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Home / Finance / Banking / How to close overdraft account in SBI?
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How to close overdraft account in SBI?

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0 2023-07-29T08:30:44+00:00
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Consumers of State Bank of India (SBI) can take out additional funds from their loan account than the amount they have in their savings account. They can withdraw funds up to a certain limit, using an overdraft (OD) account. In the case of a cash shortage, this option enables them to meet their financial needs. Moreover, they must refund the loan amount plus interest. If you are looking for how to close overdraft account in SBI Yono app then follow the below steps.

How to close SBI overdraft account online?

As per my knowledge, there is no facility available presently for deactivating an OD account from SBI Yono app. There are following procedures involved in closing an overdraft account with SBI to ensure a quick and easy procedure. 

  • As Amit mentioned, you should go to the closest branch and talk to a bank employee about the closure of overdraft account SBI. 

  • It is advised to carry your identity proof, a passbook, and any other documents. Your account number must be asked to provide.

  • After confirming your identity, the bank employee will look into the overdraft account for any unpaid balances or pending transactions. You must make sure before terminating your OD account, that there are no outstanding debts or obligations. 

  • Now, request the OD account closure form. Fill out all the required fields and submit it along with the supporting documents.

  • The bank employee will then update their system to reflect the termination of the overdraft account after verification. 

Your OD account with SBI can get smoothly end by carefully following the above-mentioned instructions. I hope you got an idea of how to close overdraft account in SBI online.

Get a home loan at the lowest interest via NoBroker. Read more -

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1 2022-10-14T10:53:55+00:00
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An overdraft account is just like a normal bank account balance. The only difference is that the bank provides the amount you want to use as a loan. In a normal account you can withdraw any amount of money from whatever you have deposited. Again you can avail of common loans such as term loans, housing loans, and car loans and repay the amount with interest. But in an overdraft account, you can get money and you can repay the amount you want and withdraw an amount again and again. You must know that overdraft facilities are provided against some type of security. For example, if you are providing a Term Deposit as security the loan will be sanctioned immediately on the same day so that you can get your money. But you can find some other alternatives and then you may want to close overdraft account. So, I will share with you how to close overdraft account in SBI?   Get home loans at the lowest interest rate from NoBroker and purchase the house of your dreams  

How to close OD account in SBI?

  To close your overdraft account in SBI you need to visit the home branch. As of now there is no provision for closing OD account through net banking in SBI.   I hope you know how to close overdraft account in SBI now.   Read more: How to withdraw money from SBI overdraft account? How To Repay Overdraft Against FD SBI? What is overdraft against FD? Maximum LTV offered under dropline overdraft in HDFC bank  

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Amit

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