How to close Kotak Mahindra Bank account Online

Wajiha Khan·August 18, 2023·109 comments

Kotak Mahindra Bank (कोटक महिंद्रा बैंक) is a well-known Indian bank. You may have an account with such a bank. However, even if it is a reputable bank, you can close the Kotak Mahindra Bank account whenever you want. Here we will talk about ‘How to close Kotak Mahindra Bank account.’ Many individuals are looking for information about this on the internet, but there isn’t much. So, first and foremost, let me inform you that there is no online method for closing a bank account. Though you can start an account online using Aadhaar and PAN, you must visit a bank branch to close the Kotak Mahindra bank account . You can obtain the closure application form from the link provided below. 

How to close kotak mahindra bank account

We will also give application formats that will assist you in writing your application. So, read the entire post to learn more about Closing a Kotak Mahindra Bank account.

ArticleKotak Mahindra Bank Account Closing Form
BankKotak Mahindra Bank
BeneficiaryKotak Mahindra Bank Customers
LanguageEnglish
Form PDF DownloadDownload Here

Nonetheless, there could be a variety of reasons to close a bank Savings Account, including:

  • Lower rate of interest
  • Unsatisfactory Customer Service
  • Bank is not providing Online Services properly
  • Higher Fees & Charges on Financial Transactions
  • Maintenance of higher Minimum Account Balance required
  • Having Multiple Bank Accounts
  • Bad Relationship with Bank Staff

Note that at the outset that there is no such thing as closing Kotak Mahindra Bank account online. To physically close your account, you should always go to your local or the nearest bank location. Alternatively, you can use online assistance to get the forms needed to close your account.

How To Close Kotak Mahindra Bank Account Online

The process to close Kotak Mahindra bank account.

If you have decided to close Kotak account, there are some procedures you must take. First, let’s take a close look at the stages listed below:

The process to close Kotak Mahindra bank account.

Step 1: 
To close Kotak Mahindra bank account, you must submit a specified account closure form. Go to http://www.kotak.com/account-closure-form or receive it from a branch to download the form.

Step 2:
Fill the account closure form correctly: The account holder must complete the form without making a single mistake. In the closure form, you must include the following information.

  • Name of the account holder
  • The account number you’d like to close
  • Your mobile phone number
  • You must explain how you expect to obtain the remaining funds from the bank. You have the option of paying with cash, a check, a DD, or transferring the funds to another account.

Step 3:
To the account closure form, all account holders must attach a copy of KYC documents, such as a copy of PAN, which also serves as your proof of identity, and a proof of address. Account-holders may be requested to self-attest these papers as well.

  • The account holder’s signature must be on the correct place.

Step 4:
Hand over your debit card, passbook, and chequebook: The Kotak Mahindra Bank debit card, passbook, and cheque, as well as the closure form, must be surrendered.

Important Note: If your account balance is less than the minimum level required to keep your account open, you will transfer that amount. However, if the account balance falls below zero, the bank will charge a non-maintenance fee.

Step 5:
Address proof is required. You should keep an address proof in the pharmacy hand if the branch where you have your account asks for it.

If you have a good reason for closing the bank account, you may proceed. However, if there are no such grounds and you are closing it simply for the sake of ending it, you can reconsider.

Points to keep in mind before closing your Kotak Mahindra bank account

Before you close your account, there are a few things you should think about. Things to keep in mind are:

  • If you close Kotak Mahindra Bank account, you will never create another account with KMB.
  • Before the account is closed, the balance in your Kotak account must be zero.
  • You may owe money to the bank (penalties/due payments), and you must first discharge those debts. Following that, you close your Kotak Mahindra Bank account.
  • It is prudent to receive a complete bank statement before closing your account. In addition, this bank statement may be needed in the future.

How to Write Application Letter About Closing of Account

First, take an A4 sheet of white paper. First, fold 1 cm (10mm) from the top and 1 cm (10mm) on the left side of the paper. Then, as seen below, begin writing the application.

To
The Branch Manager
Kotak Mahindra Bank (Branch Name)
Bhopal, MP.

Subject: Request to Close Kotak Mahindra Bank Account No.- ____________.

Dear Sir/Madam,

Mr./Miss XYZ, residing at [address], have a bank account with Kotak Mahindra Bank with account number xxx-xxx-xxx-xxx. I’m writing today because I’d like to close the account with the account mentioned above number.

I am closing the bank account as I cannot utilize it because I have created a new account with another bank. I have already transferred all my funds from the old account to my new account, with only the minimum balance remaining.

As a result, I am willing to close this account, and I would appreciate it if you could fulfill my request and close this bank account as soon as possible.

Thanking You
Yours Faithfully,
(Name and Signature with Date)
Account No.- xxx-xxx-xxx-xxx

Note: If you have an ATM card or a cheque book, please attach them as well.
If you want to close your ICICI bank account, you can check How To Close your ICICI Bank Account Online.

How to Close Kotak 811 Account Online ?

How can I close Kotak Mahindra account online?

It is not permissible to close the Kotak Mahindra account online. You must fill out a form and submit it to the firm to close your account. There are no fees associated with closing the account. However, the account can take seven days to get close.

How to close Kotak demat account?

Demat accounts are now required for all investors who trade in the stock market. You can have up to five Demat accounts. These accounts have their annual fees and maintenance expenses. As a result, investors should close any zero balance or inactive Demat accounts they may have.

You can start a Demat account online, but closing one is an entirely separate process. Follow the process given below to close the Demat account:

  1. To begin, you will require a closing form. It is available for download online.
  2. Fill out the details in the form and submit it with your Know Your Customer KYC documentation. These include identification and address proofs. 
  3. Now submit the form with the supporting documentation to the nearest DP branch. You could also forward them to the DP’s office.

Close Kotak Mahindra Salary Account

It is easy to close Kotak Mahindra salary account, but you also have to visit the Kotak branch in this case.

1. First, download the account closure form online and take a printout.
2. In case of any dues or outstanding fees, you have to keep that amount ready.
3. Sign the form.
4. Visit the bank branch and ask the account manager or the PR person for the preceding actions.

Close Kotak Mahindra Bank Account Savings Account

To close your Savings Account, please call the bank Customer Experience Centre at 1860 266 2666 (local call rates apply) or visit your nearest Kotak Mahindra branch.

A bank account is required for various reasons, including serving as official address proof. A bank account statement is also required for a credit card or loan approval. As a result, you should rethink before closing your account. 

FAQs

Conclusion

So this post was about “How to Close Kotak Mahindra Bank Account.” We will explain all you need to know about closing your Kotak Bank account. However, if you have any queries about any of the points, please leave them in the comments section, and we will willingly answer them. You can also contact Kotak Bank customer service for further information.

Wajiha Khan

I'm Wajiha Khan, an experienced banker simplifying finance. With a finance background, I work at a reputable bank, focusing on customer service and financial planning. At Hriday India, I write articles explaining banking processes and products. Beyond banking, I love culinary arts and mentoring. I strive to make banking accessible and empower readers to make informed decisions.

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