Current Account behaviour
We observe that there have been large value transactions conducted in your Savings Account which appear to be arising out of business activities. These transactions are of a nature which are mostly done through Current Accounts and are not in accordance with the object and purpose of a Savings Account. We suggest that your business needs can be better served through a Current Account.
We therefore request you to cease operations of your Savings Account for business transactions and route such transactions through either your existing Current Account with our Bank or by opening a new Current Account within 30 days from the date receipt of the letter mentioning the same.
In light of these transactions, ICICI Bank Limited (‘Bank’) will close your Savings Account upon expiry of 30 days from the date of the notice sent to you without any further notice. This action of the Bank is in accordance with Savings Account terms and conditions mentioned on the website.
To avoid any inconvenience, please do not issue any cheque(s) from the account, since any such cheque(s) presented to the bank against the account, on or after the account closure date, will be returned with the reason ‘Account Closed’. In case of dishonour/ return of cheque(s) by the Bank, post closure of the account, the same shall be at your cost, consequences and risks. The Bank shall not be liable or responsible for such return/ dishonour. We also request you to arrange for cancellation of any Electronic Clearance Service (ECS) or standing instructions given from the Savings Account. Along with closure of your Savings Account, the Bank will deactivate the Debit-cum-ATM Card and all other such services that you may be availing against the account. The Bank suggests that you must physically destroy your Debit-cum-ATM Card and any unused cheque leaf/ leaves that may be in your possession.
Further, the Bank reserves the right to debit any amount which is payable by you from your account, upon such closure. If the account does not have sufficient funds for the services provided by the Bank, you would continue to be liable to the Bank for payment of such shortfall amounts. Any remaining balance in the Savings Account in the form of Bankers cheque will be sent to your communication address.
If you choose to close your account voluntarily, you may visit the nearest ICICI Bank branch.