How To Close ICICI Bank Account Online

Almost everything related to banking can be done online these days. Earlier, people used to stand in long queues at Banks to get their banking services done. But as of now, due to the advancement in technology, the banking sector has been digitized. You can carry out all your banking related activities online. This has made our lives easier. 

People can sit from the comfort of their homes and carry out various banking services. All they need is a device with an internet connection to carry out Bank activities. They can carry out pretty much all the banking activities using internet banking and banking apps. 

But, when it comes to closing a bank account, so many banks have still not adapted to a technology to close the bank account online. The customer has to visit the bank to submit the account closure form. Though this form can be downloaded online from the bank’s official website, one cannot sit from the home and close the bank account. An account holder has to visit the bank to submit the filled account closure. 

The bank will verify the account closure form and process the request of the customer to close the bank account. If you are a customer of ICICI Bank and wish to close your bank account, we will tell you how to do it. As we already mentioned, you cannot do it online. You have to visit the bank to close your account. 

Unlike other Banks, ICICI Bank requires a minimum balance of Rs 10,000 for a conventional savings account. Many struggles to maintain this minimum balance account and eventually try to close the account. 

To close the ICICI bank account, you will need to go through the requirements first. 

Requirements to close ICICI Bank account

To close your ICICI Bank account, you will need to submit certain documents to the bank official. These include:

• The account closure form
• Bank Passbook
• Cheque leaves
• Chequebook
• Customer ID

Now, let us get into the detailed steps to close your ICICI bank account. Follow the below steps to close your ICICI Bank account. 

• Step 1 – Go to the nearest ICICI Bank and get the account closure form. You can also download the account closure form online. Go to the official website of ICICI bank to download the account closure form.
• Step 2 – Fill in all the details in the form without skipping any field. You should fill in info such as date, your name, client ID, joint account holder name; specify how you would like to receive your pending bank balance.
• Step 3 – Before submitting the form you should withdraw your pending account balance. You should also submit your customer ID, first and last cheque leaf and bank passbook.
• Step 4 – Once the bank checks and verifies your account closure form and bank documents, the bank will process your request to close the bank account. You can have the bank passbook with yourself as the account has been deactivated.

Reasons why people close their bank accounts

There are many reasons why people prefer to close their bank accounts. 

1. Some might transfer from one city to another city and they could not find the bank’s Branch nearby their home or office. So they would like to shift to a different bank and open a new bank account.
2. Some other reasons for closing a bank account include High-interest rates in the existing Bank.
3. Poor relationship with the bank official.
4. Failure to maintain a minimum balance in the existing bank account.
5. Difficulty in maintaining numerous bank accounts, so they opt to close one of the accounts.
6. The person might wish to open a bank account in a different bank. So he or she might close the existing bank account.
7. The online services or internet banking of the bank is not user-friendly.
8. The customer may be not satisfied with the bank’s services.

Steps to close your ICICI Bank NRI account

If you wish to close your ICICI bank NRI account, go through the steps given below:

• You should first get the account closure form to close the NRI account. The ‘Request for Closure of a Savings Bank Account for an NRI’ form will be available online.
• You should print the form.
• Now fill in all the asked details in the printed form.
• Sign the form inappropriate place.
• You need to attach a photocopy of your original passport. The photocopy should be self-attested, which means you should sign in the photocopy.
• Now, you can send the form to the ICICI Bank office that is located in Mumbai.

This procedure will also help you close your ICICI bank NRI Trading and Demat Accounts. If your Trading and Demat account are inactive, make sure you activate it before you try to close your account. The pending proceeds from your NRO savings account are not possible to be transferred to third party accounts or NRE accounts.

Steps to close your ICICI Direct Demat Account

Just like the ICICI bank account, the ICICI Direct Demat account also cannot be closed online. To close your ICICI Direct Demat account, you should get the closure form, fill it out and then submit the form to the bank. The bank will not charge you any fee or charge to close the Demat account. It is free. The bank may take up to a week or 8-10 days to close the account. 

We hope you now know how to close your ICICI bank account. ICICI Bank will not charge you if you close your bank account within 14 days from the date of account opening. You will be charged Rs. 1000 if you close the bank account between 14 days and 6 months. If the bank account is closed after 6 months from the account opening date, you will be charged Rs. 500. The Speed Clearing charge will be Rs. 150. Contact customer care number of ICICI bank for any queries.