Latest Canara Bank Account Closing Charges 2024

An account holder is allowed to close their respective bank account as per his desire. But the bank deducts an account closing charge for the same. Usually, bank account closing charges are levied by the banks to recover those costs which the bank incurs during the opening of any account.

Such costs include an account opening kit, a Chequebook, and a debit card. If you are thinking about the Canara Bank Account Closing Charges, then Canara Bank, too, charges its customers a closing charge for opting to close their bank accounts.

Reasons To Close A Bank Account In Canara Bank

Any bank account can be closed by Canara Bank’s customer due to any of the following reasons:

• Financial charges of the bank are high and the pressure of maintaining a minimum account balance the bank.
• The bank is providing a lower rate of interest and Poor customer service.
• Maintenance of multiple accounts in the same bank by the account holder.
• Account holder’s transfer to another city or state.
• Bank account maintenance charges are too high.
• The death of the account holder, etc.

Accounts are easily closed by the banks and once closed they are tough to re-open. Therefore, an account holder must be careful before closing his bank account- i.e. savings account, current account, Demat account, or Salary account.

Closing Charges of Canara Bank Account

Table updated: 16 February 2024

Exceptions to Closure Fee

The Canara Bank does not levy any account closure fee in the following cases:

• In the case of a transfer of account.
• In case one account is closed and another joint account is opened with one person as the account holder of the closed account.
• In the case of the death of an account holder.

Conclusion

In this article, we have provided you with a clear insight into the Canara Bank Account Closing Charges. Though, Canara Bank does not charge its customers any closing amount if its account holder closes his bank account within fourteen days of opening or after a period of one year.

But, if the account holder opts to close his bank account for any reason between fourteen days of opening his bank account and a period of one year then Canara Bank charges a minimum amount of 100 INR to 750 INR as its account closure fee, depending on the type of account which is closed.

Usually, the bank account closure fee also depends upon the type of account that an account holder has in Canara Bank. In case of any query, an account holder can also contact the bank’s customer care service, or he might choose to visit his nearest Canara bank branch too.