Previously, you carried a significant amount of cash in your wallet to readily access money whenever you needed to make a purchase or payment on the go. However, this was difficult and unsafe, forcing you to look for other viable ways to carry your money. A Savings Account can be helpful. It allows you to securely park your money and retain ready access through various means.
You can earn a competitive interest rate on your Savings Account deposits, which keeps your money working. Do you want to know the interest you can earn from the account? Use the Savings interest calculator online to estimate the interest earnings within seconds.
Is it possible to close a Savings Account?
Suppose you wish to close your Savings Account. It is possible to do so. You need to contact the bank’s customer representative by visiting or calling their branch. Inform them that you wish to close your account. They will ask you to make a written request. Once they receive it, they will start their back-end process to close the account.
What do you need to do before closing a Savings Account?
The bank will soon start the account closure procedure upon receiving your request. You need to take some steps from your end as well. Following is a mention of them:
- Check for closure charges
A few banks charge an account closure fee. If they do, try negotiating with them to waive it. Another thing you must do before closing the Savings Account is contemplating. Bank Accounts are beneficial in several ways. So, it is always better to have one in your kitty.
If you are planning to close the account because you are unable to maintain the minimum balance, consider opening a Zero Balance Account online. With this account, you need not bear the burden of balance maintenance and can use funds until they are exhausted without paying a penalty to the bank.
- Cancel direct deposits and recurring payments
You have channelled direct deposits and recurring payments from your Savings Account. When closing it, make sure you cancel all of them, ensuring your deposits do not land in the middle of nowhere and your payments still need to be fulfilled.
- Withdraw and transfer account balance
You may have a significant balance in your Savings Account, including your deposits and the interest earnings. You may be aware of the deposits since you made them. However, if you want to know the interest earnings, using the Savings interest calculator can help.
Once you know your account balance, withdraw or transfer it to another preferred account without fail to ensure you have access to your money.
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