How to Close Kotak Mahindra Bank Account?

Kotak Mahindra Bank is a well-known Indian bank. It provides corporate and retail customers with a variety of financial and banking services, including savings accounts, current accounts, fixed deposits, internet banking, and much more.

If you want to close your Kotak Mahindra Bank account, here are the simple steps and a detailed guide to assist you in doing so.

Follow the easy step to Close Kotak Mahindra Bank Account

If you want to close your Kotak Mahindra Bank account, you can do so quickly by following the instructions below.

Kotak Mahindra Bank also offers an online option for opening a bank account using your pan and Aadhar card. Customers must visit their bank location and file an account closure request to close a Kotak Mahindra bank account.

  • Step 1: Go to Kotak Mahindra Bank’s official website and get the account cancellation form.

There is an account closure form that an account holder has to submit to close the Kotak Mahindra bank account. To load the account closure form, go to the official website of the bank and download the Account closure form for Kotak Mahindra Bank or receive it from your bank branch.

  • Step 2: Complete the account closing form completely and accurately.

Account holders must carefully complete out the account closure form after obtaining it from the official website, without making any mistakes. You must include the following information when filling out the form:-

  • Name of Applicant
  • Numbers of bank accounts you’d wish to close
  • Your linked cell phone number
  • You must explain and provide your perspective on how you expect to receive the bank’s remaining funds. Cash, check, DD, and fund transfer to another bank are all options for payment.
  • Step 3: Attach your KYC documents to yourself.

All account holders must attach a copy of KYC documents such as a PAN card copy and an aadhar card as proof of address when completing the account closure form. These documents may also be required to be self-attested by the account holder.

  • Step #4: Take your account closing form to your local bank location.

Submit the completed form to the branch manager with proper information and self-attesting KYC documents. Give the bank manager your debit card, checkbook, and passbook. After you’ve submitted all of your documents, don’t forget to bring a recipient slip.

  • Step #5: Within a few days, your account will be closed.

Your account will be closed within 7-10 days after the verification process is completed. The bank will send you an email or a text message to your registered email address and mobile phone.

Note:- If you face any kind of difficulty while closing your bank account in Kotak Mahindra, you directly call on the 18602662666 number. The customer care executive will answer your call, help you solve the problem, and help close your bank account.

Important things keep in mind before closing the Kotak Mahindra bank account

When terminating a Kotak Mahindra Bank account, an individual must complete and remember a number of steps.

  • If you decide to close your bank account, don’t forget to remove the remainder of your funds.
  • Make sure to open a new bank account to transfer your leftover bank amount before terminating an account.
  • You will be needed to display your bank statements at various stages; thus, keep track of your bank statement and any initial payments made using your old bank account.
  • To minimize headaches and difficulties when canceling the Kotak Mahindra bank account, clear any outstanding debts at the bank.
  • Keep in mind that once you close your KMB account, you will never be able to reopen it.

Kotak Mahindra Bank Account Closure Form

The Kotak Mahindra Bank account closure form is simple to obtain; you can either download it or obtain it at a bank branch. The closing form can be easily downloaded from the website or as follows:

Kotak Mahindra Bank account closing charges

Individuals who wanted to close their accounts were charged an account closing fee by Kotak Mahindra Bank. While closing the bank, it is critical to be aware of the charges. If you close your account with Kotak Mahindra Bank within 30 days of its opening, there is no price. There are no account closing fees to pay. But, if the account is closed within 30-181 days, the bank will incur a fee of 600, which the consumer must pay. In addition, depending on your account type, the bank may charge you a GST amount.

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Frequently Asked Questions

What happens when I don’t have a minimum balance in the Kotak Mahindra bank account while closing it?

If your account balance falls below the required minimum amount, the bank may levy a non-maintenance fee, and closing the account may be difficult.

Can I close my bank account without visiting the bank?

NO is the answer. You can download your account closure form online, but you must submit it along with all KYC documents to your bank branch.

Is it necessary to maintain a minimum balance in a bank account?

Indeed, account holders are required to maintain a minimum account balance; if you are unable to do so, the bank will punish you and charge a penalty fee.

Could we close our Kotak Mahindra bank account through net banking?

Net banking is not available for closing Kotak Mahindra bank accounts. Because Kotak Mahindra does not offer net banking, you will be unable to close your bank account.

Can I close the Kotak Mahindra bank account with a negative balance?

Sadly, closing a Kotak Mahindra bank account with a negative balance might present numerous challenges.

Is it possible to close the Kotak Mahindra bank account online?

Kotak Mahindra bank accounts cannot be closed online. To close your bank account, go to the branch and fill out an account closure form.

Is the KYC document required while submitting the Kotak Mahindra bank account closure form?

Indeed, the bank personnel will require you to submit your KYC documents for verification while filling out the account closure form. As a result, the KYC documents must be attached to the account closure form.

How do I get my remaining balance from Kotak Mahindra bank while closing the account?

You must specify how you will accept your remaining account balance on the account closure form: by check, cash, DD, or fund transfer to another bank branch. You can receive your remaining funds from Kotak Mahindra Bank in this manner.

Can I close the Kotak Mahindra Bank account before one year? 

Absolutely, anyone can close a Kotak Mahindra Bank account before the end of the year; the bank will just charge a customer an account termination fee.

What if an individual will not pay a negative amount to Kotak Mahindra Bank? 

You may suffer various unfavorable consequences if you do not pay the negative charges. The bank may also take legal action, which might lead to difficulty opening a new bank account in the future.

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