Bank account holders have the option to close their respective bank accounts as and when they desire. But they need to know that the bank deducts account closing charges for the same. Bank account closing fees are levied by banks to recoup account opening costs incurred when a customer opens an account in their branch.
Such costs include an account opening kit and a debit card. In some cases, banks also issue a Chequebook to their customers. Having known all this, if you are thinking about the Union Bank Account Closing Charges, then you must read on to know that Union Bank of India charges its customers a closing charge for opting to close their bank accounts.
Reasons for Closing a Union Bank of India Account
A bank customer can choose to close his bank account, be it any of the savings bank accounts, current accounts, or fixed deposit accounts in the Union Bank, for any of the following reasons:
- A high account maintenance charge.
- Issues regarding customer service.
- If the bank provides a lower rate of interest.
- High transaction or financial charges by the bank.
- Transfer of the account holder to some other city or town, state, or nation.
- If the account holder is not able to maintain the minimum account balance that a bank requires the account holder to hold.
- If the account holder has multiple accounts in the bank, then he might choose to shut down one of his many bank accounts.
- Death of the account holder, etc.
Any reason can play a major role in the bank account closure decision factor of the account holder. If an account is permanently closed, it can never be reopened. Thus, the account holder must think wisely before making the decision to close his bank account with the Union Bank of India.
Account Closing Charges of Union Bank of India
|Type of Account Closure Charges||Closure Charges|
|Union Bank Saving Account Closing Charges||Account closure within 14 days or after 12 months – NIL
Account closure -Between 15 days to 12 months – As per applicable charges
|Union Bank Current Account Closing Charges||NA|
|Union Bank NRE/NRO Account Closing Charges||NA|
|Union Bank Demat Account Closing Charges||NIL|
This article gives you a clear insight into the Union Bank Account Closure Charges. However, the account holders need not pay any bank account closing amount to the Union Bank if they opt to close their bank account within fourteen days of opening or after a period of one year.
But, if the account holder opts to close the Union bank account for any reason between fourteen days of opening his bank account and a period of one year, then Union bank charges a minimum amount as its account closure fee. The amount of the closing charge depends on whether a Chequebook has been issued to the account holder or not.
The amount might also differ with regard to the type of account an account holder holds in Union bank.
For more information, an account holder can either contact the bank’s customer care service, or he can also visit his nearest Union Bank branch. He can also connect with Union Bank through their all-India toll-free number 18002082244 or 1800 222244.