It has been few months that I was brooding over whether to close my Citibank Suvidha Account. I have been using the account since last 5 years and was very happy with the online services but ever since the account got converted to non-salary account every single service over internet account was being charged.
The recent deduction of Rs 275 by Citibank towards Maintain Monthly Average Balance was a good trigger for me that I shall take any action.It has been a very tough decision for me as the Online services which Citibank gives are the best in the country. Believe me that in my last 5 years of service I had visited the branch only today for closing the account and I had called the Citibank phone line I guess not more than 10 times in 5 years.
Reason for closure
1. To maintain Rs 25000 monthly average balance in the account else the account holder is fined with penalty.
2. The online fund transfer has been charged from transaction 1 for Rs 5.5 for every transaction.
3. The monthly average balance amount was being increased from 10000 to 25000 which I feel is very difficult in today’s time.
Below is what can be done to close the account
1. Transfer all amount to your different account 1 day before the D-day
2. Take a copy or scan your debit card, 1st and last unused cheque leaf for your reference
3. Download the online statements of the account from internet account
4. Prepare two copies of your application, one for submission and one to be taken as acknowledgment.
On the D-Day:
1. Visit your Citibank branch and submit the application to the Citibank officer
2. Officer will ask you to tear the cheque leaves and destroy the debit card in your presence
3. You have to write the same on your application that “I have destroyed the debit card and unused cheque leaves in from of Citibank officer”
4. The destroyed debit card and cheque leaves will be returned
5. The Citibank officer will put a Citibank Timestamp seal on your duplicate application and you are done.
6. Citibank officer mentions the account will be closed in 3 working days, but I received the closure confirmation within 4 hours of application submission as sms and e-mail (pretty fast)
7. There are NO closure charges for closing of the account .
1. A written instruction mentioning your 10-digit account number, signed by the account holder(s).
2. The unused cheque leaves and ATM card broken into pieces.
Method 2 - If sent by ordinary post:
Citibank N.A,
P O box No. 4830
Anna road post office
Chennai 600 002
Method 3 - If sent by courier:
Citibank N.A.
Mailroom
No.2,
Hope this article will be useful for many of you who are facing similar problems.
Disclaimer: - The process mentioned for closure is as per 17th April 10. In case of doubt confirm with bank.
