How Can NRI Close BOB Bank Account Online and Offline?

Bank of Baroda is a state-owned multinational banking company in India. It is the second-largest public sector bank in India. It offers several financial services to its account holders across the globe. However, despite the popularity of the bank, there are several reasons NRIs close BOB bank accounts. It includes avoiding maintenance charges on a dormant account, returning to India permanently, or consolidating their finances.

Considering this, closing a BOB account is a simple process; however, it can be done by visiting the home branch. It is because at present, the bank does not offer closing the account online. Further, being an NRI, if you are searching for how to close a BOB bank account online, know that only the offline closure process is available. 

To help you out, this blog covers how can an NRI close BOB bank account online and offline, the required documents, and applicable closure charges. So read on and gather all the information. 

Who Can Close a BOB Bank Account?

An account holder or an authorized person, under certain conditions, can request an account closure. Considering this, the following individuals are eligible to close their BOB account:

Further, NRIs generally close their NRE or NRO BOB bank accounts when they shift banking relationships or return to India permanently. Moving ahead, let's know the common reasons NRIs close BOB bank accounts. 

Common Reasons NRIs Close BOB Bank Account

Here are some of the most common reasons why NRIs close BOB bank accounts:

Having an understanding of the reasons to close the BOB account helps in determining whether it should be closed or converted to a resident account. Now, moving further, let's know about the Bank of Baroda bank account closure form.

Bank of Baroda Current Account Closure Form

Account holders to close a Bank of Baroda current account need to obtain the BOB account closure application form by visiting the home branch. Once you get the form, fill out all the details asked correctly and submit it along with all the requested documents. However, before starting the account closing process, it is advisable to first clear all your outstanding dues and withdraw or transfer your funds to another account. 

This was all about the Bank of Baroda current account closure form. Moving forward, let's know how NRIs can close their Bank of Baroda bank account online.

How Can NRIs Close a Bank of Baroda Bank Account Online?

Currently, you can open a BOB account online; however, the bank does not provide the online account closure process. Although you can start the closing process online, you still need to visit the home branch where you opened your account. Here is how you can do so:

1. Step: Visit the official website of the Bank of Baroda and navigate to the 'Bank of Baroda account closing form" online.
2. Step: Download and take a printout of the form.
3. Step: Fill out all the details asked in the form accurately, including the name of the account holder, contact number, account number, and more. 
4. Step: After that, sign your Bank of Baroda account closure form and attach KYC documents, including address and identity proof.
5. Step: Visit your nearest Bank of Baroda branch and submit the signed application form along with all the requested documents. 
6. Step: With your account closure form and documents, you also need to submit your bank passbook, chequebook, debit/credit card, and all unused cheques.

Once you submit your application, the banker will verify your documents and start to process your account closure request. Additionally, the banker may also request to withdraw your funds left in your bank account. Once your account gets close, the bank will notify you via email or SMS. 

Moving ahead, let's know how NRIs close a Bank of Baroda bank account offline. 

Steps for NRIs to Close a Bank of Baroda Bank Account Offline?

Follow the steps below to close your BOB bank account offline:

1. Step: Visit your nearest Bank of Baroda branch and from the banker ask for an account closure form.
2. Step: Fill out the form accurately and attach all the requested KYC documents with it.
3. Step: Once you fill out the form, submit it along with other documents to the officer in charge or the bank manager.
4. Step: Additionally, submit your unused cheques, chequebook, passbook, debit card, and credit card along with your application form.

Further, once the verification is done by the bank manager, they will close your bank account. Additionally, through SMS or email, notify you about this. Moving further, let's know the things to check before closing a Bank of Baroda bank account. 

Things to Check Before Closing a Bank of Baroda Bank Account

NRIs should check the following things before closing a Bank of Baroda bank account:

• Tax Implications: If your NRO account has accrued interest, then at applicable tax rates, the bank will deduct taxes (TDS). Considering this, before starting the account closure process, ensure you have fulfilled your tax liabilities. Further, to process the closure smoothly, you may need to submit documents related to your paid taxes.
• Pending Charges or Debts: Ensure that with your bank account, there are no pending dues such as overdrafts, loans, or charges associated. To avoid complications in closing your bank account, clear all your debts.
• Repatriation Limitations: When transferring funds from your NRO account to your overseas bank account, be aware of the repatriation limits. Generally, per financial year, with proper documents, you can transfer up to USD 1 million. This repatriation limit is subject to compliance with Foreign Exchange Management Act (FEMA) guidelines. 
• Linked Investments: If your BOB NRI bank account is linked to investments such as fixed deposits, mutual funds, etc., first consider switching these investments to another bank account. Additionally, you can also redeem these investments. Contact your financial advisor or bank to certify that all your linked investments are properly addressed.

These are some of the things that NRIs need to check before closing their BOB bank account. Moving forward, let's know the documents required to close the BOB account. 

Documents Required to Close Bank of Baroda Bank Account

Documents required to close the BOB account are as follows:

• PAN Card
• NRI account closure or conversion form
• Passport copy with visa cancellation pages or entry/exit stamps
• Address proof in India (Aadhaar card, utility bill, etc.)
• Updated KYC documents and, if required, CRS/ FATCA declarations

Self-attested photocopies of these documents will serve the purpose of identity and address proof. Considering this, if you are closing a joint account, these documents should be signed by both account holders. Additionally, along with these documents, you also need to submit your bank passbook, chequebook, unused cheques, and debit/credit card, along with the account closure form. 

Now, moving ahead, let's know the charges and time taken for closing the BOB bank account. 

Charges and Time Taken for Closing the Bank of Baroda Bank Account

The table below showcases the BOB bank account closing charges:

Moreover, closing an NRI bank account with BOB generally takes a few business days to a week after submitting the required closure form. While there is no specific time frame stated to close the account. With this, moving further, let's know the steps to take after closing your BOB bank account.

Steps to Take After Closing Your BOB Bank Account

After closing your bank account to ensure your financial transactions run smoothly, it is vital to follow several steps. These are as follows:

1. Once you have submitted the account closure form to the bank, confirm that your bank account has been closed officially. To check your account closure status, you can contact the customer service of the bank, visit the branch in person, or use mobile banking.
2. If you have a balance amount in your bank account, make sure you withdraw or transfer it before closing the account. To check for unprocessed funds, go to the bank before finalising the closure.
3. Update your banking information for investments and salary.
4. Unlink your BOB bank account from UPI applications like Paytm, PhonePe, or Google Pay. This is vital for smooth financial transactions in the future.
5. Apart from this, via email or hard copy, get a written confirmation. It verifies the successful closure of your BOB bank account. 

So, these are some of the steps that you need to take after closing your BOB bank account.

Final Thoughts

Lastly, this is how NRIs close BOB bank accounts online and offline. Considering this, by transferring the remaining funds, gathering all the requested documents, and completing the bank account closure form, NRIs can simply close their BOB bank accounts smoothly. To avoid any unexpected account activity or avoid future charges, always confirm your account closure with the bank.

Further, for NRI-related issues such as finances, banking, repatriation, or transactions, contact Savetaxs. Our financial experts will make the complex process simple for you. Additionally, we offer around-the-clock services, so you can connect with us any time and take our assistance.