Bank of India · statement narration
ACCT CLOSURE CHG
A fee for closing your account within a defined period after opening it.
In plain English
A fee for closing your account within a defined period after opening it.
Also printed as CLOSURE CHARGES, AC CLOSE CHG, ACCOUNT CLOSING CHARGES, PREMATURE CLOSURE CHG.
Hinglish mein
Account khulne ke kuch samay ke andar band karne par lagne wala charge.
What it costs, including GST
Retail Banking Service Charges · Branch
Bank of India savings account closure charges: Nil within 14 days; Rs250 (+ GST) between 15 days and 12 months; Nil after 12 months.
| Rate | Bank’s figure | With 18% GST |
|---|---|---|
| Within 14 days of opening | ₹0 | — |
| 15 days up to 12 months | ₹250 | ₹295 |
| Beyond 12 months | ₹0 | — |
| Closure due to death of account holder | ₹0 | — |
The bank's figure is before tax, so 18% GST is added on top.
Applies when: Bank of India savings accounts.
Why it happened
The account was closed inside the chargeable window after the first transaction.
How to avoid it
Close within the initial free window (commonly 14 days), or wait until the account is over a year old. No charge applies where the account is closed due to the holder's death.