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.
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