NRI Close Axis Bank Account Online and Offline

Closing a bank account is something that, at some point, many NRIs do. There are several reasons for it, such as finding a better banking option or having multiple bank accounts. Whatever your reason for closing a bank account may seem daunting. However, for Axis Bank customers, the process is not so overwhelming and complicated. The bank allows its NRI customers to close their NRI bank accounts by submitting a duly filled closure form along with all the requested documents at the branch. 

Confused? This blog provides you complete guide on how NRIs can close their Axis Bank account online and offline. So read on and clear all your doubts. 

Who Can Close an Axis Bank Account?

Under FEMA regulations, any Indian resident who is classified as an NRI for a financial year needs to close their Axis Bank account. Considering this, under FEMA and tax guidelines of India, once your residential status from resident of India changes to NRI, you are not allowed to hold the same resident savings or current account. This applies to all the NRIs who previously held an Axis savings account in their own name or have a resident savings account and later moved overseas.

Further, instead of closing the Axis Bank account, NRIs also convert it into an Axis NRO Bank Account. Additionally, they can also open an Axis NRE Bank Account. For this, NRIs need to provide their ID proof and other requested documents for KYC verification. Apart from this, after taking consent from all the account holders, a joint account holder can also request to close their Axis Bank account.

So, here was all about who can close Axis savings bank account. Moving ahead, let's know the common reasons why an NRI closes Axis Bank account. 

Common Reasons NRIs Close Axis Bank Account

 An NRI closes Axis Bank account because of the following reasons:

• Higher Fees: You might find that high maintenance fees are charged by your bank, which, over time, accumulate. Considering this, for a more cost-effective option, you opt for switching it.
• Changes in Residential Status: Your residential status changes from Indian resident to NRI, and you are no longer permitted to hold your current savings account. 
• Limited Accessibility: Your banks have few branches or ATMs overseas, making inconveninent for you to access your funds. 
• Have Several Bank Accounts: Having multiple accounts with different bank account, create hardship to manage them all, also results in closing the inactive ones.
• No Indian Income: No ongoing financial transaction or income in India is also another key reason to close NRO Axis Bank Account for NRIs. 

These are some of the common reasons why an NRI closes Axis Bank account. Moving further, let's know the process to close an Axis Bank account online. 

How NRIs Can Close Axis Bank Account Online?

At present, the Axis Bank does not provide the facility of closing the bank account online. However, you can start the account closure process online by visiting the official site of the bank and downloading the Axis Bank account closure form. Here is how you can do so:

• Log in to the official Axis Bank website.
• Look for the "Account Service" or "Service Requests" section.
• Download the Axis Bank account closure form.

After downloading it, fill out the form and submit it with the other requested documents at the home branch. Additionally, you also need to withdraw or transfer your balance amount to your other bank account before closing it. 

This is how NRIs close Axis Bank accounts online. Moving ahead, let's know the process to close Axis Bank account through net banking. 

How NRIs Can Close Axis Bank Account Through Net Banking?

NRIs cannot close an Axis Bank account through net banking as there are no such services provided by the bank. Considering this, to close your bank account, you need to download the account closure form online, fill it out, and submit it to the bank with the other requested documents. Additionally, you can also opt to visit your Axis Bank branch in person and complete the account closure process. 

So, from the above information, it is clear that an individual cannot close their Axis Bank account through net banking. Moving further, let's know how NRIs can close an Axis Bank account from abroad offline. 

How NRIs Can Close an Axis Bank Account from Abroad Offline?

Follow the steps below to close an Axis Bank Account from abroad offline:

1. Step: Visit the official website of Axis Bank and download the Axis Bank account closure form.
2. Step: In the form, fill in details like your account number, name of the account holder, and reason for closure. 
3. Step: Before submitting the account closure form, transfer or withdraw your remaining account balance.
4. Step: Attach a copy of your ID proof along with your unused cheques, passbook, and debit card.
5. Step: Visit your Axis Bank branch or courier the form and other requested documents to the Axis Bank home branch in India. 
6. Step: Once the documents are verified, your account will be closed in a few days. 

This is how NRIs can close an Axis Bank account from abroad offline. Now, moving ahead, let's know the process to download the Axis Bank account closure form for NRI. 

What is the Process to Download the Axis Bank Account Closure Form for NRI?

The process to download the Axis Bank account closure form for NRI is as follows:

• Go to the official Axis Bank website.
• Using the search, navigate to the "Download Forms- Accounts."
• Scroll down to the "Savings & Current Account Closure Form" from the accounts section.
• To save the account closure form to your device, click on the download icon.
• Now, take the printout of the downloaded form.
• Fill out the account closure form carefully with the correct details. 

So this was all about the process to download the Axis Bank account closure form for NRI. Moving further, let's know the documents required to close the Axis Bank account. 

Documents Required to Close Axis Bank Account

Here is the list of documents required to close an Axis Bank Account:

• Accurately filled Axis Bank account closure form
• Identify proof such as a passport, an Aadhaar card, or a driver's license
• Address proof, such as a rental agreement or utility bill
• Axis Bank debit card, unused cheques, and bank passbook

These are the documents generally required by an NRI to close an Axis Bank account. Now, moving forward, let's know the important rules to consider before closing the NRE or NRO Axis Bank account. 

Important Rules to Consider Before Closing NRE or NRO Axis Bank Account

NRIs need to consider the following rules before closing the NRE or NRO Axis Bank account:

• Clear all your pending charges and any linked services with your NRE or NRO account.
• Funds in an NRE account are fully repatriable, so without any restrictions, you can transfer them abroad freely.
• When transferring funds from an NRO account, follow the NRI repatriation rules, i.e., transferring USD 1 million per financial year.
• Tax compliance is mandatory, specifically for NRI tax on NRO account, so also consider this. 
• Before account closure, TDS will be deducted on taxable NRO interest.
• You may need to submit updated KYC documents.
• Additionally, a bank may check your account activity before approving your closing request.

Before closing the NRO Axis Bank account or the NRE Axis Bank account, understanding these rules helps NRIs in planning their funds more accurately. Furthermore, let's know the time taken by Axis Bank to close an NRI account. 

Time Taken by Axis Bank to Close NRI Bank Account

Generally, your account gets closed within 2-5 working days from the date Axis Bank receives your account closure request. Additionally, there are different charges imposed by the bank during the account closure process. These are as follows:

This was all about the time taken by Axis Bank to close the NRI bank account.

Final Thoughts

Lastly, by submitting the bank account closure form and other requested documents, NRIs can close their Axis Bank account offline. Currently, Axis Bank does not allow the closure process online. Having an understanding of how to close an Axis savings account helps in a smooth application process. So, follow the account closing process accurately and have all the vital documents by your side. Apart from this, clear all your bank dues and charges before closing your bank account.

Further, if you are seeking reliable NRI banking services, contact Savetaxs. Our financial experts can help you resolve all your banking doubts. Additionally, they can also assist you with investment and tax planning in India.