With the ease of modern banking, the banks allow their account holders to shut down their bank accounts as and when they feel. But for doing this, 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. Hence, if you are searching about the Bank of Baroda Account Closing Charges, then the Bank Of Baroda, too, charges its customers a closing charge for opting to close their bank accounts.
Reasons To Close A Bank Account In Bank Of Baroda
An account holder of the Bank Of Baroda can opt to shut down any of his bank accounts for any of the following reasons:
- Maintenance charges are high enough and High financial charges.
- Provision of a lower rate of interest by the bank.
- Faulty customer service.
- Multiple accounts of the account holder in the same bank.
- Failure to maintain the minimum account balance that a bank requires the account holder to hold.
- Transfer of the account holder to some other city, town, state, or country.
- If the account holder has multiple accounts in the bank, he might choose to shut down one of his many bank accounts, etc.
Any of the reasons listed above might play a vital role in being the deciding factor for the account holder to close his bank account in the Bank of Baroda.
Account Closing Charges of Bank Of Baroda
|Type of Account Closure Charges||Closure Charges|
|Bank Of Baroda Saving Account Closing Charges||Metro-Urban – Rs.100|
Rural/Semi-urban branches, Senior Citizen and Pensioners – Rs.80
Closure of Account due to the death of Account Holder – No Charges
|Bank Of Baroda Current Account Closing Charges||Closure of Current account within one year – Rs. 800 + GST|
|Bank Of Baroda NRE/NRO Account Closing Charges||NA|
|Bank Of Baroda Demat Account Closing Charges||Nil|
|Bank Of Baroda Salary Account Closing Charges||NA|
This article gives you a clear insight into the Bank of Baroda Account Closure Charges. Though, Bank of Baroda does not charge its customers any closing amount if its Saving’s account holder closes his bank account within fourteen days from the first credit and before completion of a year of service by the account holder.
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 the Bank of Baroda does charge an account closure fee.
Similarly, in the case of Bank of Baroda’s current account, the charges for the ‘premium‘ current account as well as the ‘privilege’ current account will be applicable only if the account is closed within a year of service.
Bank of Baroda does not charge any account closure fee if the account needs to be closed due to the death of the account holder. The account closure fee differs in regards to the type of account an account holder holds in the Bank of Baroda.
For further information, an account holder may refer to the customer care service of the bank. He can also choose to visit his nearest Bank of Baroda branch.