Kotak Mahindra Bank is a renowned Indian bank that provides various financial services like savings accounts, current accounts, fixed deposits, internet banking facilities, and more for both individuals and businesses. However, if you are not satisfied with their services due to certain reasons, you can close the account opened with this bank.
In this guide, you will learn how to close your bank account with the Kotak Mahindra Bank account closing form and other crucial details related to it.
How to Close Kotak Mahindra Bank Account Online?
Follow the below-mentioned step-by-step process for closing your Kotak Bank account online:
- Step 1: Visit the official website of Kotak Mahindra Bank account.
- Step 2: Log in to your account and download the Kotak Mahindra Bank account closing form.
- Step 3: Fill up the form by providing accurate details like your name, bank account number, linked mobile number, etc.
- Step 4: Provide the method through which you want to receive the funds.
- Step 5: Attach the supporting documents like your Aadhar card, PAN card, etc. along with the form and complete the Kotak KYC verification process.
- Step 6: After filling out the form and attaching the documents, submit it to your nearest Kotak Mahindra Bank branch.
- Step 7: Collect the account closure receipt from the bank.
Upon verification, the bank will close your account within a few days. You will receive the account closure notification on your registered email ID or via SMS on your registered mobile number.
How to Close Kotak Mahindra Bank Account Offline?
If you plan to close your Kotak Mahindra Bank account offline, follow the steps mentioned below:
- Step 1: Visit your nearest Kotak Mahindra Bank branch.
- Step 2: Gather your original ID and address proof documents along with their photocopies.
- Step 3: Consult the bank representatives and obtain the Kotak Mahindra Bank account closing form.
- Step 4: Complete the account closure form by providing your details like account number and personal information correctly and attach photocopies of the required documents.
- Step 5: Return all the account-related products like passbooks, debit cards, chequebooks, and other related things.
- After submission of the form, collect the account closure receipt from the bank and they will process your request.
Documents Required to Close Kotak Mahindra Bank Account
Here is a list of documents you need to provide to close your account in Kotak Mahindra Bank:
- Your Kotak Mahindra Bank account closure form.
- Identity proof documents like Aadhar card, passport, driving licence, or any other government ID.
- Address proof documents like rental agreements or utility bills.
- Documents related to your bank account like debit cards, chequebooks, passbooks, etc.
Kotak Mahindra Bank Account Closing Charges
Before you decide to close your Kotak bank account, you must be aware of all the outstanding charges or fees associated with it. The following table highlights the closure charges for Kotak Mahindra Bank:
| Account Closing Time | Account Closure Charges |
| Less than 30 days or more than 181 days | ₹0 |
| Between 31 to 181 days | ₹600 |
Pre-Closure Considerations for Kotak Mahindra Bank Account
Here are some essential points you need to consider before closing your Kotak Mahindra Bank:
- Remember to withdraw any remaining balance from your Kotak Mahindra Bank account before closing it.
- Before account closure, ensure you have opened a new bank account to transfer your remaining funds.
- Keep a record of your bank statements and initial payments made from your old account, as they may be required during the closure process.
- Settle all your outstanding dues with the bank to prevent any complications when closing your Kotak Mahindra Bank account.
- It is crucial to note that once you close your KMB account, you cannot reopen it.
Closing Kotak Mahindra Bank Account Online With Negative Balance
If you plan to close Kotak Mahindra Bank which has a negative balance, there are chances that the bank will decline your request. The KMB representatives will ask you to pay the amount first and then accept your account closure request.
However, the Kotak Mahindra Bank does not allow you to keep a negative balance in your account. Therefore, if you withdraw funds from your bank several times or keep your account balance negative for a long time, the Kotak Mahindra Bank will close your account automatically.
Kotak Mahindra Bank Account Closing Form PDF
You can download the Kotak Mahindra Bank account closing form from the official website or obtain it from your nearest branch. If you download it from the official Kotak Mahindra Bank website, you need to fill out the form properly and upload the supporting documents with it before submission.
Kotak Mahindra Bank Customer Care For Account Closure Assistance
If you face any issues or have any queries related to Kotak Mahindra Bank account closure, you can contact them at the following details:
| Toll-Free Number (From India) | 1860 266 2666 |
| NRIs (From USA) | 1855-3656767 |
| NRIs (From UK) | 0080044990000 |
Final Word
It is important to fill out the Kotak Mahindra Bank account closing form accurately before submitting it to the bank. You can perform the account closure process easily by following the simple steps mentioned in this guide. However, if you face any problems while closing this account, you can contact the bank representatives through the customer care number or visit the branch directly to clear your doubts.
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FAQs
There are many reasons for which you might need to close your bank account
Poor customer service
Low interest rates
Moving to a city without a nearby branch
High minimum balance requirements
Having accounts at multiple Kotak Mahindra banks
Problems with online services
High fees for transactions
Low transaction limits
To close your Kotak Mahindra Bank account, you can write an application letter, mentioning the date and addressing it to the branch manager of your bank. You must clearly state the purpose in the subject line, include your account details, and explain why you are closing the account. Additionally, you need to conclude the letter by signing it with your contact information.
Closing your Kotak Mahindra Bank account usually takes 4 to 5 bank days.
When you are filling out the account closure form, you need to select the method through which you want to receive the remaining balance. For this, you need to specify whether you want to receive the balance via cheque, cash, or demand draft.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
