How to close Kotak Mahindra Bank Account?

Kotak Mahindra Bank is one of the best private sector banks offering a wide range of services and products to its customers. It is always ready to change in real-time by providing services using the latest technology. so I would say, you can think twice before closing a bank account. But In case if you have made up your mind to close Kotak Mahindra Bank Account go through this article.

You will learn the step-by-step procedures to close your Kotak Bank account easily. You can change your mind still and avoid closing your bank account. if not read further…

The first question that comes to everyone’s mind about account closure is that Can we proceed online? The next paragraph is your answer.

Can we Close Kotak Mahindra Bank Account Online?

Well!! we might be thinking that in this digital world where every service is moving online or being automated, there must be a way to close the bank account Online.

But, there is no way one can close their Kotak Bank Account Online, this is because of Banking terms and conditions. you must have to visit the bank branch for account closure.

Before closing the Kotak bank account make sure you are aware of the below important points.

Points to remember before proceeding to close your Kotak Bank Account

  • You can not re-open your Kotak Bank account again which is closed.
  • All the pending dues should be cleared before closing your Kotak Bank account.
  • You need to make your account balance 0 before account closure.
  • Make sure you collect all Kotak bank belongings like Debit ATM Card, Cheque book, Locker Key (if any). it is so because you have to submit all these to the bank official before closing the bank account.
  • Cancel all Auto debit facilities from your account like loan deduction, any Policy auto deduction, etc.
  • You can keep complete Bank statement of your account for any future reference.

How to Close Kotak Mahindra Bank Account? Step by Step

  • Visit your Kotak Mahindra Bank home Branch.
  • Once you have downloaded the form, fill in by entering all the details mentioned below.
How to Close Kotak Mahindra Bank Account? Step by Step
  1. Name of the account holder
  2. Account number
  3. Signature of the account holder
  4. Address including City, State, and PIN number
  5. Reasons for closing the account
  6. The balance remaining in the account if any
  7. Transfer the remaining balance through DD, Cheque, Cash, or in another account.
  • Now submit the form to the bank officials. After submitting the account closure form return the passbook, Cheque book, Debit ATM card, locker key provided by the bank to you.
  • Kotak Bank branch may ask for your ID and address proof to authorize the correct person for this account. keep your original address and identity document proof with you as well.
  • After successful verification, your account will be closed. you will get confirmation to your registered email and mobile number as well.

Conclusion

In this article, you have learned How to close Kotak Mahindra Bank Account? I hope this information will help you in the Kotak bank account closure process.

My suggestion is still not to close an account until you have a very strong or genuine reason. do not close your bank account just because you are not using it for a while.

If there are any questions/doubts related to this information do ask in the below comment section. I will try my best to answer all of them.

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FAQs

1: What is Kotak Bank’s customer care number?

1860 266 2666 (charges apply)

2: How long it will take to close the Kotak Bank account?

It will take around 7 to 10 working days to close your Kotak Bank account.

3: Can I close my account with a negative balance?

In order to close your account, you need to make your account balance clean. It means to make the account balance “Zero” by paying all the dues before closing your Bank account.

4: Can We close Kotak Bank Account Online?

Unfortunately, You can not close your bank account online. You need to visit your home branch where you opened the account.

Visit your Bank home branch where you have an account and request the bank official for account closure. you can follow the above steps to close your account.

5: Is there any charges to close Kotak bank account?

yes, if you are closing your account before 30 Days of opening an account then no charges. however, if you are closing after that you have to pay Rs. 600.

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