How to Close Joint Account in Standard Chartered Bank

A joint account is a bank account that is owned by more than one person. In India, joint accounts are common among families and businesses as they offer several advantages such as ease of access to funds and shared financial responsibility.

A joint account with "joint" ownership means that all account holders have equal rights and access to the account. This type of account requires the consent of all account holders for any transactions to be made. This type of account is ideal for family members who want to share expenses, such as bills or rent.

A joint account with "first holder or survivor" ownership means that the first account holder has the primary ownership of the account, and the second account holder is considered as the nominee. In case of the first holder's death, the second holder can take over the account without any legal formalities. This type of account is commonly used by married couples, where the primary account holder wants to ensure that their partner has easy access to funds in case of an emergency.

An "anyone or survivor" account means that any one of the account holders can access and operate the account. In case of the death of one account holder, the surviving account holder(s) can continue to operate the account without any legal formalities. This type of account is ideal for business partners or friends who want to share expenses but may not be able to visit the bank together regularly.

Standard Chartered Bank offers facility to close joint account easily, for which you just need to follow a few steps as detailed below.

How to Close Standard Chartered Bank Joint Account?

If you have a Joint account with Standard Chartered Bank and interested to know how to close it then following are the steps will have to follow:

(1) Fill up the Account Closure Form of Standard Chartered Bank

In order to close your Joint bank account, the first step is to fill up an Account Closure Form. You can download it from bank's website or alternatively, you can visit your branch, get the account closure form and fill it up properly. After that all the joint holders in your account need to sign the account closure form and submit it to the branch manager/ officer-in-charge.

(2) Attach your KYC (Know Your Customer) Documents

All the holders of the account need to attach a copy of KYC documents i.e. a copy of PAN, which also serves as your proof of identity and a proof of address to the account closure form. The account holders may also be asked to self attest these documents.

(3) Surrender Balance Cheque Leaves, Debit Card and Passbook to your Bank Branch

You need to surrender your Balance Cheque Leaves, if any, Debit Card and the Passbook. Your account closure application is taken for processing only after you have surrendered all these items.

(4) Withdraw the Balance Amount from your Joint Account

The banker verifies the documents submitted by you and if he/ she finds all the things are correct then you are asked to withdraw the balance amount in your account. If the account has any outstanding balance, the bank will ask the account holder to settle the balance before closing the account. This can be done either by withdrawing the balance in cash or by transferring the balance to another bank account.

Once the account balance has been settled, the bank will process the account closure request. It is important to ask for a confirmation receipt or a closure acknowledgement letter from the bank, as this serves as proof that the account has been closed.

If you follow above steps, you would be able to close your joint bank account in an easy manner. Banks generally send an email or SMS on your registered email id and mobile after your account is closed.

Reasons to Close a Joint Bank Account

• Inactivity: Account holders may close the joint account, if it is not being used for a long time.
• Change in Relationship Status: Couples may close a joint account due to the end of a marriage because of divorce or separation.
• Death of an Account Holder: After the death of one of the account holders, the surviving account holder can close the joint account.
• Financial Disputes: Disagreements over spending or any other issue may lead to closure of the joint account.
• Change in Financial Goals: Changes in financial objectives may lead account holders to close a joint account which was opened for another purpose.
• Lack of Trust: Trust issues between the account holders can also become a reason for closing of the joint account.
• Legal Reasons: Due to some legal issue, the account holders need to close the joint account.

How to Close an Inactive Joint Account?

In case the joint account is inactive or dormant, you will have to first make it active before proceeding with the account closure. Outlined below the step that you have to perform in order to close an inactive joint account.

1. Reactivate Inactive Account: Reactivate the account by submitting recent KYC documents of all the joint account holders and by carrying out a transation such as deposit some amount in the account.
2. Fill up the Account Closure Form: After confrming that the account is now 'Active', fill up the account closure form and submit the same to the bank to process your account closure request.
3. Surrender Unused Item: Surrender unused balance cheque leaves, debit card and passbook along with account closure request
4. Withdraw the Balance: Withdraw the balance amount from your joint account or transfer it to other bank account
5. Get Acknowledgement: Once you've successfully submit the request for closing the account, you receive an acknowledgement from the bank. Don't forget to take this.

If you follow above steps, you would be able to close your joint bank account in an easy manner. Banks usually send an email or SMS on your registered email id and mobile after your account is closed.

Important Points regarding Closing of Standard Chartered Bank Joint Account

• Don't forget to ask for an acknowledgement after the submission of the request for Closing of Joint Account.
• For closing your account, you need to visit that branch of the bank where you had opened the account.
• Remember to make the account balance zero before proceeding with the account closure
• One should close the account only if he really doesn't need it in future as banks generally don't allow to re-open a closed account.
• One must save a soft copy or take a printout of full bank statement since inception till closing for the purpose of any future reference.
• Cancel your automated payment instructions, if any.
• Some banks may levy a charge for the account closure.
• One must clear all the pending dues or charges before closing the account.