Bank of India is a well-known public sector bank with excellent services such as Internet banking, home loans, gold loans, savings accounts, and investments, as well as a competitive interest rate. There is a extremely slim probability that someone who establishes an account with the Bank of India will want to close it.
One may choose to terminate their Bank of India account for a variety of reasons, and if you are certain about your decision, you have come to the perfect place. If you are unfamiliar with it, this tutorial will provide you with step-by-step instructions on how to close a Bank of India account.
Easy Steps to Close Bank Of India Account
- Easy Steps to Close Bank Of India Account
- Important Points Keep in Mind Before Closing Bank Of India Account
- Bank Of India Account Closure Form
- Bank Of India Account Closing Charges
- Frequently Asked Questions
- From where can we get the Bank of India to account closure form?
- What are the payment modes provided by the Bank of India?
- Is it necessary to maintain a minimum balance in a Bank Of India account?
- Can I shut down the Bank Of India account online?
- Is it essential to write a letter while closing the BOI account?
- Is it possible to close the account without visiting the brand BOI?
- Can I close the Bank Of India Account with a negative balance?
- Can I close the BOI account before one year?
- What are the documents that are required in closing the BOI account?
If you want to close an account with the Bank of India, you can do so by following the steps below:
- Step 1: Complete the account closure form.
Account closure forms can be downloaded from BOI’s official website or obtained from a bank branch. After receiving the form, you must complete the account closure form with accurate information, such as:-
1 Name of Account Holder
You’d like to close two account numbers.
3 Email address and mobile number linked to the bank.
4 Indicate how you’d want to receive the remainder of your payment, such as cash, check, or D.D.
- Step 2: Attaching Documents
After you’ve filled out the form correctly, attach your KYC documents, such as your aadhar card or your passport, and make sure they’re all self-attested.
- Step 3: Fill out the form
Next, visit your bank account branch and submit the form, along with your self-attested signature and self-attested papers, to the branch manager. Additionally, turn in any remaining passbooks, checks, or credit cards. Don’t forget to specify the method of payment that will be used to credit you with the remaining funds.
- Step 4: The account is terminated.
You will be notified about your closed Bank of India account within 7-8 days after submitting the form. Your registered mobile number will receive an email or SMS.
Important Points Keep in Mind Before Closing Bank Of India Account
- Before closing an account, make sure to pay off all outstanding debts.
- You must specify the method of payment with which you wish to receive your remaining funds.
- To transfer the funds, open a new bank account.
- Disconnect BOI cards from automated transactions.
Note: If you have any other concerns, you can speak with your bank branch manager or a Bank of India customer service representative. They will assist you. Simply dial 1800220229 / 18001031906 to reach customer service.
Bank Of India Account Closure Form
The BOI account closure form is easy to obtain online; alternatively, you can visit the branch and request an account closure form.
If it’s difficult for you to visit the Bank Of India branch, simply click the link of Download the Bank Of India account closing form and get the form that appears as the same in the given picture.
Bank Of India Account Closing Charges
If you close your account within 14 days, the Bank Of India will usually charge you between 500 and 1000 rupees.
The particular charges, on the other hand, are not announced by the respective bank because they can vary depending on the account type. Also, account closing fees in BOI may vary by branch, therefore you should speak with the bank’s personnel or the bank management personally.
Frequently Asked Questions
From where can we get the Bank of India to account closure form?
A Bank of India account closure form can be obtained by visiting the branch where you hold an account. Alternatively, you can obtain the form from the bank’s official website.
What are the payment modes provided by the Bank of India?
The bank offers several options for moving your remaining funds, including cash, cheque, demand draft, and fund transfer. You are free to choose any convenient method for receiving the remaining funds.
Is it necessary to maintain a minimum balance in a Bank Of India account?
Absolutely, it is necessary for an individual to keep a minimum amount in the bank in order to use the bank’s services.
Can I shut down the Bank Of India account online?
There is no way to close your BOI account online. In order to close your account, you must go to the branch.
Is it essential to write a letter while closing the BOI account?
Yes, you must write a letter to the bank manager explaining why you are closing the account and attach your signature to the request.
Is it possible to close the account without visiting the brand BOI?
No, you must visit the branch to obtain the form or submit it to the bank manager in order to close the BOI account.
Can I close the Bank Of India Account with a negative balance?
If you do the same, the bank will charge you an additional fee and refuse to shut your account. A minimum balance must be maintained in the account.
Can I close the BOI account before one year?
Yes, customers of Bank Of India can end their accounts before the year is out. But, if you close your account within a year of it being opened, the bank will charge you a fee.
What are the documents that are required in closing the BOI account?
You must submit KYC documents such as an aadhar card, a pan card, a photograph, and a handwritten application to terminate your Bank of India account.