Bank Account Closure: Experts Reveal 6 Crucial Rules to Avoid Penalties and Negative Balances
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News18 English•01/12/2025
Bank Account Closure: Experts Reveal 6 Crucial Rules to Avoid Penalties and Negative Balances
- •Verify minimum balance penalties in the last three months' statements.
- •Ensure there is no negative balance in the account.
- •Clear any outstanding debit card or service charges.
- •Cancel or switch auto-debits and ECMS to a new account.
- •Check for account closure fees, especially for accounts under a year old.
- •Redirect any expected ITR refunds to a different account.
Why it matters: Avoiding penalties when closing your bank account can save you money and hassle.
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