Applications to Close a Business or Current Account and Transfer the Balance to a Savings Account (SBI)
Closing a business or current account and transferring the funds to your savings account is a straightforward process if done through the correct channels. If you're an SBI customer and wish to shut down your current account for personal or business reasons, the first step is to write a formal application to the branch manager.
Below are four carefully written application samples, each from a human angle, that you can customize and submit either physically or via SBI's digital channels.
Sample 1: Simple and Straightforward Approach
To,
The Branch Manager
State Bank of India
[Branch Name], [City Name]
Subject: Request for Closure of Business Account and Balance Transfer
Respected Sir/Madam,
I am Sushank Roy, holder of a savings account (No. 1234567) and a business account (No. 64789) in your branch. I have maintained both accounts for several years, and I sincerely appreciate the services provided.
However, due to changes in my professional situation, I am no longer able to continue managing my business. Therefore, I request you to close my business account and transfer the remaining balance to my savings account.
Thank you.
Yours faithfully,
[Signature]
Name: Sushank Roy
Mobile: [Your Phone Number]
Date: [DD/MM/YYYY]
Sample 2: Formal and Professional Tone
To,
The Branch Manager
State Bank of India
[Branch Name], [City Name]
Subject: Closure of Business Account and Fund Transfer Request
Dear Sir/Madam,
I am writing to formally request the closure of my SBI business account (Account No. [Your Business A/C Number]) currently held at your branch. I am also maintaining a savings account (No. [Your Savings A/C Number]) with you.
Due to operational downsizing and the winding up of my business activities, I no longer require the business account. Kindly initiate the closure process and transfer the entire balance to my savings account.
Please let me know if any documents or formalities are required from my end.
Yours sincerely,
[Full Name]
Contact Number: [Phone Number]
Date: [DD/MM/YYYY]
Sample 3: Personal & Emotional Angle
To,
The Branch Manager
State Bank of India
[Branch Name], [City Name]
Subject: Application for Closing Business Account and Transferring Balance
Respected Sir/Madam,
I hope this letter finds you well. I am [Your Name], a customer of your bank for over [X] years, with both a business and savings account at your branch.
Due to personal health reasons and a recent shift in priorities, I’ve made the tough decision to shut down my business. It’s been a rewarding journey, but I now wish to focus on personal goals.
Hence, I kindly request you to close my business account (No. [Business A/C Number]) and transfer the remaining balance to my savings account (No. [Savings A/C Number]).
Thank you for the consistent service and support.
Warm regards,
[Your Name]
Mobile: [Your Contact Number]
Date: [DD/MM/YYYY]
Sample 4: Concise and to the Point
To,
The Branch Manager
State Bank of India
[Branch Name], [City Name]
Subject: Closure of Current Account and Balance Transfer
Dear Sir/Madam,
I request the closure of my current account (A/C No. [XXX]) maintained at your branch. Kindly transfer the existing balance to my savings account (A/C No. [XXX]) held in the same branch.
Please confirm once the process is completed.
Thanking you,
Yours faithfully,
[Your Full Name]
Date: [DD/MM/YYYY]
Phone: [Your Mobile Number]
✅ Before You Submit the Application:
-
Carry a valid ID proof (e.g., Aadhaar, PAN).
-
Include account details accurately.
-
Sign the letter with the registered signature.
-
Submit it in person or use SBI Online Banking (where applicable) to raise a service request.
Science In Everyday Life Essay Writing | Important Essay Writing
Write A Letter To Your Friend Telling Him How You Spent Your Summer Vacation Or Holidays
FAQs
1. Why would I need to close my SBI business or current account?
You may want to close your business or current account if you no longer operate your business, want to consolidate your accounts, or switch to a savings account for personal use.
2. How do I formally request the closure of my SBI business or current account?
You need to write a formal letter addressed to the Branch Manager of SBI stating your intention to close the account and request the transfer of the remaining balance to your savings account.
3. What details should I include in the account closure letter?
Include your account number, account holder name, reason for closure, request to transfer balance to your savings account, and your contact details.
4. Do I need to visit the bank personally to close my account?
Usually, SBI requires the account holder to visit the branch in person to submit the closure request along with the original passbook, cheque book, and ID proof.
5. How long does it take to close an SBI current or business account?
Typically, it may take 7 to 15 working days for the bank to process the closure and transfer the balance after receiving the request.
6. Can I transfer the balance to a savings account held in another bank?
Usually, SBI transfers the balance to a savings account within the same branch or bank. For other banks, you might need to withdraw and deposit manually.
7. Will there be any charges for closing the account?
SBI generally does not charge for closing accounts, but you should verify if there are any pending dues or minimum balance penalties.
8. What if there are pending transactions or dues on my business/current account?
Ensure all outstanding dues, cheque clearances, and pending transactions are settled before requesting closure to avoid delays.
9. Can I close a business or current account online?
Currently, SBI may require physical submission of closure requests for business/current accounts, but you can check online services for updates or call customer care.
.
