Get acknowledgement from the financial institution when closing a bank account, credit card or insurance policy

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When closing a bank account:

·         Return the credit card it is linked to

·         Return unused cheque leaves |Ensure there is no pending loan payment linked to it

·         Be prepared to pay charges for closing

When surrendering a credit card:

·         Insist for a letter from bank to that effect

·         Resolve any amount pending due to a dispute

When closing a loan

·         Verify how the bank would treat it — as settlement or a waiver

·         Ask for a no- due certificate from bank

·         Resolve any amount pending due to a dispute over wrong billing

When surrendering an insurance policy

·         Claim the surrender value

·         Get a letter from the company saying the policy has been closed and preserve that document

Charges for closing your savings bank account:

There are no closure charges for salary and savings accounts. However, while you don't need to maintain a particular balance for a salary account, this isn't the case for savings accounts. Also, if a savings account is closed within a year of it being opened, it would attract a charge. Therefore, if you wish to close an idle account, you would have to pay the charge for not maintaining the minimum balance during the idle period. This varies according to circumstances.

A look at the charges for closing a savings account if minimum balance hasn't been maintained:

HDFC Bank Up to 14 days- Nil 15 days to 12 months- ₹ 500 Beyond 12 months- Nil ICICI Bank Up to 30 days - Nil 31 days to a year- ₹ 500 Beyond a year- Nil HSBC Bank If the account is closed within six months, the charge is ₹ 1,000, whether the average minimum balance is maintained or not Beyond 6 months- Nil

Happy Investing!!

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

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6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online

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