Closing Dormant Bank Accounts

[Anshit]

Hello Everyone,

I am seeking some info regarding closing some dormant bank accounts that I have over Past 15 years, These accounts were opened for different reasons and it was indeed my fault to not close them in time, I am trying clean things up but I believe I may have to pay a big amount in charges for not maintaining the MAB before the account went dormant...I have dormant accounts with HDFC,ICICI, Federal and PNB, I believe I will be able to close the PNB account without charges only if I can muster courage to visit the PNB branch, my all visits to PNB branch has been BP inducing one...The most I worry about is the HDFC one it was a salary account which they converted to savings and then charged for Non maintenance of MAB, though I still have a HDFC credit card,ICICI and Federal I never really used it...Any suggestions on getting these accounts closed with minimal damage?

 

[AlgoTrader]

leave it as it is,

 

[shrewdoc]

For once, private banks will let go of the AMC, but PSUs will not budge. I paid charges worth 15k for closing a dormat current account in PNB.

So best thing is, leave them as it is.

 

[maverickgenius]

Following. I'm in a similar boat with HDFC, Canara and KVB

 

[praful47]

For once, private banks will let go of the AMC, but PSUs will not budge. I paid charges worth 15k for closing a dormat current account in PNB.

So best thing is, leave them as it is.

Current account have different rules ?
We cannot leave it dormant as we do with saving accounts ?

 

[shrewdoc]

Current account have different rules ?
We cannot leave it dormant as we do with saving accounts ?

Nope, had FDs with that account. Had to pay charges, there was no other way.

 

[Anshit]

leave it as it is,

But that means I will not be able to open a new account with them?

 

[BrokenBoot]

bhai mne galti s icici mine acc privileged gold acc m convert krdia tha . after 9-10 months, I closed it without any charges

 

[praful47]

Hello Everyone,

I am seeking some info regarding closing some dormant bank accounts that I have over Past 15 years, These accounts were opened for different reasons and it was indeed my fault to not close them in time, I am trying clean things up but I believe I may have to pay a big amount in charges for not maintaining the MAB before the account went dormant...I have dormant accounts with HDFC,ICICI, Federal and PNB, I believe I will be able to close the PNB account without charges only if I can muster courage to visit the PNB branch, my all visits to PNB branch has been BP inducing one...The most I worry about is the HDFC one it was a salary account which they converted to savings and then charged for Non maintenance of MAB, though I still have a HDFC credit card,ICICI and Federal I never really used it...Any suggestions on getting these accounts closed with minimal damage?

Mail to PNO of every bank attaching the RBI circular where it is mentioned that the account cannot be made negative.

 

[akshayhs]

I paid charges worth 15k for closing a dormat current account in PNB.

 

[Anshit]

Mail to PNO of every bank attaching the RBI circular where it is mentioned that the account cannot be made negative.

Where can I find the RBI circular?

 

[praful47]

Where can I find the RBI circular?

. . .

 

[Anshit]

. . .

Thank you so much!

 

[jaisethi]

I also have PNB account back in 2019, the service was so bad and branch staff is very unprofessional. i stopped using it after 2 months and left that account dormant, after moving to hdfc, few months back i got message from them they closed my account now as it was dormant for years.

I never visited branch and the account was closed automatically.

 

[metal_heart]

to close the dormant account, you would first need to make them active and in most cases; it will require re-KYC (mostly by branch visit).
You can try transfer Rs 1/- to see, if account is really dormant or not. If not, I suggest you transfer all money to alternate account. and then close them (or leave as it is).
If you have balance in them, and its below MAB; bank will keep deducting penalty until it reaches zero


I too have 2 dormant account, both have minimal amount (just above MAB). Unable to close them, as bank (PNB & IDBI) expects to visit home branch. (I have relocated, can not visit branch). Can not do online either, as have changed mobile no & current is no longer linked. I assume KYC is also pending

I hv decided to let it be as it is. I think, after 10 yrs bank can forfeit the amount and mark account as closed.

 

[praful47]

to close the dormant account, you would first need to make them active and in most cases; it will require re-KYC (mostly by branch visit).
You can try transfer Rs 1/- to see, if account is really dormant or not. If not, I suggest you transfer all money to alternate account. and then close them (or leave as it is).
If you have balance in them, and its below MAB; bank will keep deducting penalty until it reaches zero


I too have 2 dormant account, both have minimal amount (just above MAB). Unable to close them, as bank (PNB & IDBI) expects to visit home branch. (I have relocated, can not visit branch). Can not do online either, as have changed mobile no & current is no longer linked. I assume KYC is also pending

I hv decided to let it be as it is. I think, after 10 yrs bank can forfeit the amount and mark account as closed.

Dormant accounts can accept transfer but withdrawal is not possible

 

[Gaurav206]

Hello Everyone,

I am seeking some info regarding closing some dormant bank accounts that I have over Past 15 years, These accounts were opened for different reasons and it was indeed my fault to not close them in time, I am trying clean things up but I believe I may have to pay a big amount in charges for not maintaining the MAB before the account went dormant...I have dormant accounts with HDFC,ICICI, Federal and PNB, I believe I will be able to close the PNB account without charges only if I can muster courage to visit the PNB branch, my all visits to PNB branch has been BP inducing one...The most I worry about is the HDFC one it was a salary account which they converted to savings and then charged for Non maintenance of MAB, though I still have a HDFC credit card,ICICI and Federal I never really used it...Any suggestions on getting these accounts closed with minimal damage?

At worst the account balance can be negative. Banks cant keep charging fees if there is no money in the account. Question that you need to ask is what will happen if you dont close? If the downside is limited, I would recommend keeping them dormant and not waste a lot of time

 

[metal_heart]

what will happen if you dont close?

As of now, I'm not aware of any guidelines and/or negative impact of dormant accounts. Worst case, one may not be able to open another account in same bank