https://www.desidime.com/comments/permalink/9815946
negative balance will accumulate
close that account if not in use
Query about MAB
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I have savings account in stan chart. it was salary account before. but now it's savings account with 25k MAB. I can't maintain it. I wanted to ask what happens if I keep it zero forever. and dont use at all. I asked them to close my account but they said I need to visit bank for that which is not possible for me. it costs me 2k to travel so not an option. soo I thought of keeping it 0 forever no matter how much penalty they put. I saw in a reel that they can't make balance in negative and all as per RBI. let me know if anyone knows what to do in this scene.
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https://www.desidime.com/comments/permalink/9815969
yeah but they asking me to visit branch to close, cant do online. I am WFH so , it costs me 2-3k to travel and come back. branches are less.
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https://www.desidime.com/comments/permalink/9815952
you can withdraw all money and forget about it, even if they charge & make account balance -ve.
After 1-3 years, they will make the account dormant (credit & debit freeze) and after 10 year they will make the account blocked/closed.
I have a savings account which doesn't opened correctly in RBL, and has a 5k MAB, and at this point it has negative ~10k balance, after they have charged 590rs from the last 20 months.
https://www.desidime.com/comments/permalink/9815973
alright. thanks for the info. I will take out all money and forget that I had the account. hopefully they will close it after few years.
https://www.desidime.com/comments/permalink/9815977
Can you check if you can change your home Branch... I am not sure but this way it will be easy to close it
https://www.desidime.com/comments/permalink/9816565
Write a letter for closing account, enclose chq book send it by Speedpost, also email the same letter(scanned) to customer care
Mention in letter that you can not visit branch due to relocation.
DCB bank customer care advised me this for same issue, but I decided to keep account active so not mailed them.
https://www.desidime.com/comments/permalink/9816677
just withdraw amount and leave it.
after 2 years they will make it dormant.
As per RBI directions, savings account balance can't be made negative. So, they won't charge you any penalty actively.
keep in mind to never ever credit any amount(dividend,cheque,neft, etc etc.) otherwise they will deduct any balance credited to that account with immediate effect.
https://www.desidime.com/comments/permalink/9816735
I believe that withdrawing everything will be great.
They will keep on penalizing, just never ever put even a single penny in that account ( Just forget, that you ever had that account). They are not going to show at your house for recovering the penalty after few years, neither they will send any legal notice for this. Neither they will call you and harass for recovering penalty, as this is not loan.
After 10 years it will be ultimately closed/ permanently blocked.
But, just keep one thing in mind, do it only if you are sure that even in future you are not going to have any relation with SCB. Because, even if you open a new account in SCB after 20 years, these things might cause some issue, they may even recover the amount or doesn't allow you to open account.
Just remember SCB is not so worthy bank so you can leave it for penalty accumulation. But never do this with Axis, ICICI, HDFC, SBI. Cause you never know when you might need them in future.
https://www.desidime.com/comments/permalink/9816873
Yes. moved out the funds. it was my salary account from office. I wont use it or anything. thanks for the info.
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you can withdraw all money and forget about it, even if they charge & make account balance -ve.
After 1-3 years, they will make the account dormant (credit & debit freeze) and after 10 year they will make the account blocked/closed.
I have a savings account which doesn't opened correctly in RBL, and has a 5k MAB, and at this point it has negative ~10k balance, after they have charged 590rs from the last 20 months.