Yes Bank Account Closing Charge

If close Within 1 year, almost every bank charges penalty.

But why to pay charge? Transfer all amount & forget that 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?

drjpatwa wrote:

If close Within 1 year, almost every bank charges penalty.

But why to pay charge? Transfer all amount & forget that account!!!

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

thunderguy wrote:

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

But in this case they have already charged him so i don’t think so they will reverse this money now. I still don’t know how many times i have advised people to refrain from YES.
Yes is totally gone now Backluck.

thunderguy wrote:

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.

drjpatwa wrote:
If close Within 1 year, almost every bank charges penalty.

But why to pay charge? Transfer all amount & forget that account!!!

Such accounts are a security risk, chances of being misused for frauds or money laundering. Never leave/forget any bank/financial acc with your details just like that without closing it.

guest_999 wrote:

Such accounts are a security risk, chances of being misused for frauds or money laundering. Never leave/forget any bank/financial acc with your details just like that without closing it.

Yes you are right once I left my Hdfc account unattended , later found that there are some charges which was getting added every month, went up till 3000 in a year, finally got it settled  and closed……. Never Ever leave your bank account unattended.।। Always close it.

drjpatwa wrote:

If close Within 1 year, almost every bank charges penalty.

But why to pay charge? Transfer all amount & forget that account!!!

Then one fine day you get notice!

caks2006407 wrote:

Then one fine day you get notice!

I don’t think so. Banks are instructed by RBI to deactivate any account inactive for a year. So just leave it after withdrawing all money.

caks2006407 wrote:

Then one fine day you get notice!

Such account goes doremant after no transaction.

hsmhsm wrote:

I don’t think so. Banks are instructed by RBI to deactivate any account inactive for a year. So just leave it after withdrawing all money.

do we need to do any transaction every 3 months to keep the account active

desiman wrote:

do we need to do any transaction every 3 months to keep the account active

no just once a year. If you don’t you get sms/email warning for deactivation.

drjpatwa wrote:

Such account goes doremant after no transaction.

Yes but these dormant acc can be misused by bank/contractual employees for frauds/loan scams/money laundering so that is why it is not a good practice to leave any of your bank acc just like that.

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

ctrlshiftdel wrote:

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.... 

rahulgodara2801975 wrote:

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.... 

Current account or your current savings account with them?

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.