How to Close IDFC First Bank Credit Card

Shutting down your savings or current account with IDFC First Bank may seem intimidating if you lack proper assistance. However, the process is hassle-free and efficient provided you adhere to the necessary steps correctly.

This detailed manual will elucidate the steps for permanently closing an IDFC First Bank retail account by visiting your designated home branch. We will delve into the essential documentation, the procedure for filling out the account closure form, submission at the branch, and monitoring the progress of your request. Whether you’re relocating overseas, streamlining your finances, or no longer require the account, follow this guide meticulously for a seamless closure experience.

Steps to Close Your IDFC First Bank Credit Card Account:

  1. Obtain the Account Closure Form:
    • Visit your nearest IDFC First Bank branch and request the account closure form. Ensure all required details are accurately filled out according to your account information. Every individual with an account is required to sign the form requesting closure of said account.
  2. Provide KYC Documents:
    • Attach self-attested copies of your valid identity and address proof documents along with the closure form. This is essential for processing the closure request.
  3. Submit the Form at the Branch:
    • Submit the completed account closure form along with the attached KYC documents at your home branch. Make sure to obtain and retain the acknowledgement slip provided for your request.
  4. Clear Pending Transactions:
    • Prior to proceeding with the closure of the account, it is essential to confirm that all outstanding transactions, including deposits, cheques, interests, or fees, have been resolved directly at the branch. This step is crucial in averting potential complications in the future.
  5. Receive Closure Confirmation:
    • Please return to the branch in 5-7 business days to pick up the official confirmation letter for closing your IDFC First Bank account. This letter will confirm that your account closure process has been completed successfully.

Things to Check Before Closing Your IDFC First Bank Credit Card:

  1. Withdraw or Transfer Fixed Deposits:
    • Initially, ensure to either withdraw or transfer any current fixed deposits from the account individually.
  2. Clear Outstanding Debts and Bills:
    • First, ensure that any outstanding loans, credit card balances, fees, or bills linked to IDFC First Bank are settled.
  3. Cancel Standing Instructions:
    • Cancel any standing instructions linked to the account, such as Systematic Investment Plans (SIPs), to prevent future transactions.
  4. Settle Pending Cheques or Deposits:
    • Before closing, make sure to resolve any outstanding checks or deposits currently held by the branch.
  5. Withdraw Entire Account Balance:
    • Finally, withdraw the entire account balance either through cash withdrawal, cheque issuance, or transfer to another account.

Documents Needed to Close an IDFC First Bank Account:

  1. Account Closure Request Form: Complete and sign the account closure request form, ensuring all account holders’ signatures are included.
  2. Identity Proof: Provide a valid identity proof such as a PAN card or Aadhaar card.
  3. Address Proof: Please provide a legitimate document confirming your current address, such as an electricity bill, to complete the verification process.
  4. Cancelled Cheque Leaf or Bank Account Statement: Include a cancelled cheque leaf or the latest bank account statement associated with the account being closed.
  5. Passbook (if applicable): If a passbook was issued for the account, return it along with the other required documents for closure processing.

How to Reactivate a Closed IDFC First Bank Credit Card:

  1. Contact Customer Service: Reach out to IDFC First Bank’s customer service either by phone or visit the nearest branch.
  2. Provide Necessary Information: Be ready to provide essential details such as your credit card number, date of birth, and any other verification information requested by the customer service representative.
  3. Verification Process: IDFC First Bank may ask you to confirm both your identity and ownership of the closed credit card. This might entail responding to security inquiries or presenting official identification papers.
  4. Agree to Terms: Please carefully review and consent to any terms and conditions set forth by the bank regarding the reactivation procedure.
  5. Payment of Outstanding Dues: Before initiating the reactivation process for a closed credit card, it’s essential to make sure that any remaining balances or outstanding dues on the card have been settled. The bank may require you to settle any pending balances.
  6. Await Confirmation: Once all necessary steps are completed, await confirmation from IDFC First Bank regarding the reactivation of your credit card. You can receive confirmation through a phone call, email, or official letter.
  7. Activation Process: Follow any instructions provided by the bank to activate your reactivated credit card. This may involve signing a new agreement or activating the card online or through a designated phone number.
  8. Start Using the Card: Once the reactivation process is complete, your IDFC First Bank credit card will be ready for use. You can resume using it for purchases and transactions as usual.

Frequently Asked Questions (FAQs)

Q. How do I close my IDFC First Bank credit card?

A. You can close your IDFC First Bank credit card by either visiting the bank’s branch and submitting a written closure request or by contacting their customer service.

Q. What documents are required to close my IDFC First Bank credit card?

A. Typically, you’ll need to fill out an account closure request form and provide valid identification proof such as PAN card or Aadhaar, address proof like an electricity bill, and submit a cancelled cheque leaf or latest bank account statement associated with the card.

Q. Are there any fees associated with closing my IDFC First Bank credit card?

A. Normally, IDFC First Bank doesn’t charge a fee for closing a credit card. However, ensure all outstanding dues and fees are cleared beforehand to avoid additional charges.

Q. Is it possible for me to shut down my IDFC First Bank credit card through online means?

A.¬†While some banks offer online closure services, it’s recommended to confirm with IDFC First Bank directly about their specific online closure procedures as it may vary.

Q. Is there a waiting period for my IDFC First Bank credit card to be officially closed?

A. Once you’ve submitted the closure request and settled all dues, the bank typically processes the closure within a few business days. You’ll receive notification once the closure is completed.

Q. Is it possible for me to reactivate a previously closed credit card from IDFC First Bank at a later time?

A. Yes, you might have the option to reopen a closed credit card in the future. Contact IDFC First Bank’s customer service for guidance on the reactivation process.

Q. What should I do with my IDFC First Bank credit card after closure?

A. After your credit card is closed, ensure to destroy the physical card by cutting it into pieces. Also, update any automatic payments linked to the card with an alternative payment method.

Q. If I close my IDFC First Bank credit card, will it have any impact on my credit score?

A. Closing a credit card could impact your credit score, especially if it’s one of your oldest accounts or if you have a high credit utilization ratio. It’s wise to consider the potential impact on your credit score before closing the card.