If you’re wondering how to close a Federal Bank account, we’ve outlined the entire process below to assist you. If you’re wanting to close your Federal bank account, read this guide to learn how.
Steps to Follow For Closing Federal Bank Account
- Steps to Follow For Closing Federal Bank Account
- Things to be Consider before closing Federal Bank Account
- Federal Bank Account Closure Form
- Federal Bank Account Closing Charges
- Frequently Asked Questions
- Can I close my account without visiting the bank?
- Can I close my Federal bank account before one year?
- If I forget to mention the repayment method of the remaining bank balance. How will I get it?
- Can we use net banking for closing Federal bank accounts?
- Can we close the Federal bank account in a negative balance?
- What happens if the minimum account balance is not maintained in the Federal bank?
- Is it possible to reopen the closed bank account?
- Will my Federal Bank account be closed automatically?
- Is there any brokerage charges for Federal bank account closing?
- Can account holder family members close bank account on behalf of the account holder?
Follow the steps outlined below to successfully close your Federal bank account.-
- Obtain the Federal bank account closing form first.
To shut your federal bank account, go to the bank branch and ask for an account closure form from the staff. You can also receive the form online at the Federal bank’s official website and download the account closure form.
- Step 2: Complete it correctly.
The most crucial task is to fill out the form completely and accurately. Any inaccuracy will be ignored, and your account closure form will be rejected by the bank. Fill out the form completely.
Note: The following information is required when completing the form:-
- Step #4: KYC Documents and Account Closure Form Submission
It’s time to attach your KYC documents after you’ve filled out your Federal account closure form with appropriate information. Pan card, Aadhar card, and other documents may be requested. Check that all of your documents have been self-attested. The bank will require self-attested documents, therefore sign them because your documents will not be regarded legal without your signature.
- Step #5: Submit the account closure form and your bank documentation.
The account closure form must be submitted to your bank branch manager as the final step. Provide the rest of your passbook, check, debit card, credit card, and any other documents you have with the form. Receive your form submission slip after submission. You will receive an SMS and email notification that your account has been closed within 7-10 days on your registered cellphone number or email address.
Note- After following the guidelines, there is a lack of possibility that you will face a problem in the Federal bank account closing process. In spite of this, if any problem comes, you can contact a customer care specialist who is always there to solve customer problems. You can directly call on 18004201199.
Things to be Consider before closing Federal Bank Account
- Once you’ve made up your mind to close your Federal bank account, don’t forget to withdraw any remaining funds.
- Make sure you have registered a new account if you wish to transfer your balance amount.
- If you have a terrible debt or an overdraft, make sure you pay off all of your bills and claims.
- To close an account, go to your account’s home branch and inquire with the branch manager.
- After terminating an account, make a soft copy of the entire bank statement for future reference.
Federal Bank Account Closure Form
You can download the Form for canceling a federal bank account from the bank’s official website or get the form by visiting the bank branch. It’s easy to download the form online as it saves your precious time.
Federal Bank Account Closing Charges
A fee for closing a bank account is charged by all banks. Banks in the United States charge fees for canceling accounts. The cost of canceling accounts varies depending on the account type and location.
Account holders who close their accounts within 14 days are usually not charged anything. The bank will charge the minimum amount of 500 after more than 14 days. In addition, federal banks might charge a GST amount in addition to the closing fees.
Frequently Asked Questions
Can I close my account without visiting the bank?
Your account termination form is only available online. Meanwhile, you must visit your bank branch to complete the remaining procedures of account closure. You cannot submit your Federal bank account closure form while at home, and no one else can do it on your behalf.
Can I close my Federal bank account before one year?
You certainly can. Federal banks are unable to erect any barriers to account closure before the end of the year. You have the option to close your account at any time. However, you do not have to pay costs for the first 14 days after the account is opened, but you must pay account closing fees after that.
If I forget to mention the repayment method of the remaining bank balance. How will I get it?
The first step is to make sure you include all of the methods you’d like to get your balance amount while filling out the form. Cash, check, DD, and fund transfer are among the available alternatives. If you neglect to indicate the option, the bank may ask you how you want to receive your money throughout the account closure procedure.
Can we use net banking for closing Federal bank accounts?
You can’t do it. Account termination forms are only available online. You must physically visit the bank to complete the account closing process.
Can we close the Federal bank account in a negative balance?
In most cases, banks will not let you end an account with a negative balance. However, if the account needs to be closed, the bank will charge you a penalty. The penalty amount is determined by the account type and location.
What happens if the minimum account balance is not maintained in the Federal bank?
Banks always remind you to keep the bare minimum in your account. Account holders must maintain it in order to receive a good interest rate. If you don’t keep up with it, the bank will penalize your account and levy costs.
Is it possible to reopen the closed bank account?
If it closed lately, mention within the previous week. The bank may then be able to reestablish the account under the same name as before. The bank will not be able to reactivate the account after that.
Will my Federal Bank account be closed automatically?
It will not be shut down. Banks might levy a penalty if the minimum balance is not maintained. Yet, the bank rarely takes such measures.
Is there any brokerage charges for Federal bank account closing?
There are no brokerage fees associated with closing a Federal bank account. You can close your account by completing the form and submitting it to the bank management; there is no middleman involved.
Can account holder family members close bank account on behalf of the account holder?
No, in order to close a Federal bank account, the account holder must personally visit the bank location. Because the account holder’s signature will be required for the document verification process, family members may not be considered for the process.