Yes Bank Account Closing Charge
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I went to close my yes bank savings account today and I was charged 590 rs closing fees, paid it and got rid of their services.।। Are they suppose to charge closing fees?
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Because the account may not be zero balance and the bank would charge for not keeping sufficient balance
Best is to wait for a year to pass and then close the account
all banks charge if you close bank account within 1 year of opening. If its above 1 year then you should’nt be charged.
Not sure, but I guess banks have closing charges if an account is closed before completion of one year.
When was the account opened?
Was the charge for something else that they had to deduct but couldn’t due to low balance?
My bank had sufficient amount but I closed due to insecurity as I don’t want to take chance with yes bank, yes it was less than a year.
I have a prosperity savings account which was opened as zero balance several years back since I had an yes first exclusive cc. After takeover by sbi they changed the mab for account to 2000, then added all charges like SMS and debit card charges which were all free earlier.
So went to close my account and was told the same, 590/- closure charges,never have seen banks charging for closing an old account, I was advised by their branch person to transfer the balance & let the account go to into dormant condition to avoid the charge, maybe it also helps their case since account closure also impacts the branch kpi’s
That branch person is only thinking about his own interest not yours. He won’t be posted there forever & will probably transfer out in next 2-3 years but your dormant acc will be for life & in turn always have the possibility of misuse by some corrupt bank employee.
My current account is more then 8year old.
But i went for close my account they told me there will be charge for closing....can u tell me what charges will be there.....10000 was my Amb....
Hey show them this: https://www.yesbank.in/rates-and-c...es
Savings Account - Combined Schedule of Charges (w.e.f. 1st September 2022)
https://www.yesbank.in/pdf?name=soc_savings_acc...
It clearly says: Account Closure Upto 30 days or After 1 year: Free, Otherwise: Rs. 500
Although I have seen some angry tweets on Twitter about people being charged account closure charges even after 1 year (as was in their official schedule of charges document earlier). But since they themselves claim to have revised it in as recently as September 2022, it is possible, employees don't know the new revised changes.
Anyway you can save this PDF with screenshot and URL, close the account, and if they take charges, approach RBI ombudsman in which case they'll definitely waive off or reverse the charges.
Although this applies to savings account. I can't find such a similar PDF for Current accounts.
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If close Within 1 year, almost every bank charges penalty.
But why to pay charge? Transfer all amount & forget that account!!!