Closing a Bank Account in a Regular Operating Environment

1	Step Request to close the bank account. Account with no activity for 6 months needs to be reviewed for closure or provide the explanation to Treasury to keep the account open.	Responsible Party RR/Business Unit Head	Template/Guideline	Explanatory Notes
2	Step Provide current B2B, and last 3-month bank statements, clear all outstanding B2B issues, move the fund out of bank account and make available balance zero.	Responsible Party RR/Business Unit Head	Template/Guideline	Explanatory Notes
3	Step Review bank account closing request.	Responsible Party Treasurer	Template/Guideline	Explanatory Notes
4	Step Review B2B report, provide clearance to close the account.	Responsible Party Chief, CFRA	Template/Guideline	Explanatory Notes
5	Step Approve bank account closing request.	Responsible Party Treasurer	Template/Guideline	Explanatory Notes
6	Step Arrange for preparation of the official letter to close the bank account if the request is approved.	Responsible Party Treasurer	Template/Guideline	Explanatory Notes
7	Step Send Official Letter to close bank account to bank.	Responsible Party	Template/Guideline	Explanatory Notes
8	Step Obtain and provide in bank’s letterhead the confirmation that the account has been closed at bank.	Responsible Party Bank,	Template/Guideline	Explanatory Notes
9	Step Close the bank account in Quantum.	Responsible Party Treasurer	Template/Guideline	Explanatory Notes