Want to know how to close axis bank account? Well you have landed on the right article!
Formerly known as UTI Bank, Axis Bank Ltd is a banking and financial services company headquartered in Mumbai. Having acclaimed a lot of accolades and awards, it has been a pioneer of banking, finance and investment.
- It's the third-largest private sector bank in India, with around 80,000 employees, ₹80,847 crores of revenue and a 9.35% capital ratio.
- It has made its global presence felt in over ten international locations, which include Singapore and Hong Kong.
Some of the crucial services offered are:
Deposit accounts like a savings account, current account
Loan against property
Credit cards, debit cards
Recurring deposit, fixed deposit etc.
Things to Keep in Mind Before Closing Your Axis Bank Account
With umpteen options available at our disposal, there is no need to be settled at mediocre quality. So, if you get any dissatisfaction and discrepancy over any aspect, you have every right to dismiss your service provider. The same goes for the Axis Bank. However, there are a few things you should be aware and careful of before closing your bank account:
Transfer/Withdraw all your balance: You should get rid of all your deposits and liquid cash before closing the account for obvious reasons. Chances are there that you might lose them with the closure of the account.
Automatic Payments: It's advised that you assign a different account/ wallet to all your periodical payments to avoid discontinuity.
The Closure Letter: It's recommended that you write a solid and purposeful letter to the bank authorities. It will clear the confusion in their mind, thereby making the process speed and hassle-free. Anyway, they deserve to know where they went wrong.
How to Close Axis Bank Account?
Once you are absolutely clear about closing the account, then there is no point in delay. The Axis Bank provides a seamless process of how to close axis bank account online. Anyone can close their account in a few steps; read on.
- Get an application axis bank closure form. You can take it from the bank, or simply download it online and print it out.
- Take the filled axis account closure form along with the unused cheque leaves, the debit cards, cut into four pieces and ID proof to the bank and submit.
- You have to pay an amount of Rs. 500 as the closure fee.
- They will give you an acknowledgement slip upon successful submission.
- The account will be closed in two working days as per the standard operating procedure. However, there could be a delay if any problem in verification occurs.
The process of closing can't be done online. You can only download the account closure form (axis bank). And, then you have to be physically present at the branch. However, with everything happening from home, an update in this process can not be ruled out. They will try to initiate online facilitation as soon as possible.
Why Close a Savings Bank Account?
Maintenance of higher Minimum Account Balance required:
The minimum balance requirement for Axis Bank savings accounts is Rs. 2500, Rs. 5000 and Rs. 10,000 for rural, semi-urban and urban areas, respectively. Not abiding by it might cost you up to Rs. 500.
Lower rate of interest:
The interest rate for savings accounts in Axis Bank is 3.5%. You can check the detailed rates for various types of deposits on the website. If you get a better deal elsewhere, then you should get over the bank.
Unsatisfactory Customer Service:
It's a basic feature for any service provider. A systematic customer service mechanism is the ultimate requirement. If you are not heard, and your grievances are not addressed, then what's the point of continuing with it!
Bad Relationship with Bank Staff:
Well, you deserve to be treated well. No compromise here!
The bank is not providing Online Services properly:
In today's world, it's mandatory that you get to do almost all of your financial activities from your home. So, it's an important factor without a doubt.
The account holder has shifted to another city where the bank branch is not located nearby his place:
Well, most of the services are available online, so you don't need to visit the branch always. But still, if you feel like being near the bank, go for it.
Higher Fees & Charges on Financial Transactions:
Axis Bank demands around Rs. 21 for money withdrawal from ATM after a certain number of transactions. Even a balance inquiry is charged. There are various charges for other activities like NEFT and RTGS that you need to be aware of.
Having Multiple Bank Accounts:
If you don't use an account, you still have to pay certain fees and maintain an amount. So, it's better to close instead of keeping a number of accounts.
Lower limits for Financial Transactions:
If you deal with a lot of money on a regular basis, and the bank seems to be a huddle rather than an aggregator, then you have no reason to continue with them.
I hope you liked our article on how to close axis bank account without going to the bank, if you have any comments or suggestions do share them in the comments below.
Q1. Can we close the Axis bank account online?
You can download the form online. But then, you have to physically visit the branch with the filled application form and other requisites. There is no online facilitation for the entire process. Not yet!
Q2. How long does it take to close Axis bank accounts?
Once the docs are submitted, and fees are paid, it will take around two working days for the account to be closed. However, a delay can be there in case any discrepancy arises.
Q3. What is the minimum balance in Axis Bank?
You have to maintain a balance in your Axis Bank savings account.
Rs. 10,000 for metro/urban areas
Rs. 5000 for semi-urban
Rs. 2500 for rural areas
Non-adherence can cause you Rs. 10 for every 100 shortfalls. The minimum charge is Rs. 150, whereas the max penalty is Rs. 600.
Q4. Is there a penalty for closing a bank account?
You are required to pay Rs. 500 while submitting the closure form at the bank. You should make sure to empty your account before closing to avoid any monetary loss.