All the banks, whether they be the private banks or the nationalized banks, allow their account holders to close their respective bank accounts as and when they desire. But for this action, the bank charges an account closing fee to the account holders.
Usually, banks charge closing charges to recover those costs which the bank incurs during the opening of any account. Such costs include an account opening kit, a chequebook and a debit card. If you are wondering about the ICICI Bank Account Closure Charges, ICICI Bank charges its customers a closing charge for opting to close their bank savings, current and Demat accounts.
Reasons for Closure of an ICICI Bank Account
An account holder in the ICICI Bank may choose to close his bank account, i.e., savings bank account, current account, or fixed deposit account, for any of the following reasons:
- High account maintenance charges and high financial charges
- A lower rate of interest and Faulty customer care service by the bank
- The account holder has multiple accounts at the same bank.
- Account holder’s inability to maintain the minimum account balance that a bank requires the account holder to hold.
- Reason for demanding the account holder leave the city or state or transfer of the account holder to some other nation.
- In the event of the death of the account holder, etc.
Any of the reasons listed above may result in the account holder closing their ICICI Bank account. Hence, the account holder must think carefully before making the decision to close his ICICI bank account.
Closing Charges of ICICI Bank
|Type of Account Charges||Charges|
|ICICI Common Savings Account Closure Charges||No Charges for closing within 30 days of account opening|
Rs.500 for closure during 31 days to one year
No charges after one year of account opening
|ICICI Current Account Closure Charges||Within 14 days – Nil|
Beyond 14 days to 6 months – Rs 1000
Beyond 6 months – rs 500
|ICICI Demat account Closure Charges||NIL|
In this article, we have explained in detail the ICICI Bank Account Closing Charges. However, ICICI Bank does not charge its customers any closing amount if the account holder closes the ICICI bank account within fourteen days of opening.
But, if the account holder opts to close his bank Current account for any reason between fourteen days of opening his bank account and a period of six months, then the ICICI bank charges a minimum amount of 1000 INR as its account closure fee. And if the account holder opts to close his bank account after six months, the ICICI bank levies a charge of 500 INR as its account closure fee.
The amount of account closing charges may vary depending on the type of account an account holder has with ICICI bank. In case of any confusion or for more information, an account holder can refer to the bank’s customer care service or he can also visit his nearest ICICI bank branch.