How to Close IDFC First Bank Account?

One of the most well-known banks is IDFC First Bank. It has competitive interest rates, online banking, and inexpensive loan interest rates. As a result, if a person establishes an account with IDFC First Bank, there are very few opportunities to close it, and it frequently reopens after a long period of time.

However, there are a variety of factors that can lead to a person closing their IDFC First bank account. The following are some possible reasons:

  • Unsatisfactory interest rate
  • Unsatisfied customer service
  • Multiple accounts
  • High bank charges or fees
  • Online services aren’t working properly.

If you were planning to close your IDFC account but were unfamiliar with the closure processor. Do not be concerned about it. This website will provide you with detailed instructions on how to terminate an IDFC Bank account.

Steps to be Followed for Closing IDFC First Bank Account

We have outlined the simple steps that will assist you in easily closing the account.

Step #1: Get the IDFC First bank account closure form.

The initial thing is to get the IDFC First bank account closure form that you can obtain from the bank branch and alternatively from the bank’s official website. It’s easy and straightforward to the account closing form can be downloaded from the official website. 

Step #2: Fill the account closure form.

After receiving the form, you must fill it out completely and accurately to avoid creating hurdles. The following information is required to complete the form; therefore, avoid making mistakes by accurately filling in the details.

  • Name of applicant
  • Registered mobile number
  • Your preferred method of payment for withdrawing your remaining funds
  • Signature (Ensure that all account holders sign if it is a joint account).

Step #3: Attach the KYC documents.

You must attach your KYC documents for the account verification procedure after completing the account closure form. Know Your Customer documentation include PAN cards, Aadhar cards, and any other form of address verification.

Self-attested KYC documentation may be requested from the account holder. Please make sure to sign all of the KYC documents before attaching them to the form.

Step #4: Submit all your bank documents.

Once you fill the form with self-attested KYC documents, you have to surrender all remaining documents of the bank like balance Passbook, Cheque Book, Debit Card, etc. 

Step #5: Withdraw your remaining amount from IDFC First Bank.

Next, the bank will validate your form and all of your information, and if everything checks out, you can request a withdrawal of your remaining account amount. You must specify the method of payment you prefer to receive your funds, such as cash, check, bank transfer, or D.D. Also, after submitting the form, make sure you get the beneficiary slip from the bank.

You will be able to close your IDFC Bank account without difficulty if you follow all of these steps and submit the form with all of the required information and documents. The bank validates all documentation before closing the account and sending an SMS or email to your registered mobile or email address.

Also Read: How do I get money from a bank account that has been closed?

Important Points Keep in Mind before Closing IDFC First Bank Account

  • It is necessary to visit an IDFC bank branch to close an account.
  • You will not be able to reopen your account once you have applied to close it and the bank has approved your request. Therefore consider your options before cancelling your account.
  • Pay off any outstanding debts or loan payments before terminating your account. Check to see if your account has no balance.
  • A soft copy of the entire bank statement should be kept for future reference.
  • All automated payment instructions should be disabled.

IDFC First Bank Account Closure Form

One can readily obtain the IDFC account termination form by visiting the website. Account termination forms for IDFC First Bank can be downloaded from the official website or from the links below.

IDFC First Bank Account Closing Charges

Generally, IDFC Bank will not charge any amount if the account holder closes their account within 14 days from opening the account. But when the account holder wishes to close the account after 14 days or some years, then the bank will charge an amount for closure. The charges will differ depending on the type of account.

The following are the charges:-

Account closure within a year of opening

  • Rs. 500 for non-individuals
  • Rs. 200 for persons

Current account closure within a year of opening

  • Rs. 800 for non-individuals
  • Rs. 500 for persons

Recommended:

IDFC First Bank Operating Hours and Timings

Mini Statement from IDFC First Bank

What’s the Different Between a Current and a Savings Account?

Frequently Asked Questions 

Is this needed to maintain a minimum balance in IDFC First Bank?

Yes, it is required; if you fail to maintain a minimum balance, your account will be penalized and you will be charged maintenance costs.

Can we close accounts without visiting the bank branch of IDFC First?

No, you won’t be able to close your account without going to the bank.

You can only download the account closure form online; however, you must visit your bank branch for further processing.

Can I close the IDFC First Bank account with a negative balance?

There’s a slim chance the bank may let you close with a negative balance, which will cause you a slew of troubles.

Is there any facility to close the IDFC First bank account through Net Banking?

No, there isn’t a way for someone to close their account through Net Banking. You’ll have to go to the bank.

Are KYC Documents needed while submitting the form?

Absolutely, KYC documents are required for the verification process, and if you haven’t attached them, you can run into some issues closing your IDFC bank account.

How do I get my remaining amount after closing the account?

The bank will present you with payment options, and you can select cash, check, D.D., or bank transfer as your preferred method of receiving the remaining funds.

Can we close an IDFC Bank account within a year?

Sure, you can close your account at any time; however, if you close it after 14 days, the bank will charge you certain account termination fees.

What would happen if I closed my account with a negative balance?

It may cause you several problems; the bank will take legal action against you, and you may be unable to create a new account with any bank.

Is it needed to settle the remaining dues?

Yes, you must pay off your entire account balance or deactivate your automated payments instruction. It will make the account closing process go more smoothly.

How much time will it take to close the IDFC First bank account?

If all of your documentation are validated, the IDFC bank will cancel your account within 3-4 days.

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