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At my previous job, salary was credited into a savings account while reimbursements were credited into a current account. The salary slip, however, combined both salary and reimbursements into a gross figure. Much chaos was caused when one needed to show proof of income/salary (for example when applying for a credit card) because the gross figure on the salary slip never matched the salary credit in the [savings] account statement and no one bought the story of the current account.
Thankfully, there is no such chaos at my present job and since one of my core personal financial principles is that “every financial account should justify its existence,” that current account had to go.
I did dilly-dally a bit but finally got around to closing it last week. That current account was with ICICI Bank and so the procedure below is specific to ICICI Bank.
How to close your ICICI Bank Current Account?
- First download this account closure letter template.
- Edit the highlighted text with your specific details, print two copies, and sign them.
- Submit one letter at your base branch and get an acknowledgement on the other.
Your account should be closed in about 2 to 3 working days. The current account didn’t come with a checkbook or ATM/Debit Card — so there’s no cut-these-up-into-pieces photo this time!
Note: Ensure that you transfer any remaining balance into your savings account before closing your current account. You should get a check even if you don’t, but you never can predict anything with these private banks. Why give them the chance?
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