bank account, first, you need to visit the branch along with all the details of your particular account and the ATM card. Then follow the steps below to close the account:

Fill out IDBI Bank Account Closure Form

To Close the IDBI bank account, the first step is to fill out the account closure form. You may download it from the Bank’s official website, or you can visit your home branch and get the account closure form and fill it out properly. 

After that, you must sign and submit it to the Branch Manager/Officer-in-Charge. Please note that if you have any joint holder/s of your account, they must sign the account closure form. 

Attach your KYC (Know Your Customer) documents 

All account holders should connect a copy of KYC documents, i.e. PAN, which will serve as your identity proof and address proof for the account closure form. Clients can also ask for self-attestation of these documents.

Surrender balance check leaves, debit card and passbook to your bank branch 

You need to surrender your balance check leaves, debit card and passbook. They will process your account closure application after you surrender all these items.

Processing your request to close a savings account 

The banker will verify the documents submitted by you and, if they find all things correct, will ask you to withdraw the balance amount in your account and process your account closure request.

Withdraw the balance amount from your Bank

When asked, you can take cash withdrawal or the Bank can issue a cheque/DD in your favour or transfer the amount to another account, thereby closing your account. 

If you observe the above steps, you will be able to close your bank account in a hassle-free manner. Banks usually mail an email or SMS to your recorded email id and mobile after your account is closed.

2. Via online

The second method to close IDBI Bank Account is through IDBI Net Banking. We know that no one likes to visit a branch, so internet banking is there to solve everyday banking problems.

Apart from fund transfer and other matters, you can request closure of your bank account with IDBI Bank by downloading a simple form and sending it back to the Bank. However, you must return everything added to your bank account.

Note: There are no charges for the closing account. You can report to IDBI Bank Anti Corruption Helpline Number if someone asks for any price.

Conclusion

Many people want to close their bank account with any particular bank, and there can be many reasons for doing so. However, the Bank will not ask for a specific reason for closing any bank account associated with IDBI Bank. 

You must return the goods and fill out the form, and your account will be closed. IDBI Bank is one of the top public sector banks in India. However, some people are dissatisfied with their services. 

IDBI will not ask for any reason for closing any particular bank account associated with them. Let us know in the comments space if you want to know anything else.

FAQs

1. Are there any charges for account closure in IDBI Bank? 

IDBI Bank will not charge a closure fee if the customer closes his bank account within 14 days of opening. But after 15 days of opening the account, the Bank charges a fee of 500 INR. 

2. What is the minimum amount of IDBI Bank? 

You can withdraw Rs. 5000, for semi-urban branches Rs. 2500/- and for rural branches Rs. 500/- should maintain a monthly average balance (MAB).

3. How do you check if your IDBI account is active? 

You can get a mini statement (via SMS) for the last five transactions in your account by giving missed call to 18008431133. 1. The Bank has pre-activated this facility for all customers maintaining a single operative account.

4. Can I open a zero-balance account in IDBI Bank? 

IDBI Bank has introduced Small Account (Relaxed KYC) – savings account for everyone. Completely basic in its approach and zero balance account for inclusive banking.

5. Is IDBI a private or public bank?

The Bank has been classified as a ‘Private Sector Bank’ for regulatory purposes by the Reserve Bank of India from 21 January 2019 after Life Insurance Corporation of India acquired 51% of the Bank’s total paid-up equity share capital.