I had a Citibank account that was opened by my previous employer it was a zero balance account (salary savings account). Recently I got a letter from Citibank saying that they are going to convert my salary account into saving account, which meant I had to maintain an MAQB (minimum average quarterly balance) of Rs 25,000/-.
Considering the fact that Citibank has only two branches in all of Bangalore(may be all of Karnataka). I just didn’t need a savings account with Citibank.
Since there are only two branches in Bangalore, I knew once I went to their branch I would be stuck there for a long time. So I started searching for information on-line about closing the account. I came across this post written by Mr. Vinaya HS and I found it very useful. It saved me some time. I didn’t follow all the steps underlined by him. These are the things I did.
1. Reduce your account balance to zero.
This can be avoided, at the time of closing your account, If you have over Rs. 60/- in your account, Citibank would give you the money via a DD(Demand Draft) sent to your residential address.
2. Download this account closure letter template.
There is just one line of change in this document when compared to the one put online by Vinaya. Citibank doesn’t take back the Cheque book and the Debit card while closing the account, they would ask you to destroy them. So I made a change to the document. A form is also available at Citibank branches too which can be used instead.
3. Fill in your account and personal details and take a printout.
4. Courier the thing!
Just courier the printout to below address: Citibank N.A., Mail Room, No. 2, Club House Road, Chennai – 600002. You don’t need to send your debit card, Cheque Book and photocopy of ID proof. You don’t have to worry about Step 5. You should receive an SMS informing that the account is closed within a week.
4. Carry a photo proof.
This can be anything, your pan-card, voter’s id card or even your office access card. You may carry the Cheque books and the Debit card just in-case.
5. Visit the nearest Citibank branch.
Hand over the letter at the desk and after the person there puts a seal on the letter ask him for a copy of the letter you have given and you would have an acknowledgment.
Citibank takes two days to close the account once the request for closure of account is accepted. Before signing off I would like to thank Mr. Vinaya HS.
Updated the Courier section based on findings of Ashish, Mamatha and Vidya, thank you guys.