How to Close Indian Overseas Bank Account Online?

Do you know the best thing that has ever happened to the banking system? It is undoubtedly online banking. Online banking facilities have made our lives easier. We no longer have to stand in long queues in banks to get our job done. With a simple click, we can get our banking works done from the comfort of our homes. All we require is a device with a reliable internet connection. 

Opening a bank account online has become common. But, can you close a bank account online? If you are an account holder at Indian Overseas Bank and wish to close the bank account online, is it possible? This article will lead you to answers to these questions. 

But, before going to the answers, we’ll give you a quick introduction to the Indian Overseas Bank. 

Indian Overseas Bank – A Brief Introduction

Indian Overseas Bank was founded in the year 1937, before independence, by M. Ct. M. Chidambaram Chettyar. It is one of the popular and largest nationalized banks in India. During the nationalization of banks in India, IOB was taken as one of the 14 important banks. 

The headquarters of the Indian Overseas Bank is located in Chennai, Tamil Nadu, India. Owned by the Indian government, the bank has over 3500 branches in the country. 

Guide to close Indian Overseas Bank account online

You should know, just like any other bank, Indian Overseas Bank also does not offer an online mode of account closure. You have to visit the bank branch directly to close your Indian Overseas Bank account. But, there are a few steps you can carry out online, from the comfort of your home. 

This article will help you close your Indian Overseas Bank account online. Follow the below steps carefully. 

• Step 1: The very first thing you should do to close your Indian Overseas Bank account from your home is to download the Indian Overseas Bank account closure form. This form is available on the official website of Indian Overseas Bank. If you find any difficulty finding the form on the website, you can visit the nearest Indian Overseas Bank branch and get the account closure form manually from one of the bank officials. Follow any one of these two ways to get the account closure form.

• Step 2: Now you must fill the account closure form. Filling the form correctly without any mistakes is very important, as this form only will help you close your Indian Overseas Bank account. If you make any errors, your account closing process will be delayed.

The form contains both personal and bank-related questions. Answer them in block letters. It is pretty easy to fill the form. However, if you require any help, you can contact the bank officials to help you fill the form. Or, you can also ask for help from your close family member. 

• Step 3: After filling out details like your name, date of birth, address, and other details, you should sign the form. If you have any joint account holders, they must also sign the account closure form after you complete filling the details.

• Step 4: The next step is to attach your KYC documents to the account closure form. KYC documents mean your identity proof and address proof documents. These include your Aadhaar card and PAN card. If you have joint account holders, their KYC documents should also be submitted. Also, these documents must be self-attested. Both you and the joint account holder must self-attest the KYC documents.

• Step 5: After attaching the KYC documents, you should submit the bank related documents along with the form. These documents include the Indian Overseas Bank passbook, Balance cheque leaves/chequebook, ATM card / Debit card. In case, if you don’t have the Debit card, you can submit the remaining documents. As you are no longer going to be the customer of the bank, submitting these documents is essential.

• Step 6: After following step 5, make sure you withdraw your remaining or pending bank balance in your Indian Overseas Bank account. You can withdraw the amount in the form of cash or cheque or DD. You can also transfer the amount to some other bank account.

Note: To finish the account closing process much quicker, you can take all the documents mentioned above with you to the bank branch, collect the account closure form, fill it, and simply submit them to the bank. If you have any queries, you will have numerous bank officials to clear your doubts. Also, in this way you can save time and complete the account closing quickly. 

Once you complete the steps, you can wait for the bank to close your account. Usually, the account holder will be notified via email or SMS or call once the account is closed. It will normally take a few days or sometimes even weeks for the bank to close the account. If you’re lucky, the account closing may take place immediately too. It depends on how busy the bank is and other circumstances. 

Does Indian Overseas Bank require its customers to maintain a minimum bank balance?

The answer to this question is Yes. Indian Overseas Bank has a minimum Bank balance policy. If you are a non-cheque account holder in a rural or semi-urban area, a minimum balance of Rs 100 must be maintained. If you are cheque operated account holder in a rural or semi-urban area, a minimum balance of Rs 500 should be maintained.

Even for branches outside rural and semi-urban areas, for non-cheque account holders, a minimum balance of Rs 500 is required. For branches outside rural and semi-urban areas, for cheque operated account holders, a minimum balance of Rs. 1000 is required. 

Though many banks offer an online mode for opening a bank account, they do not allow account holders to close the account online. A manual visit is mandatory. Indian Overseas Bank is not an exception. We believe the article was informative and served its purpose. Make sure you fill the account closure form without any errors for smooth account closure.