Home Business Entrepreneurship How to Close Your Current Account or Business Account?

How to Close Your Current Account or Business Account?

I opened a current account (business account) for my llp in 2015 for a business but it goes in loss and I was unable to maintain MAB (minimum average balance) in my current account, bank was charging high fees for not maintaining MAB so I have decided to close that current account to get out of this headache.

I wanted closing account urgently because of high bank penalties and second reason was, my accountant required it to close my company.

I visited nearest branch but staff has no idea of closing current account of an LLP so they told me that “This is a Current Account so you can settle it at your home branch” (home branch is where I opened my current account).

When I reached home branch at GK-2, bank staff were also unable to tell me the list of required documents and resulted I had faced many problems because home branch was far from my home.

Then I have decided to write an featured article so that you can skip these problems during closing current account of LLP limited liability partnership or pvt. ltd. company.

Documents required to close current account:

  • Partnership deed, original and a copy duly signed, stamped by all partners.
  • PAN Card of company.
  • PAN Card of all partners.
  • Aadhar card of all partners.
  • Account Closure Letter on company letter head, signed, stamped by all partners.
  • ATM & passbook
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After checking these all documents, bank then will close your account and return balance (if any) if your account in negative balance, they will ask you to deposit that amount.

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After the formalities they will give you account closing certificate, which is mandatory to be safe in future. So when you close your current account, ask banker to give account closing certificate. They can give it on same day, in some cases they may give it after 1-2 days by email.

Sunil Butolia
Founder & Editor-In-Chief of FAME Publish Sunil Butolia, is an Indian digital marketer and businessman.

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