Closing a bank account can be daunting, but sometimes, it’s necessary due to various circumstances.
If you want to close your IDFC First Bank account, this guide will walk you through the steps, ensuring the process is as smooth as possible.
Why You Might Want to Close Your IDFC First Bank Account
There are several reasons why someone might decide to close their IDFC First Bank account:
- Switching to a different bank that offers better services or benefits.
- Moving to a location where IDFC First Bank doesn’t have a branch.
- Dissatisfaction with fees or customer service.
- Consolidating accounts after a life event, such as marriage or a significant financial change.
Things to Consider Before Closing Your Account
Before you begin the account closure process, it’s essential to take care of a few things:
- Outstanding Transactions: Ensure all pending transactions are completed.
- Automatic Payments: Cancel any automatic payments linked to the account.
- Direct Deposits: Update any direct deposits to your new bank account.
- Overdrafts: Clear any negative balances or overdrafts to avoid issues.
How to Close Your IDFC First Bank Account: Step-by-Step
- In-Person Closure:
- Visit your nearest IDFC First Bank branch.
- Complete the account closure form.
- Submit your KYC documents and settle any outstanding balance.
- Once the process is completed, you will receive a confirmation letter.
- Online Account Closure:
- Log in to your IDFC First Bank net banking account.
- Navigate to “Account Services” and select “Account Closure.”
- Choose the account you want to close, provide a reason, and submit the request.
- A confirmation message will be sent to your registered mobile number and email.
- After confirmation, your account will be closed within seven working days.
- Necessary: Destroy any unused cheques and cards associated with your account.
Closing an IDFC First Bank Fixed Deposit (FD) Account
If you also have a fixed deposit (FD) with IDFC First Bank, the closure process is similar:
- Visit your nearest branch and fill out the FD closure form.
- Submit your KYC documents and ensure there are no outstanding dues.
- Based on the FD’s terms, you may need to pay a penalty for premature withdrawal.
- Once processed, a confirmation letter will be provided.