Planning to switch your bank? Check out these pro-tips for a smooth and hassle-free transition
- Open a new bank account: Once you have decided to open a new bank account, get up and do it. Make a minimum deposit in the account and wait for the formalities to get done. It is always better to open an account and use it before you close an old one.
- Classify your monthly expenses: In case of bills or EMIs that are paid automatically from your old account, it is important to identify the monthly expenses. Find an alternative way to pay your bills before completely closing your old account.
- Wait for some time: Sometimes it takes longer than you expect for the bank formalities to be settled. In such cases, it is advisable to keep your old account open till everything is stable and smooth with your new account. Make sure the new account is used smoothly for all transactions.
- Finally, close the old account: Once you are sure that everything is in place and you don’t require your old account, close it for good! Withdraw the balance money from your account or write a cheque to yourself to empty it. Also, when the account is closed, make an official statement so that your bank doesn’t pay interest and keep producing statements.
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