Savings account closure

Before sharing the steps for account closure, please inform the users of the benefits of a Niyo account and try to retain the customer, if a customer is insistent on closing their account, only then share the below steps.



In case a user wants to close their SBM savings account and if they have an FD active, then request the user to place a withdrawal request for the FD. Only after the FD amount is reversed we request the user to place an Account closure request. Otherwise, the process becomes tedious and time-consuming. 



RESPONSE: (can be shared with the customer) We’re sorry to see you leave! To proceed with the account closure, kindly write an email to global@goniyo.com with the subject “I want to close Niyo SBM savings account” from your registered email ID so that we can escalate this with the bank. Please include the below details and documents in the email: Account number - Name on the account - Reason for closure  - Customer ID proof - (Digitally verified and masked self-attested Aadhaar card or Self Attested PAN card)  - Another Bank Cheque Copy, please make sure that your name is printed on the cheque or you can share an image of your passbook.  (for transferring the balance, if any) 

Please note: If your SBM savings account is closed before the FD is withdrawn, then while closing the FD, you will need to provide a cancelled cheque with your name mentioned on it. This request needs to come from your registered email ID and be sent to us via email. We would also like to inform you that once your savings account is closed you will not be able to reopen it. 

Once we receive this, we will forward your request to the bank, and we will keep you posted on every update via email.

   DOCUMENTS: (collect from customer)  Another Bank account cheque (if the user has a balance in the account) Self-attested digitally verified masked Aadhaar/Self-attested PAN card  TAGGING: Topic - Service Subcategory: Account closure request



Some important points - 

Canceled Cheque:

We highly recommend users send us cancelled cheques from another bank to be able to process Account closure requests seamlessly. A canceled cheque should have the user’s name, account number, and IFSC code clearly printed on it.

Canceled cheques can be from any Indian account. All type of holding accounts is accepted: joint account, HUF, Corporate account, etc, The only criterion is user's name must be present. All type of bank account type is accepted: current account, NRO, NRE, etc. For account closure, balance and interest cannot be transferred to any nominee, relative, or others. 

Once the user sends a canceled cheque to another bank, the bank will credit the balance and any applicable interest before proceeding with account closure.

In the absence of a canceled cheque, the user can transfer the amount to any other account manually before the bank can proceed with closure. 

Forfeit of balance: 

In no scenario, the bank will forfeit the available balance (even if it is less than Re 1) or interest due to be credited to the user before account closure. 

Exception: If a user has given written approval by email allowing the bank to forfeit the balance and interest to close the account immediately, then the bank will proceed with the request. Balance less than Re 1:

If the balance is less than Re. 1 then it cannot be transferred by the user or by the bank. The user needs to make it more than Re.1 by adding money (at least Re 1) so that it can be transferred by the bank (if a canceled cheque is present) or by the user.

Credit of Interest applicable:

In case of a bank closure request, the bank will immediately credit any interest applicable till the closure requested date to another account, or in the absence of a canceled cheque will ask the user to transfer the amount and then proceed with account closure.