Each bank allows its account holders to close their respective bank accounts as and when they desire. But the bank deducts account closing charges for the same. Usually, bank account closing charges are levied by the banks to recover those costs which the bank incurs during the opening of any account.
Such costs include an account opening kit, Chequebook, and debit card. Now, if you are wondering about the Axis Bank Account Closing Charges, Axis Bank charges its customers a closing charge for opting to close their bank accounts.
Reasons For Closing A Bank Account In Axis Bank
An account holder can choose to close his bank account, i.e. savings bank account or current account, Salary account, NRI account, or Demat account in the Axis Bank for any of the following reasons:
- High account maintenance charges and high transaction charges.
- The bank is providing a lower rate of interest or Issues regarding customer service.
- The account holder has multiple accounts in the same bank.
- If the account holder is not able to maintain the minimum account balance that a bank requires the account holder to hold.
- Transfer of the account holder in some other city/town or transfer of the account holder in some other state.
- Reason demanding the account holder to leave the nation.
- If the account holder has multiple accounts in the bank, he might choose to shut down one of his many bank accounts, etc.
All or some of the reasons listed above can result in the shutting down of an account by the account holders in their Axis Bank account. Any reason can play a major role in the account closure deciding factor of the account holder. Hence, the account holder must think wisely before making the decision to close his Axis bank account.
Axis Bank Account Closure Charges
|Type of Account Closure Charges||Closure Charges|
|Axis Bank Saving Account Closing Charges||Rs. 500|
|Axis Bank Current Account Closing Charges|| Less than 14 days – NIL|
Older than 14 days – Rs. 500
|Axis Bank NRE/NRO Account Closing Charges|| Account closed between 14 days and 1 year – Rs. 500|
Within 14 days of account opening or after 1 year – Nil
|Axis Bank Demat Account Closing Charges||Nil|
|Axis Bank Salary Account Closing Charges||Rs. 500|
This article gave you a clear insight into the Axis Bank Account Closing Charges. Though, axis bank does not charge its customers any closing amount if its account holder closes his bank account within fourteen days of opening or after a period of one year.
But, if the account holder opts to close his bank account for any reason between fourteen days of opening his bank account and a period of one year then axis bank charges a minimum amount of 500 INR as its account closure fee.
The amount might differ regarding the type of account an account holder holds in axis bank. For more information, an account holder can contact the bank’s customer care service or he might also visit his nearest axis bank branch, whichever option he feels fits.