Closing a bank account can be a daunting task, especially when it comes to a renowned institution like SBI (State Bank of India). However, with the right guidance and a few simple steps, you can smoothly navigate through the process.
Whether you’re switching banks or simply looking to close an inactive account, I’ve got you covered with all the essential information you need to know.
In this article, I’ll walk you through the step-by-step process on how to close your SBI bank account online and offline.
So, let’s dive in and get started on closing your SBI bank account with ease.
| Bank Name | State Bank of India (SBI) |
| Account closure process | Offline |
| Account Closure Charges | Yes (Read this article for full details) |
| Account closure form | Online/Offline |
| Processing time | 7 days |
Reasons to Close an SBI Bank Account
Closing a bank account is a significant decision and should not be taken lightly. However, there are several valid reasons why you might consider closing your State Bank of India (SBI) account.
Here are a few common situations that may prompt you to think about closing your SBI bank account:
1. Switching Banks
One of the most common reasons for closing an SBI bank account is when you decide to switch to a different bank.
Whether it’s because you found a better interest rate, improved customer service, or more convenient locations, changing banks is a personal choice.
Closing your SBI account and transferring your funds to a new bank can help you streamline your financial management and access the services that better meet your needs.
2. Inactivity
If you have a dormant SBI bank account that you no longer use, closing it may be a sensible option. Maintaining an inactive account can lead to unnecessary fees, loss of interest, and potential security risks.
By closing the account, you can declutter your finances and ensure that your money is properly managed.
3. Dissatisfaction with SBI
While State Bank of India is one of the largest and most reputable banks in the country, you may have valid reasons for being dissatisfied with their services.
Whether it’s poor customer service, excessive fees, or limited account features, feeling unsatisfied with your banking experience is a valid motivation for closing your SBI bank account.
4. Life Changes
Life is full of unexpected twists and turns, and sometimes our banking needs change as a result.
Whether you’re relocating to a new country, going through a financial hardship, or simply no longer require the services of SBI, closing your bank account can help you adapt to your changing circumstances.
How To Close Your SBI Account Offline?
The process of closing an SBI account only takes place offline, even though you can initiate it through the bank’s website (online).
Here’s how to go about it:
- Download or collect the account closure form from your local branch.
- Fill out this form and submit it to your home branch.
When submitting the form, make sure to include the following items:
- Copies of your identification and proof of address
- Your passbook
- Your chequebook
- Any ATM/debit cards associated with the account
Note that if your account has any outstanding or pending dues, the bank will request these to be paid at the time of submitting the account closure form.
Depending on the type of your account and how long it’s been active, you may also need to pay account closure charges.
After this, your SBI local branch will initiate the account closure process and your account will be permanently closed within seven business days.\
How To Close SBI Account Online?
Currently, the State Bank of India (SBI) does not offer the facility to close accounts online. To close your SBI account, you need to follow these steps:
- Obtain the account closure request form. You can download this form from the official SBI website.
- Complete the form accurately with all the necessary information.
- Visit your home branch with the completed form and the following items:
- Copies of your ID and address proof
- Your passbook
- Your chequebook
- Any ATM/debit cards linked to the account
Upon submission, you’ll be required to settle any outstanding dues and pay applicable account closure fees. Once these steps are completed, the bank will process your request. Generally, the account closure is completed within a week, but it’s often done within two working days.
Please note that if the provided link for downloading the form doesn’t work, you can try accessing it through here.
Account Closure Application Format
To, The Branch Manager, SBI Bank (Branch Name) Laxminagar (New Delhi) Subject: Close My SBI bank account - xxx-xxx-xxx-xxx Dear Sir/Maam, I am writing this letter to request you to close my bank account with SBI bank. Here are my bank details: Name- Mr./Miss Name, Address-[write your Address her], Account number- xxx-xxx-xxx-xxx. I do have a bank account with another bank and I want my funds to be transferred the that account after closure. The details of another bank are as follows: Name - Mr./Mrs [Name] Bank Name- [Write the bank's name] IFSC code - XXXXXXXXXX Account No. - XXXXXXXXXXXX Thanking You Yours Faithfully, Name and Signature Date Account No.- xxx-xxx-xxx-xxx
Is There Any Charges For SBI Account Closure?
Yes, there are charges for closing an SBI account, but that depend on the type of account and its tenure. However, the accounts opened under some special financial inclusion such as Basic Savings Bank Deposit Accounts or BSBDAs and Pradhan Mantri Jan Dhan Yojna Accounts have no charges.
Generally, for savings and deposit accounts, the closure charges can be up to ₹500 plus GST. Here are the closure charges for SBI Savings/Deposit Bank Accounts.
| Account Closure | SBI Closure Charges |
| Within 14 days of account opening | No charges |
| After 15 days to 1 year | ₹500 + Taxes |
| After 1 year A/O | No Charges |
| Account closure of deceased depositors | No Charges |
| BSBDA | No Charges |
For current accounts, it can be up to ₹1000 plus GST. However, if a savings account is closed within 14 days of opening, the bank levies no charge for closing the account.
| Account Closure | SBI Charges |
| Within 14 days of account opening | No Charges |
| After 15 days to 1 year | ₹1,000 + Taxes |
| After 1 year to 5 years | ₹500 + Taxes |
| After 5 years | No Charges |
Keep in mind that these charges can change, so it’s always a good idea to check the latest fees on the official SBI website or contact your local branch.
Conclusion
Remember, closing an SBI bank account is a personal decision, and it’s essential to understand your reasons and weigh them against the potential consequences. If you’ve decided that closing your SBI bank account is the right move for you, use the step-by-step process described in this article for a hassle free account closure.
Frequently Asked Questions
What documents are required to close a State Bank of India (SBI) account?
To close an SBI account, you need to provide your account details, identification documents, passbook, cheque leaves, and cards associated with the account.
Where should I go to close my SBI account?
Visit your nearest SBI branch to close your account. They will guide you through the closure process and assist with any queries or concerns.
What should I do before closing my SBI account?
Before closing your SBI account, cancel or transfer services linked to it, such as mobile banking, internet banking, auto-debit instructions, standing instructions, loan EMI payments, and recurring deposits or SIPs.
What is the verification process for closing an SBI account?
Once you submit the account closure form and necessary documents, the bank will verify your request by cross-checking the information provided and verifying the signature.
How will I know if my SBI account closure request is successful?
The SBI bank will notify you of the account closure through a written confirmation or email. Keep this document safely for future reference.
What should I do if I don’t receive confirmation of my SBI account closure?
If you don’t receive confirmation within a reasonable time frame, follow up with the bank. Contact customer support or visit the nearest SBI branch to inquire about the status of your account closure.
Check our step-by-step guide on how to apply for cheque book in SBI.
What precautions should I take after closing my SBI account?
After closing your SBI account, verify the closure with the bank, update your information with other financial institutions or service providers, monitor your credit report for any unauthorized transactions or incorrect information, and keep the written confirmation or email stating the account closure for future reference.
