In today’s digital age, it’s easier than ever to manage your finances online. One of the things you can do is how to close IDFC bank account online without having to visit a branch. Closing an IDFC Bank account online is a simple and convenient process that can be completed in a few minutes. However, it’s essential to ensure that your account balance is zero before initiating the closure process. In this blog post, we will guide you through the step-by-step process of closing your IDFC Bank account online.
Prerequisites
Before we share the process of how to close IDFC bank account online, you need to keep these things in your reach:
- Keep Documents With You: Keep the necessary documents like PAN card, account number, debit card, and Aadhar card in case asked.
- IDFC Bank online banking access: You’ll need to have registered for online banking with IDFC Bank and have your login credentials ready.
- Internet connection: Ensure you have a stable internet connection.
Reasons to Close Your IDFC Bank Account
Before proceeding with the closure process, let’s take a look at some common reasons why you might want to close your IDFC FIRST Bank account:
- High Account Fees: If the account charges high maintenance or monthly fees that you find inconvenient or unjustified, you may want to close it.
- Better Alternatives: You may find another bank offering better services, higher interest rates, or more convenient access to banking.
- Inactivity: If you no longer use the account and it’s just sitting idle, it may be a good idea to close it to avoid any unnecessary fees.
- Consolidation: Some people prefer consolidating their finances into fewer accounts. Closing an old account can help streamline your banking.
- Relocation: If you are moving to a new city or country and no longer need your IDFC Bank account, you might want to close it.
Regardless of the reason, it’s essential to follow the correct procedure to ensure that your account is closed smoothly without any hassle.
Things to Consider Before Closing Your IDFC Bank Account
Before you take the final step of closing your IDFC FIRST Bank account, there are a few important things you should consider:
1. Clear All Outstanding Balances
Make sure that your account has a zero balance before you initiate the closure. This includes clearing any pending charges, fees, or loans linked to the account. If you have any active EMIs, ensure they are either completed or transferred to another account.
2. Settle Linked Services
If you have any services linked to the account (such as salaries, EMIs, or direct debits), ensure that these are transferred to another account. Failing to do so could result in missed payments or delays.
3. Withdraw All Funds
Before closing the account, ensure you withdraw all your funds. You can transfer the balance to another account or withdraw it via ATM or branch. Make sure you leave behind no outstanding balance.
4. Redeem Any Rewards or Points
Some IDFC Bank accounts offer rewards points, cashback, or loyalty programs. Be sure to redeem any accumulated points before closing the account, as you may lose them once the account is closed.
5. Check for Any Open Term Deposits
If you have any fixed deposits or other investments linked to your IDFC Bank account, make sure they are liquidated or transferred to another account before you proceed with the closure.
Step-by-Step Guide to Closing Your IDFC Bank Account Online:
Here is the step-by-step process on how to close IDFC bank account online:
- Login to Online Banking: Visit the IDFC Bank website or app. Enter your login credentials (user ID and password) and click on “Login.”
- Navigate to Account Closure Section: Once logged in, look for the “Accounts” or “Services” section. Within this section, you should find an option related to “Account Closure” or “Close Account.”
- Select Account Closure: Click on the “Account Closure” option.
- Choose the Account to Close: You may be presented with a list of your linked accounts. Select the specific account you wish to close.
- Provide Reasons for Closure: The bank may ask you to provide a reason for closing the account. Choose the most appropriate reason from the given options or provide a brief explanation.
- Confirm Closure: Review the details you’ve entered. If everything is correct, proceed to confirm the account closure.
- Verify Your Identity: The bank might require you to verify your identity through a one-time password (OTP) or other security measures.
- Submit Closure Request: After verifying your identity, submit your account closure request.
Important Considerations
Few more tips on how to close IDFC bank account online:
- Outstanding Balance: Ensure you have cleared any outstanding balance in your account before initiating the closure process.
- Chequebooks and Cards: If you have any unused chequebooks or cards associated with the account, you might need to return them to the bank.
- Nominee Details: If you have designated a nominee for your account, you’ll need to provide the necessary information.
- Processing Time: The bank may take some time to process your account closure request.
- Review Terms and Conditions: Before proceeding with the closure, carefully review the bank’s terms and conditions regarding account closure.
- Contact Customer Care: If you encounter any difficulties or have questions, don’t hesitate to contact IDFC Bank’s customer care for assistance.
- Keep Your Necessary Information Handy: You may need to provide additional documentation, such as a copy of your PAN card and address proof, to close your account.
Can I Close My IDFC Bank Account Offline?
Yes, if you prefer, you can also close your IDFC Bank account offline. While the online process is more convenient, here are the steps for closing the account offline:
- Visit the Nearest Branch: Take your KYC documents, IDFC Bank debit card, and any other relevant documents to the nearest IDFC FIRST Bank branch.
- Request Closure: Inform the bank officer that you want to close your account. They will give you an account closure form to fill out.
- Submit the Form: After completing the form, submit it to the branch. The bank will verify your details and process the closure.
- Obtain Confirmation: You will receive a confirmation of account closure, either in writing or via email.
What Happens After You Close Your IDFC Bank Account?
Once your account is closed, you will no longer have access to the funds in that account. Here’s what happens:
1. No Access to Funds
After closure, any remaining funds will be transferred to you. Make sure to withdraw or transfer the balance before closing your account.
2. Debit Card Deactivation
Your IDFC FIRST Bank debit card linked to the account will be deactivated. You should destroy the card to avoid any misuse.
3. No Further Transactions
Once the account is closed, you will not be able to perform any transactions such as fund transfers, bill payments, or receiving deposits into the account.
4. Impact on Linked Services
If you had services like EMIs, direct debits, or automatic bill payments linked to the account, make sure to update them with your new account details. Failure to do so could result in penalties or missed payments.
What to Do if Your IDFC Bank Account Closure Request Is Not Processed?
If your closure request is not processed within the expected time frame, here are a few steps you can take:
- Contact Customer Support: Reach out to IDFC FIRST Bank’s customer support team by calling 1860 500 1111 or using their email support.
- Visit the Branch: If you submitted an online request, you can visit the branch to follow up on the status of your request.
- Check Your Net Banking: Sometimes, the closure may not be reflected immediately in your Net Banking portal, so ensure that all your dues are cleared and check again.
Alternatives to Closing Your IDFC Bank Account
If you’re unsure about closing your IDFC FIRST Bank account, consider these alternatives:
- Switch to a Different Account: If your reason for closure is high fees or poor customer service, you might want to look for an alternative IDFC Bank account that better suits your needs.
- Account Downgrade: You may opt to downgrade to a basic or zero-fee account rather than closing the account entirely.
- Inactivity: If you don’t need the account, simply leave it inactive without closing it. However, ensure you keep an eye on any potential maintenance fees.
Read More: How to Know HDFC Customer ID by SMS?
Wrapping Up
I hope now you understood how to close IDFC bank account online. However, closing your IDFC Bank account online is a simple process that can be completed in a few minutes. By following the steps outlined in this blog post, you can easily close your account without having to visit a branch.
FAQs About Closing IDFC Bank Account Online
Can I close my IDFC Bank account without visiting a branch?
Yes, you can close your IDFC Bank account online.
What documents do I need to close my IDFC Bank account online?
You may need to provide additional documentation, such as a copy of your PAN card and address proof, to close your account.
How long does it take to close an IDFC Bank account online?
The process for closing your account may vary slightly depending on your account type. However, it typically takes a few days to close an account online.
Can I close my IDFC Bank account if I have outstanding dues?
No, you must clear your outstanding dues before you can close your account.
What happens to my funds after I close my IDFC Bank account?
Your funds will be transferred to your linked savings or current account. If you do not have a linked account, your funds will be returned to you by cheque.