If I start listing the reasons why someone would like to close their bank account then the reasons will be too many. But there are some people out there who wish to close their present bank account in a particular bank. And again reopen a new bank account with the same bank account.
But what do you think?
Will the bank allow you to open the bank account again with them after closing the one you had earlier?
Let me answer this question for you.
Yes, you can close a bank account and open a new one. The bank will allow you to open a new bank account even if you have previously closed an account with them. After all the bank is doing business and when it comes to business. It is mentioned many times that the customer is god in business.
And this stands very true in the case of the banks. If people open the bank account they will deposit their earning as well as savings in the account. And later the bank will use the same money to disperse the loans to other customers. This is the simplest way in which I can explain to you how the banks work.
However, the banks don’t only get the money to disperse the loans from their account holders. But they can also get it from the central bank of the country. Here is we take India as an example. The banks will get deposits from their account holders. At the same time, the banks can also borrow money from the Reserve Bank of India.
There is a different rate at which the bank offers its customers the loans and a different rate at which it accepts money from the central bank. And the rate at which the banks borrow money from the RBI or central bank is called the repo rate.
Should You Provide Account Statement of Old Account with the Bank?
Ok, so now it is clear that you can open a new bank account with the bank where you have already closed the account. But there is a new common question which arises in our minds. And that is should you provide the account statement or any other document related to the old bank account?
The answer to this question is No.
The bank will not ask you to provide the documents or statements of your old bank account if you want to open a new bank account with them. All you have to provide them are the same set of documents which you had given to the bank during the previous time.
Why You Have to Submit the Documents Again?
When you visit the branch of the bank to open a new bank account with them. It is a fact that you previously had a bank account with them and you had banking relations. But now you are just like any other new customer for them. And that is the reason why the bank will ask you to submit all the documents once again.
You have to fill the account opening form again attach the documents as well as verify the authenticity of the documents. Once you have completed all the procedures and verified the authenticity of the documents your bank account will be activated.
How to Deal with the Dormant Accounts?
If you want to close a bank account and again open a new bank account because of a dormant account. Then you are doing it in the wrong way. Here we should understand the meaning of the dormant account. It is an account that has been turned into inactive by the bank itself.
If you want to start using your inactive or dormant account then you can do it. Closing it is not the only way. There is a procedure in every bank which will reactivate your dormant account. In some banks, you have to give a written application and some of them will reactivate it if you deposit a small amount of money into your account.
It highly depends upon your bank. So what you have to do is go to your bank’s branch or call the customer care support of the bank and ask them what are the rules for the dormant account. They will be more than happy to help you get your inactive account activated again.
Source: Account Closers
