SBI allows account holders to open accounts with a 14-day free lock-in period.
There is a bad news for the account holders of State Bank of India (SBI). If you are considering the closure of the ongoing bank account in SBI, then you have to pay GST along with a fee of Rs 500. You will be charged this fee and GST at the same time as you will close your account within 14 days to one year.
SBI has made this information available on its corporate website SBI dot to dot-us (sbi.co.in). If the customer applies for the closure of the bank within 14 days of opening the bank account then he will not have to pay any charges. Apart from this, there are some other conditions when SBI account holders do not have to pay any fee to close the bank account.
SBI allows account holders to open accounts with a 14-day free lock-in period, in which the account holder can close his account during this period at no charge. According to the SBI website, within this period, if an account holder closes his account, he has the facility to close the account on the Nil Charge. It is under the BCSBI Code. Banking Codes and Standard Board of India is an autonomous body, whose members are represented by SBI
In case of closure of SBI account after one year:
According to the bank website, no fee is charged in the event of closure of the old bank account for one year.
Apart from this, there is no charge even if the regular savings bank deposit account linked to the bank is closed by the account holders to the regular savings bank account.
By Abhishek Bajpai