Punjab & Sind Bank · 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
Savings Accounts — Service Charges · Other
Savings account closure timing
| Rate | Bank’s figure | With 18% GST |
|---|---|---|
| Closed within 14 days of account opening | ₹0 | — |
| Closed after 14 days but within 12 months | ₹500 | ₹590 |
| Closed after 12 months | ₹0 | — |
The bank's figure is before tax, so 18% GST is added on top.
Applies when: Savings Bank account. Free within 14 days; Rs500 after 14 days but within 12 months; free after 12 months. Exemptions include closure due to death, BSBD accounts, loan accounts and specified Government PFMS 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.