I had a Citibank Suvidha Savings Account that was opened as a salary-credit account at my previous job. Being a salary-credit account, it was a zero-balance savings account. When I changed my job and when salary-credits into this account stopped, Citibank converted it into a regular savings account with an MAQB (minimum average quarterly balance) of Rs 10,000. I generally detest MAQBs and given Citibank’s recent “financial adventures,” I decided that it was time to close my Suvidha account. (Why should Citibank demand an MAQB from you, when it can’t maintain an MAQB on its own balance sheet?)
That said, here’s how you can close and cancel your Citibank Suvidha Account:
- Reduce your account balance to zero.
- Download this account closure letter template.
- Fill in your account and personal details.
- Print and sign two copies of this letter.
- Take a photocopy/scan of your debit card (for backup and safety).
- Take a photocopy/scan of the first and last unused check leaves in your checkbook (for backup and safety).
- Visit the nearest Citibank branch.
- Handover your debit card, check book, and the two copies of the closure letter.
- Get an acknowledgment stamped on one of the letters (this copy is for your reference).
The service desk will verify your signature and might hand back the debit card and check book and ask you to destroy them yourself. It generally takes about four working days to close an account — you’ll be intimated of the closure through post.
Any balance leftover in the account after closure will be returned via. demand draft. I forgot to ask what happens to the uncredited interest amount, if any.
Here’s a pictorial view of the end of my Citibank Suvidha Account:

Tip Tuesdays is my new initiative to share practical personal finance tips — every Tuesday. I’d be delighted if you could share a tip or two from your own experiences. Drop a comment or use this form to submit your tip. And, as always, do spread the word if you find this useful.
Further reading:
- Tip Tuesdays: How to Close an HSBC Power Vantage Savings Account?
- Tip Tuesdays: How to Close Your HDFC Bank Savings Account?
- Tip Tuesdays: If You’ve Got Overdraft Protection on a Savings Account, Call the Bank and Cancel It Right Now
- Tip Tuesdays: Use Your Credit Card for Emergencies Only After You Have First Created a Real Emergency Fund with Real Cash in a Savings Account
- Tip Tuesdays: Before You Submit Your Proofs of Investment or Expense for Income Tax Savings, Make a Photocopy of All Your Receipts
{ 28 comments… read them below or add one }
Great post… really like your posts.. they’re short, precise and make the point very well. Looking forward to reading more informative posts from you.
Lol! you sound very happy now! after closing one haha
Very Informative !!!
I’am also planning to close the citibank suvidha account…
Our salary account is now moved to kotak…
Keep the blogs flowing…
Girish
Anoop, you have no idea how happy I am. That photo should indicate my happiness to some degree.
Girish, let us know if you have a different experience compared to mine.
Super post…
citi bank sucks when we are not a salary holder of that bank..iam also planning to close it!!!
Now i closed it..Its very easy.. Fill in the template- just break your card and tear your cheque books and enclose everything in a cover letter addressed to the Manager and drop it in the letter box outside the Branch..
Its onlt 2 mins…i did it in Chennai!!
awesome! Citi suxxx… felt amazin breakin duh card and tearing open duh unused checkz
thanks mate!
very helpful! thanks so much
this maqb system had me stumped…
i have a neg balance now, cuz i neglected the account, and when i asked them how to close the account, they provided info which had me confused..
thanks for this though! cool!
Great series, this Tip Tuesday. Keep it up!! Check out some financial tips on my blog as well. Not an expert view, just the essence of experience.
This was quite informative. The photo at the end of the closing must have been so satisfying. I went through a similar ordeal with Citibank. Although I changed jobs, I continued to use the same Suvidha account for salary credit. Nonetheless, they insisted on charging me MAQB penalty because they have a toxic lengthy corporate conversion process. After 15 days of sending them documents, they still keep regretting and threatening me alternately. This is despite 2 salary credit already!
Much easier to open a new account than ‘convert’ existing one. No wonder Citibank is in deep shit. They are greedy for new customers but cannot respect existing ones!
It was more than satisfying.
Very Good article. When I started my account in 1999, Suvidha acct was a zero balance acct with free check books and demand drafts. I knew they would introduce fees and MAQBs in future. So I ordered 3-4 checkbooks for free. Their service sucks and they charge exhorbitant fees for basic services. I will be closing my account in next few days. Thanks for the info.
Nice tip. Maintain your balance to rs 10,000. then
You ask them to reverse all the service charges / penalties etc. They will do if you threaten to close your a/c. Then withdraw all your money and follow a/c closure procedure.
Thank you so much….very helpful..
CITI bank suxxxxxxxxxxx…….Even net banking through citi bank is headache.. The party to whom you want to pay , need to be registered first in your account using some number ..oh my god …what a procedure……
Even custome care of citi sux….they themselves don’t know the answers ..
I am going to close the suvidha account now..
Thanks for all the info.
Fantastic Stuff…I will ask my wife to close her Suvidha account right away..We have been strugglng close to 6 months now with Citi…
Hi Vinaya,
Thanks so much for the info..
Regards,
Rakhi
Nice Post :)… Information is very short and clear.. Great Post Vinaya.
That was a great post by you . I am planning to close shittybank a/c and end this foreever . Thanks for info.
Vinaya very nice of you to do this.
This is really helpful. Thank you so much.
Thank you. Quick, Nice and Easy… Now let me go and close my salary a/c
That was short and precise.
Thanks very much.
Helped me a lot.
Regards,
Sandeep
Hi Vinaya,
Thanks for the very informative post.
Hi,
Pretty informative. I will give an update on Citibank. The MAQB now is 25,000/-. Can you believe it? For a simple savings account, it is 25k.
Hey Vinaya,
Superb Post…
Very much informative…
Thanks a lot
Hi Vinaya,
Very nice post,
thanks a lot dear.
Hi,
Anyone knows what will happen to un credited interest.
Because i am planning to close it now and already maintained 25 K for last three months.
Which should fetch me some around Rs250.
thanks & regards,
Kalinga