An Authorization Letter To Close Bank Account is a crucial document required by Indian banks when an account holder wishes to terminate their banking relationship. This document is necessary under Indian banking regulations and must comply with the Banking Regulation Act, 1949, and RBI guidelines. It is used in various scenarios including individual account closures, corporate account terminations, or when closing dormant accounts. The letter serves as official documentation of the account holder's request and protects both the bank and the account holder by clearly stating the closure instructions, including the handling of remaining balances and linked services. This document becomes particularly important in cases involving joint accounts, business accounts, or when the closure is being handled by an authorized representative.
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1. Date and Place: Current date and place of writing the letter
2. Bank Details: Complete name and address of the bank branch where the account is held
3. Subject Line: Clear indication that this is an authorization letter for account closure
4. Account Holder Details: Full name and contact information of the account holder
5. Account Information: Bank account number and type of account to be closed
6. Authorization Statement: Clear statement authorizing the closure of the account
7. Closure Instructions: Specific instructions for handling the remaining balance
8. Signature: Account holder's signature matching bank records
1. Joint Account Holder Details: Required when the account is jointly held, including names and signatures of all account holders
2. Reason for Closure: Optional explanation for closing the account, may be required by some banks
3. Authorized Representative Details: When someone else is physically submitting the letter on behalf of the account holder
4. Outstanding Services Declaration: Statement confirming no pending checks or automatic payments linked to the account
5. Foreign Account Declaration: Required for NRI accounts or international banking relationships
1. Identity Proof: Copy of valid government ID of the account holder(s)
2. Unused Cheque Leaves: All unused cheque leaves attached with the letter
3. Original Bank Cards: Debit/ATM cards associated with the account
4. Power of Attorney: If the letter is being submitted by an authorized representative
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Corporate Services
Legal Services
Retail Banking
Business Banking
International Banking
Public Sector
Private Sector
Non-Profit Sector
Relevant Teams
Legal
Finance
Operations
Compliance
Customer Service
Administration
Treasury
Corporate Secretarial
Account Management
Risk Management
Relevant Roles
Bank Branch Manager
Account Relationship Manager
Banking Operations Manager
Compliance Officer
Legal Counsel
Corporate Secretary
Financial Controller
Treasury Manager
Account Officer
Customer Service Representative
Banking Operations Executive
Finance Manager
Administrative Officer
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