Question: Can We Keep SBI Zero Balance?

How long does it take for an inactive bank account to close?

If you don’t use your account for a long period of time the bank or building society may declare it dormant, but the length of time before this happens will vary between institutions.

It could be as little as 12 months for a current account, three years for a savings account, or in some cases up to 15 years..

Can you reopen a closed bank account?

1 Answer. There is no Federal law that mandates that they must re-open a closed account. They can either refuse the transfer / return the money, or they can optionally re-open your account so they get money (makes more sense for them).

Is there any charges for closing bank account?

Generally, if an account is closed within 14 days of the opening of an account, banks don’t charge any additional charges. However, any closure of the account after 14 days but before a year might attract account closure charges. Also, closure of an account after 1 year normally does not attract closure charges.

What is the procedure for closing a bank account?

Here are the steps you need to follow to fully close your bank account.Stop all automatic debits first.Submit account closure form.Update your new account details.Be aware of closure charges.

Will bank account automatically close?

According to the RBI’s norm, if a customer discontinues using his or her account for 12 consecutive months then banks will automatically make then inactive, and more than extra inactive 12 months will make it a dormant account. So, we are here to guide you as to how you can close your inactive bank account.

What happens if my bank account balance is zero?

The RBI has asked banks to stop imposing charges for non-maintenance of minimum balance once the balance in a savings account touches zero. … Since there is no regular salary flowing in, The bank begins to debit a penalty for non-maintenance of minimum balance, which often results in the balance turning negative.

Will my bank account close if there is no money in it?

If there are no funds in your account and you do not owe fees to your bank, you may be able to close your account online (often by sending a message to your bank through its online banking system) whether you bank with a traditional or online-only institution.

What happens if I transfer money to an inactive account?

One can activate an inactive bank account by doing basic banking activities such as cash withdrawal or deposit, funds transfer or bill payment. … Even after your account turns inactive or dormant, interest, if any, will be credited to your savings account regularly.

How much time does it take to close a bank account?

If you close the account in person, the bank will give you the remaining funds in the account right away. If close the account over the phone, the bank will mail you a check for the remaining funds. Sending a letter to the bank requesting an account be closed could take up to a week for the bank to close the account.