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.
Further reading:
{ 6 comments… read them below or add one }
looks like you are wiping out every possibility of a liability!, its good though, again you sound very happy after closing one.
I hate HSBC with a passion now. Why anybody would choose to bank with them is beyond me.
Anoop, I am indeed happy to not be saddled with such a high MAQB.
Raj, what happened? Why the passion?
Vinaya,
Which bank are u currently transacting with?
Why do you find this bank good?
Keep the blogs flowing…
Regards,
Girish
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.
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.
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