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Something interesting I found in the comments archive and which I felt would benefit a wider audience.
I once had a Savings Account with Standard Chartered Bank (SCB) through my employer. Once I shifted my job, I naively emptied the account to have a zero-balance and left it at that. About 6-years later, I got a Manhattan Credit Card (Manhattan is a venture being run by SCB). When I registered for online access I noticed that it was automatically linked to my old Savings Account and the Account had a negative balance of about Rs 3,500. Upon contacting the Bank, they said that since the PAN number was the same, it was my account. Luckily upon my request, they wrote the balance off and closed the account (after I gave a letter in writing for the same).
The moral of the story is that it is always better to get a Savings Account closed rather than just emptying its contents and assuming that it will get closed on its own.
The biggest problem now is that CIBIL (the Credit Bureau in India) is collecting data on all defaults. So you could end up getting a black-mark against your name just because you got ‘lazy’ or tried to save a Rs 100 closing charge.
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