New Delhi: Keeping track of the many charges and minimum balance requirements can be a hassle when managing multiple accounts. Many people choose to close additional accounts to reduce non-maintenance fees, but doing so can also result in separate penalties.
According to The Economic Times, here are the details of account closing fees for various well-known Indian banks.
HDFC Bank Savings Account Closing Charges
– If you choose to close your savings account within 14 days of opening it, you will not have to pay any charges for the same.
– If you are planning to close the account within 15 days to 12 months of opening it, you will have to pay a fee of Rs 500 and senior citizens will have to pay Rs 300 for this.
– If you have to close the savings account after 12 months of opening it, then you are exempted from the fee. This means that you will not have to pay any fee to close it.
SBI Savings Account Closing Charges:
– Here too, if you choose to close the account after 1 year from the date of account opening, you will not have to pay any charges.
– If you are going to close the account within 15 days to 1 year of account opening then you will have to pay a fee of Rs 500 excluding GST.
ICICI Bank Savings Account Closing Charges:
– The bank does not charge any fee if you close your account within 30 days of opening it.
– If you are closing your savings account after 30 days to 1 year, then the bank charges you Rs 500.
– If you are closing your savings account after 1 year of opening it, you can close it completely free of cost.
Yes Bank Savings Account Closing Charges:
– If you are closing an account opened between 30 days to 1 year, then you will have to pay a fee of Rs 500.
– You are free from any charges if you are closing it otherwise by the above-mentioned deadlines.
Punjab and Sindh Savings Account Closing Charges:
– If you are going to close the account opened between 14 days to 1 year after opening, then you will have to pay Rs 300 to 500.
– Otherwise no charge.