Key Points
If you think that closing your savings bank account would be a breezy, one-day or one-click affair, think again..
It may take from a few days to a few weeks to settle some issues first so that you are in a position to close your bank account..
While some of these issues may be minor, others may need more time and effort..
If there are pending transactions in the account, such as pending deposits, withdrawals, or checks that have not cleared, the bank may require you to wait until these transactions are resolved or completed before allowing the account closure, says Adhil Shetty, CEO of BankBazaar.com...
Inoperative or dormant accounts dont attract any penalties due to non-maintenance of minimum average balance as the RBI had mandated all the banks to stop levying charges on accounts that havent seen any activity in more than 2 years, says Khosla...
