How NRIs Close Canara Bank Savings Accounts Online and Offline?

Closing an Indian bank account is something that most NRIs do. There are various reasons why they took this step. It includes having multiple bank accounts, moving back to India permanently, finding better NRI banking options, and more. No matter what your reason is, closing a bank account is quite a daunting process.

However, it is not the thing for Canara Bank NRI customers. Considering this, NRIs can close a Canara Bank savings account by filing an account closure form and submitting it with all the requested documents at the branch.

To help you out, the blog will help you with the steps and provide all the necessary information that you need during the process.

When NRIs Need to Close a Canara Bank Savings Account?

Under the Foreign Exchange Management Act (FEMA) regulations, an individual who is classified as an NRI for a financial year needs to close their Canara Bank savings account. It is because FEMA and the tax guidelines of India do not allow NRIs to hold the same savings account that they had when they were resident Indians. It applies to all NRIs who previously held a Canara Bank savings or current account in their name.

Additionally, instead of closing the Canara Bank savings account, NRIs can also convert it into an NRE or NRO bank account. For the conversion, they need to submit their identity proof and other documents for KYC verification.

So in simple terms, when an individual's residential status changes from resident Indian to NRI, they need to either close or convert their Canara Bank savings account. Now, moving ahead, let's know the other reasons for NRIs to close Canara Bank accounts.

Other Common Reasons NRIs Close Canara Bank Savings Accounts

Apart from a residential status change, there are other reasons why NRIs opt to close their Canara Bank savings account. These are as follows:

• Long wait times, issues in reaching customer services, and unhelpful staff contribute to customer dissatisfaction.
• Like other banks, Canara Bank also charges for its services. It includes annual debit/ ATM fees, SMS notification, and penalties for not maintaining a minimum account balance.
• Facing glitches in online banking and ATMs several times due to technical errors.
• Limited product offerings by the bank and delays in processing service requests.
• Have no ongoing income or financial transactions in India.
• Additionally, having multiple bank accounts with different banks.

These are some of the other reasons to close Canara Bank savings accounts by the NRIs. Moving further, let's know the things to consider before closing the bank account.

Things to Consider Before Closing the Canara Bank Savings Account

NRIs need to consider the following things before closing the Canara Bank savings account:

• Settling any linked outstanding dues. It includes credit card bills, loan EMI, negative balances, and penal charges.
• If you have linked services or accounts, such as a Demat account with your Canara Bank account, separately address them by closing the Demat account or transferring holdings.
• For recurring payments linked to your Canara Bank account, like subscriptions or bills, cancel them. Additionally, update these payments with your new bank account.
• Before initiating the bank account closure process, withdraw or transfer all your funds from the bank account.
• Upon closure request, you may also need to submit physical items related to your account to the bank. It includes a passbook, a checkbook, or cards.
• To avoid disruptions, inform beneficiaries about your new bank account details.
• It is advisable to download your recent bank account statements for future reference, especially for potential disputes or tax purposes.
• Additionally, be aware of potential bank account closure charges. These may vary depending on the account type and holding period.

These are some of the key things that NRIs need to consider before initiating the Canara Bank savings account closure process. Moving forward, let's know how to close the bank account online.

How NRIs Can Close a Canara Bank Savings Account Online?

Currently, the Canara Bank does not provide the account closure process to its customers online. Although you can start the process online by downloading the account closure form from the website of the bank. However, to complete the process, you need to visit the home branch of the bank.

The account closure process includes filling out the closure form with accurate details, submitting it to the bank official with other necessary documents and accessories. Additionally, if applicable, pay the account closure fees.

This was all about how NRIs can close a Canara Bank savings account online. Moving ahead, let's know the steps to close a Canara Bank savings account offline.

Steps for NRIs to Close a Canara Bank Savings Account Offline

Follow the steps below to close a Canara Bank savings account offline:

• Document Preparation: Gather your bank passbook, ATM/debit card, unused chequebook, and KYC documents. Apart from your account closure form and KYC documents, the bank may ask for these items.
• Fund Withdrawal/Transfer: Before initiating the account closure process, withdraw or transfer all your funds from the closing account. It certifies a seamless closure. Additionally helps in preventing any potential complications.
• Go to the Canara Bank Home Branch: To close your bank account, you need to visit the Canara Bank home branch where you opened the account. Ask for the closure form from the bank official, or proceed if you have already downloaded and printed it from the website.
• Fill Out the Closure Form: Carefully fill out the account closure form and review the mentioned details to prevent potential issues. In the form, you need to provide information such as your full name, contact number, account number, and more.
• Sign and Submit: Cross-check all the mentioned details in the form, especially your signature. After that, submit the completed form at the service desk of the bank, and if applicable, pay the closing fees.
• Confirmation Call: To authenticate your account closure request, the bank will do a confirmation call. During the call, confirm your decision to close the account.

This is how NRIs can close a Canara Bank savings account offline. Moving further, let's know about the documents required to close a Canara Bank savings account.

Documents Required to Close a Canara Bank Savings Account

The documents required to close a Canara Bank savings account are as follows:

• Canara Bank account closure form
• Identity proof, such as a passport, a driver's license, or an Aadhaar card
• PAN Card
• Address proof, such as a utility bill or a rental agreement
• Canara Bank unused cheques, bank passbook, ATM/ debit card

These are the key documents that NRIs generally need to submit when closing a Canara Bank savings account. Moving forward, let's know the charges and processing time for closing a Canara Bank savings account.

Charges and Processing Time for Closing a Canara Bank Savings Account

Depending on your bank account type and age, the account closing charges vary. The table below provides a comprehensive breakdown of closing charges for a Canara Bank savings account:

Further, after submitting the account closure form, your Canara Bank savings account will be closed within 7 working days. Moreover, the bank charges are subject to change or vary depending on the region or customer classification. Considering this, to get precise details on charges, contact the bank helpline number or visit your nearest Canara Bank branch.

Final Thoughts

Lastly, to close Canara Bank savings accounts, NRIs need to submit the account closure form and other requested documents at the bank branch offline. Currently, the bank does not provide the account closure process online. Additionally, before initiating the account closure process, clear all your outstanding dues associated with your account and transfer/ withdraw your funds.

Furthermore, for NRI banking services, connect with Savetaxs. From opening a bank account to investment or tax planning, our financial experts provide complete support. So connect with us and enjoy a smooth banking journey.