Federal Bank Limited · 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
Closure within 12 months of opening: Rs 200 for the Savings Bank Rural and Senior Citizens variants, Rs 300 for other Savings Bank variants, Rs 400 for Current accounts. No charge if the account is closed within 14 days of the first deposit.
| Rate | Bank’s figure | With 18% GST |
|---|---|---|
| Savings Bank — Rural / Senior Citizens | ₹200 | ₹236 |
| Savings Bank — Other | ₹300 | ₹354 |
| Current account | ₹400 | ₹472 |
The bank's figure is before tax, so 18% GST is added on top.
Applies when: Federal Bank liability products closed within 12 months of account opening. The charge differs by account variant and every published variant is named with its own figure in the variant table. No charge if the account is closed within 14 days of the first deposit. GST is additional.
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.