Introduction to Account Closure

It is a normal business requirement for banks across the globe to receive and execute account closure requests from customers. However, there might be a scenario where a bank will have to back-date an account closure, probably due to a user-error, or considering the relationship value of the customer.

The functionalities available are summarised below:

• Ability to check and validate any future dated transactions in the account and thereby restrict closure of that account.
• Ability to calculate system calculated charges and option to override them with user calculated charges.
• Ability to handle different payment modes during account closure.