IDFC First Bank is a renowned Indian private sector bank, which is a part of IDFC Bank. You can be a Savings Bank account holder with the IDFC First Bank. However, sometimes you may decide to close your bank account due to personal or other reasons, such as:
- High charges for transactions, account maintenance, and other services.
- Online services are not working smoothly and correctly.
- Dissatisfied regarding customer service.
- The bank is paying you a lower rate of interest.
- You are shifting to a new city or country.
- If the bank requires a higher minimum account balance.
- When you have multiple bank accounts, and you find it challenging to manage all of them.
- When you suspect that your account has been compromised and you have been the victim of fraud.
- When you have a bank account you don’t use anymore; you want to avoid its maintenance fees or other charges.
We will walk you through this blog post for deeper information, more details, and guidance on the most effortless step-by-step process for closing an IDFC First Bank savings bank account online and some critical points to remember at the time of initiating the account closure process.
Let’s proceed further without wasting any time, but first, we will see what are the main significant points to be focused on.
Points To Remember While Closing IDFC Bank Account
Suppose you are planning to close your Savings Bank Account with the IDFC First Bank. In that case, you must keep some crucial points in mind before proceeding to close the account:
- Once you close the bank account, it’s hard to reopen it. Therefore, ensure that this account will not be needed in the future.
- Ensure that you withdraw the balance in the account before initiating the account closure process.
- Ensure to cancel the automated payment set up on the account, if any, such as an EMI on any type of loan, before initiating the account closure process.
- Before initiating the account closure process, ensure that all outstanding dues and loans linked to the account are cleared.
- Ensure that all the account-linked services, such as ATM/Debit card, online banking, and other services, are canceled before initiating the account closure process.
- Ensure that all automatic transactions or direct debits linked to the account are canceled after the account is closed.
- If the account has a negative balance, ensure to settle the balance according to the bank’s instructions.
- Ensure you have canceled your Fixed Deposit or Recurring Deposit account linked to your savings account before initiating the account closure process. Because once a savings account is opened, no documentation is required for opening an RD or FD account. And the savings account can not be closed with an RD or FD account linked to it.
- If you have a Credit Card backed by an FD account in the IDFC First Bank, ensure the Credit Card is closed before initiating the account closure process. Otherwise, your Savings Bank Account will not be closed.
Steps To Close IDFC First Bank Account Online
Suppose you want to close your Savings Bank Account with the IDFC First Bank. You are not aware of the account closure process. However, you can close your IDFC account by submitting a closure form with photocopies of your Aadhar and PAN card to the branch. But in this article, we will give you information and complete guidance on how to close your IDFC First Bank account online. Check out the simple and easy steps as follows hereunder:
- Make a call using your registered mobile number at IDFC First Bank helpline number: 180010888. Tell the bank’s helpline team officials that you want to close your Savings Bank Account with IDFC First Bank for some reason.
- They will send you the account closure form through a link on your registered mobile number. You can open the form by clicking on the link sent to you.
- Carefully fill up the required information digitally in the account closure form.
- One Time Password (or OTP) will be sent to your registered mobile number. Enter the OTP. Then Click on the “Submit” button.
This way, your account closure request will be raised to the IDFC First Bank. After that, your account will be instantly closed. By following this simple process, as written above, you can quickly close your IDFC Bank account without visiting the branch.
The Bottom Line
Now you know the straightforward process for closing an IDFC First Bank savings bank account online. In this article, we have also provided you with detailed information and guidance on the essential points to remember while closing the IDFC First Bank savings bank account.
You should know that the IDFC First Bank savings account can be closed totally free of cost. However, in case you are still facing some problems, disputes, or issues during the account closing process, you can contact the IDFC First Bank helpline service by making a call at their 24X7 helpline number: 180010888 from anywhere and anytime.
You can also write your issues to the IDFC First Bank at their Email ID: [email protected]. The bank’s grievance handling team will shortly respond to your grievances to sort out the matter appropriately and satisfactorily.