Finance

Tip Tuesdays: How to Close a Citibank Suvidha Savings Account?

Posted Vinaya HS

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:

Citibank_Suvidha_ End

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.

187 thoughts on “Tip Tuesdays: How to Close a Citibank Suvidha Savings Account?”

  1. I have received similar communication from CITI Bank, not a wise move from the bank, they will loose lot of longstanding customers. I am closing my account too. Not worth paying 500 bucks every month for non-maintainance. There are other banks which are equal or with better service.

    Thanks for sharing the account closure formalities intructions Vinaya. I guess my google search ends here for account closure process and starts to find a better bank with value add service for a reasonable sum..

    On the forum, please do suggest a good bank to switch all my current investments from CITI to other bank..

  2. I am currently posted abroad for a couple of years. Suddenly Citi has converted my account and I’m losing money. Any idea how I can close my account without actually going to India?

  3. I have permanently moved to UK ,
    I had received such communication earlier I have replied to the email as I had permanently moved and stopped receiving such communications from them

    Now even I did receive the above notification to my existing accounts (infact non existing account since I dont have any cards with me now, no online account)

    What is the process for closure/official closure from abroad

    Please let me know

  4. hi vinay i want to close the Suvidha Savings Account where i can’t find the check book for my account so please let me know what should i do and i have all the cards given by the citi bank.

  5. @kiran,

    now a days citibank provides you a form when you visit any citibank branch for closure of your account. you get two options:
    1. submit all cards and cheque books at the bank branch
    2. destroy it by yourself

    opt for option #2 and you are done!

  6. I am currently posted abroad for a couple of years. Suddenly Citi will be coverting my suvidha account to some other a/c and a minimum bal will be a lakh, which i dont wish to. Any idea how I can close my account without actually going to India?

  7. Hi All,

    I am also not pleased with the Citibank move. I believe they do not want to entertain customers with less money. CITIBANK, please believe me, 1 Lac is still a big money you are asking us to maintain so that you can play that money freely.

    Anyway I am planning to close the account. The process from outside India is:

    1. Break your card into 4 pieces.
    2. Cancel all the cheques
    3. Transfer all your money to some other bank.
    4. Send a letter to bank to close the account. I believe the link above is a good format for closing the letter however any letter with account details will be good.
    5. Send Destroyed debit card, cheques and letter to Chennai address:

    Citibank N.A.
    Mailroom
    No.2, Club House Road, Chennai 600 002

    Good Bye Citibank.. Tata Bye Bye..

  8. Pissed off big time with Citi. Was having this account with them for the last 8-9 years and now get this mail of forced migration to Citibanking account. I’m closing my account and moving all my money to Yes Bank. As a return gift from my end to Citi, I’m cancelling my credit cards also.

  9. Hi,
    i have a citibank account, which i havn’t maintained for a year. now it is showing up like my balance is in negative (-283.00 Rs). I wish to close my account. will they charge me 283 Rs while closing the account. I don’t want to keep relationship with such a scary bank.

    I lost their ATM card, check book and all items they have provided me earlier… will they charge for it?

  10. Indeed the best bank , i have ever known , now wants us to maintain an AQB of
    1 lakh ; a giant leap from 25, 000 . They should realise that from 25, 000 they should have moved to 50,000 AQB , but 1lakh in savings is a bouncer. Is it possible that i maintain a fixed deposit of 1lakh , rather than in savings and continue using my savings a/c without paying 500 fine.

  11. Now closing citibank account is very simple.just fill in a closin form and verify urself with an id proof at service desk and u r done. next withdraw ur all balance from atm. ur account would be closed in 2 days.

  12. Hi,

    I am currently residing abroad. I did go through the comment clearly explaining the procedure for closing the account while we are out of India. I have one question here, is it mandatory that we have to send even the destroyed card and unused cheque leaves as well ?I made a mention of it in the application letter that I would be destroying the same.
    Any advice would be greatly appreciated.

    Thanks
    Shanthi

  13. I am not pleased with this move either. Thankyou for the information…and also for the comments on closing the account from outside India. Both have been really useful.

    Goodbye, Citi!

  15. Thanks you all for all the comments and useful suggestion posted here.

    Well I thought I am the only who is suffering from this stupidity,but glad to know that the step which I am going to take that already been taken by so many users.

    The worst banking experience ever. CITI phone helpline is bull shit.

    Again Thank you All for the help….I am going to close the account tomorrow itself because today is sunday !! :)

  17. Just for further information, They are giving account closer form, you can either use that, or just add the following line in the template, “I declare that i have destroyed the debit card and cheque book related to my account”

  18. Hey Guys!

    Would they care?? We all are sharing our frustrations but being said earlier ” If you kill a few,, you are a murderer, but if you kill many , you are a conqueror !!”

    Same goes for Citibank..

    Thanks for this kind of ——–Suvidha //!!– ———

    Nothing numbs their heart ..

    Thanks for suggestion on closing an account freinds :)

  21. I am not sure why we have to close. If they are not providing the service (suvidha account) they need to close. I think this should be taken to consumer forum. When they sent me a letter, I told them that I am not agreeing to their condition. Either they provide their existing service or let them close it.

  25. Very useful. I sent many requests to close the account from my citi login. Got a reply that they can not take closer requests from Citi Login. What a suvidha??. Now it is Rs.1,00,000 per quarter. Shutting this shitty bank Ac.

    Thanks for the info.

  26. I was also in abroad for some and due some reasons i was not able to login and check my account online for 6 months. And now when i got access i had a surprise in store for me that the suvidha account is converted to new account in mar’13 which requires NRV of 1 lakh to me maintained and since for not maintaining the min balance they have been deducting Rs 500 every month. wwwhat a shittybank i thought….. finally closing both my bank and credit card account.

  27. Isnt there any bank email id where we can notify them that we want to close the account ? Sending letters via post looks like too much of an effort fir just closing the account.

  30. I had deposits in my account and since i have not maintained the saving account they have blocked my access to the deposits as well … don’t know wht needs to be done.

  31. I have citibank account I am not using from past 6 months I don;t what is the status but i want to close the account, bank branch is in Bangalore. Can I close the account by submitting the closure form in any branch because presently I am in Hyderabad.
    Kind help me in this.

  33. Do we have to close the account?? Withdrawing the total amount from the account and leaving it at that, won’t they themselves close the account after some period of time as it becomes a dormant account?

  35. Hi Vinaya,

    Very helpful of you to post this up, now even I am facing the same problem, I have an account in Citibank when I was in India, then I moved to the USA, and one fine day I got a mail from Citibank saying that they are going to change my current account to saving account and the worst part is I should have atleast 1 lakh rupees minimum or they will deduct 500 Rs every month as a maintenance charge..Which they actually did later on..:( Now what should I do? how can one close an account while staying abroad? Please help!

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