All the banks allow their account holders to close their respective bank accounts as and when they desire. But when the account holders shut down their bank accounts, the bank deducts account closing charges for the same. Usually, during the opening of any bank account, the banks incur some costs to provide the account holders with their account opening kit, a Chequebook, and a debit card.
For this reason, banks charge an account closure fee to the account holders. If you are wondering about the Kotak Bank Account Closing Charges, then you must know that, similar to other banks, the Kotak Bank, too, charges its account holders a closing fee for opting to close their bank accounts.
Reasons to Close a Kotak Bank Account
An account holder may choose to close his Kotak Bank bank account for any reason. A few such reasons are listed below.
- High account maintenance charges and transaction charges
- Poor customer service and the bank is providing a lower rate of interest.
- If the account holder is not able to maintain the minimum account balance that a bank requires the account holder to maintain in its bank,
- In the event of the death of the account holder, etc.
- Transfer of the account holder to some other town, city, or state or transfer of the account holder to some other country.
- If the account holder has multiple accounts in the same bank, then he might choose to shut down one of his many bank accounts.
All or some of the reasons listed above can play a major role in the shutting down of an account, i.e., savings account, current account, or even the fixed deposits account held by the account holders in their Kotak Bank account.
Once an account is closed, it is not easy to re-open the same bank account. Therefore, the account holder must think wisely before making any such decision to close his Kotak Bank account.
Kotak Mahindra Bank account Closing Charges
|Type of Account Charges||Closure Charges|
|Kotak Savings Account Closure Charges||1200 rs|
|Kotak Current Account Closure Charges||Before 30 Days and after 181 Days: Nil|
31 Days to 181 Days: Rs. 600
|Kotak 811 Account Closure Charges||if closed after 1 month & before 6 months of A/C opening: 1200 rs|
|Kotak NRE/NRO Account Closure Charges||500 rs|
In this article, we have provided you with detailed information with respect to the Kotak Mahindra Bank Account Closure Charges. However, Kotak Mahindra Bank does not charge its customers any closing fee if the account holder closes their bank account within thirty days of opening or after a period of one hundred eighty-one days.
But, if the account holder opts to close the Kotak Mahindra bank account for any reason between thirty-one days of opening his bank account and a period of one hundred eighty-one days, then the Kotak bank charges an amount ranging between 600 INR and 1200 INR as its account closure fee, depending upon the type of account the account holder holds with the Kotak Mahindra Bank.
The amount of the account closing charge may vary depending on the type of account a customer has with Kotak Mahindra Bank. For more information, an account holder can reach out to the bank’s customer care service, or he can also visit his nearest branch of the Kotak bank. He may choose either of the two options.