Bank Account Closure: Avoid Hidden Charges & Common Errors.

• Closing bank accounts requires caution due to potential hidden charges, including minimum balance shortfalls and penalties for unreturned cards.
• Before closure, verify and clear pending charges like minimum balance fees, credit/debit card dues, or SMS service fees.
• The closure process includes cancelling auto-debits, zeroing the account balance, submitting a form at the branch, and completing KYC verification.
• Joint accounts need all holders' consent; private banks may charge fees within 6-12 months, while public banks often offer free closure after one year.
• Download old statements and address PAN linking/UPI deactivation issues to avoid problems after account closure.

Why It Matters: Closing bank accounts requires caution to avoid hidden fees and penalties.