Tip Tuesdays: How to Close an HSBC Power Vantage Savings Account?

by Vinaya HS on November 18, 2008

in Finance

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I also had an HSBC Power Vantage Savings Account with an MAQB (minimum average quarterly balance) of Rs 100,000. It’s more pain than pleasure to ensure such ridiculously high MAQBs. The account had to go.

That said, here’s how you can close and cancel your HSBC Power Vantage Savings 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).
  • Keep the HSBC Internet banking security device (called the OTA) in your pocket/purse.
  • Visit the nearest HSBC branch.
  • Handover your debit card, check book, security device, 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 then destroy the debit card, check book, and security device. 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. Uncredited interest amount, if any, will be accounted for in this reimbursement.

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.

Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.

{ 8 comments… read them below or add one }

Anoop November 18, 2008 at 10:11 AM

looks like you are wiping out every possibility of a liability!, its good though, again you sound very happy after closing one.

Raj November 18, 2008 at 11:15 AM

I hate HSBC with a passion now. Why anybody would choose to bank with them is beyond me.

Vinaya HS November 18, 2008 at 1:12 PM

Anoop, I am indeed happy to not be saddled with such a high MAQB.

Raj, what happened? Why the passion?

Girish November 19, 2008 at 8:28 PM

Which bank are u currently transacting with?
Why do you find this bank good?
Keep the blogs flowing…

Timepass September 12, 2009 at 6:07 PM

The template is no longer required. HSBC Bank now provides their own form which we’ll have to fill up. The form collect information about :

1) Bank Account(s) / Type
2) Debit Card(s) #
3) Credit Card(s) #
4) Cheque book details – First and Last leaf number (of the leaves that are still in your check book)

Hand over this form with the cards + security device + cheque book.

<strongPlease make sure: The cheque book, cards are CUT infront of you.

Computer Maintenance Guide October 26, 2009 at 11:52 PM

I just closed down my HSBC account today. Thanks Timepass and Vinay for your valuable guidance!

Information from Timepass is exactly what i followed during account closure.


Vidooshak April 5, 2011 at 11:51 PM

Wow, this is quite helpful. I have been too lazy to do this but will do so soon. Is it important to give the debit cards, cheque books? I have had enough of HSBC too, they are just more expensive and less responsive than many other banks. Sadly, my favorite bank HDFC is also now following in their footsteps…. Any idea how is Corporation Bank? Heard good things about them, especially considering they are a PSU.

Vinaya H S April 7, 2011 at 3:20 PM


Yes. It’s better to carry the debit card and check book along. Let HSBC destroy these and acknowledge receipt on your copy of the letter.

I don’t have any direct experience with Corporation Bank…but I’ve visited a branch close to home and did see the old-generation banking staff. I like that.

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