How to Close Indian Overseas Bank Account Online (May,2023)

Online banking facilities have made it easy for customers to work with their bank tasks while on the go. With the aid of online banking, customers can transfer funds, check bank balances, download bank statements, and even open a bank account online. The only thing which is not possible online is to close a bank account. Very rare banks may have approved closing a bank account online, but many banks haven’t provided this facility yet. In this article, we will lead you about how to close Indian overseas bank account online?

Article	Indian Overseas Bank Account Closing Form
Bank	Indian Overseas Bank
Beneficiary	Indian Overseas Bank Customers
Language	English
Form PDF Download	Download Here

However, there is no way to close bank account online. To close overseas bank account, you have to visit the nearby overseas bank branch to close the account. The headquarters of Indian Overseas Bank is in Chennai. IOB has over 2600 branches and more that provide essential banking services. In addition, IOB has a well-organized in-house information technology department and provides the most incredible banking services to customers.

Table of Contents

How to close Indian overseas bank account online?

By visiting the branch, you can close the account. First, however, you must complete the closure form to have the funds in your account moved to another bank account of your choice. When you end the account, you must deposit the cheque book and any unused check leaves, as well as the ATM card. Follow the below given detailed stepwise procedure to close Indian overseas bank account:

How to close Indian overseas bank account ?

Download Indian overseas bank account closure form

The first step you can take from the comfort of your own home is to download an Indian overseas bank account closure form. The form for closing an Indian overseas bank account is easily accessible online. Download it by going to the IOB’s official website and looking for the IOB account closing form. If you encounter an issue while shopping online, you can go to a nearby Indian overseas bank branch and request an IOB account closure form in person.

Fill in the Indian overseas bank account closer form

The bank account closing forms are not difficult to complete because they include questions about all of the information requested from the consumer. While filling the IOB form, make sure to read the instructions attentively and use block letters. The IOB account closure form request details like the account holder’s name, date of birth, address, signature, etc. The Indian overseas bank account closure form will request the signature of any joint account holders of the same account.

Attach KYC documents

When completing the Indian overseas bank account closure form, the customer must also provide the bank with KYC documents. KYC documents are general identification and address proof documents, such as the account holder’s PAN or Aadhaar card. These documents must be self-certified. The bank may also require the joint account holder to self-attest the documentation.

Submission of debit card, balance check leaves, and passbook

When closing an IOB account, the account holder must also return the debit card, balance check leaves, and passbook to the bank. If the consumer does not have a debit card, they can submit balance check leaves and a passbook in rare circumstances.

Withdrawal of the remaining amount in the bank account

Once all of the documents have been submitted, the bank official will review them and ask the customer to withdraw the remaining amount from the bank account. The account holder can transfer the remaining funds in the bank account to a new bank account, or the amount can get withdrawn in cash or by DD.

Pro tip: You can also gather all the documents and go to the Indian Overseas bank main branch. Then, get the IOB account closure form, fill it out, and submit it. It will save you time, and if you have any questions, you may ask them directly to the bank while filling out the form.

Get Indian Overseas Bank Account Closure Form (PDF Format)

The account closure form, available at the bank, will request a reason for the closure. Many consumers, however, find it challenging to download the account closure form online. Therefore, you can download the Indian Overseas Bank account closure form from our page directly (IOB account closure form Download link given below) or look for the IOB account closure on the Indian Overseas Bank official website. All account holders must sign the form.

IOB Bank Account Closure Form

When closing a bank account, it is necessary to submit an account closure form and the necessary papers.

Application Format To Close Indian Overseas Bank Account

To,
The Bank Manager,
Indian Overseas Bank Branch Name
Branch Address

Subject: Request to Close Indian Overseas bank account.

Sir/Madam,

I require to close my Indian Overseas Bank savings/current account. However, I have created a new bank account with another bank, and I cannot have two bank accounts open at the same time. Therefore, I humbly request that you expedite my application and close my Indian Overseas Bank account with the following details: Account number [ ], IFSC code [ ], and account holder name [ ].

Please handle my account closure request as early as possible.

Thank you
Yours sincerely
[Name] [Signature]

You can also read articles like Stepwise Procedure On How To Close Central Bank Of India Account Online?

Indian Overseas Bank Minimum Account Balance

For non-cheque operated accounts in rural and semi-urban branches, the account holder must keep a minimum balance of Rs 100
For cheque-operated accounts, the account holder must maintain a minimum balance of Rs 500. (rural and semi-urban)
A minimum balance of Rs. 500 for non-cheque operated accounts (For all other branches)
Rs. 1000 for cheque-operated accounts is required. (For all other branches)

More bank account-related articles are available on our website. Click here

Indian Overseas Bank Account Closing Charges

If you decide to close your Indian Overseas Bank account within 14 days of starting it or after 12 months of opening it, you will not be charged any fees or penalties. An amount of Rs.500 or the balance in the account, whichever is lesser, would be charged if the Indian Overseas bank account is closed within 15 days and 12 months after it was opened.

Time period	Charges
14 Days of Account Opening	Nill
15 Days -12 Months of Account Opening.	Rs.500 or balance in the A/c (whichever is lower)
12 Months after Account Opening	Nill

FAQs

How to close Indian Overseas Bank account?

The first step in closing an IOB bank account is to complete an Account Closure Form, put your signature on it and submit it over to the branch manager. You can download it from the bank’s website, or you can go to your local IOB branch, receive the account closing form, and fill it out correctly.

How much minimum balance in Indian Overseas Bank to be maintained?

In rural and semi-urban Indian Overseas Bank branches, the account holder must maintain a minimum balance of Rs. 100/- for non-cheque operated accounts and Rs. 500/- for cheque-operated accounts.

How to close IOB bank account online?

There is no practical way to close the Indian Overseas Bank account online. Instead, the account holder must visit the IOB branch, submit the requested papers, and then the bank officials will escalate the IOB account closure request.

Can I close my bank account without KYC documents?

No, you cannot close your bank account without KYC documents. KYC documents serve as address and identity proof. Therefore, it is a must to submit the KYC documents to the bank.

What are the charges for not maintaining minimum balance in IOB?

The charges for not maintaining the minimum balance in the IOB bank account in other branches are Rs. 500 for a non-cheque operated account and Rs. 1000 for a cheque-operated account.

Can I close Indian overseas bank joint account without the signature of the joint account holder on the IOB account closure form?

No, the signature of a joint account holder is a must on the account closure form when you want to close IOB joint account.

Is it necessary to pay the dues before closing the bank account?

Yes, it is necessary to pay the dues before closing the bank account.

Conclusion

You may have noticed that closing Indian Overseas Bank account offline is as simple as going to your local bank. There is, however, no method to close Indian Overseas Bank account online. Therefore, closing Indian Overseas bank account is rarely advised. We have presented all of the required information on how to close Indian Overseas Bank account online. In the event of doubt, you can contact Indian Overseas Bank customer support at 1800 425 4445.

How to Close Indian Overseas Bank Account Online?