What is the fee for closing a bank savings account: HDFC Bank vs SBI vs ICICI Bank vs Yes Bank vs Canara Bank (2024)

Maintaining many bank accounts can be tedious, confusing and comes with lots of charges and minimum balance requirements. Most people choose to close it rather than have multiple bank accounts and pay non-maintenance fees, but doing so also incurs fees. When an account is closed within a specific time frame, banks also charge account holders additional fees.

Also read: Can bank savings account balance go into negative if minimum balance is not maintained

Here is a look at the savings account closing charges of few of the big banks, according to their official websites.

HDFC bank savings account closure charges

HDFC Bank will not charge for closing an account within 14 days of opening. The bank will charge Rs 500 if the account is closed between15 days up to 12 months ( Rs 300/- for Senior Citizens), beyond 12 months the bank won't charge anything for closing.

SBI savings account closure charges

SBI does not impose any fines on account holders who terminate their bank accounts after a year. If the SBI account is closed within 15 days to one year, the account holder will be responsible for fees; the account closing fee for savings accounts is Rs 500 plus GST.

ICICI Bank savings account closure charges

ICICI Bank will not charge if closed in the first 30 days, a fee of Rs. 500 will be applicable for the next 31 days to a year, and no fee for closing an account after a year.

Also read: Savings account minimum balance requirement: SBI vs PNB vs HDFC Bank vs Canara Bank vs ICICI Bank

Canara Bank savings account closure charges

Canara Bank will not charge if closed in the first 14 days, a fee of Rs. 200 plus GST will be applicable for the closure of an account beyond 14 days and within 1 year, and Rs 100 plus GST for closing an account after a year.

Yes Bank savings account closure charges

Yes Bank will not charge if the account is closed in the first 30 days of opening or after 1 year of opening an account, otherwise, the bank charges Rs. 500.

Punjab and Sindh savings account closing charges

Punjab and Sindh charges between Rs 300- Rs 500 if closed after 14 days but within 12 months from the date of opening.
Any type of account closed due to the death of the account holder, will not be charged.

How to close a bank account

Bank account holders are required to write letters to bank branch manager to close the bank account mentioning the reason for closing and return passbook, cheque and debit related to the account.

The bank will also have the account closure form available, select the reason for closing from options. Note that all account holders need to sign the form. To complete the branch closure, the account holders must come in person to most banks.

Make sure to mention the transfer of funds via cheque or cash if it's within Rs 20,000, may vary depending on the bank. It is necessary to de-link the account if it's linked to any loan account or bill payments.

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