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 â€” 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.