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Close Savings Account -Transaction Information

This menu is used to close savings accounts. There may be charges and penalties associated with the accounts closure and these should first be set at System->Configuration->Savings->Savings Accounts Settings.

Note also that if there are Minimum Balances for the savings account, set at the System->Configuration->Savings->Interest on Savings, then the withdrawal below the minimum balance amount will be possible only after the closure of the account. 

How to Close a Savings Account

To close a savings accounts you go to Savings->Close Savings Account and a screen like the one below shows up:

From the available radio buttons, select the type of client whose savings account is to be closed, e.g., "Individual Client" or click on the Choose button to select the account number.

Click on the Next button to continue and a screen like the one below shows up:

The Account No. e.g., "DB/I/000001" and client Name e.g., "120/000020" will automatically be displayed.

You can view a report on closed savings accounts at Savings->Savings Reports->Closed Savings Accounts Report menu. You can also get a general idea on how many accounts were opened or closed during a certain period from the State of accounts Report in the same menu.

Click the Save button to close the account.

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