When I can open a #Bank account online, why can’t I close it Online?

Few PSU banks state that if I close my bank account within 1 year of opening then I have to pay a fine of Rs. 500 -1000. Is #FinTech only about entering in the #DigitalFinance world and not offering an option to exit from it?

I know many of us will reason it with regulation and risk etc. But..

Let’s be honest here 🖐️, how many of us just withdrew money from our bank account to #NIL balance using Debit card, and left it like that, thinking it will automatically get closed if cost of maintaining an account becomes more than earning for a bank??

Definitely there is a risk of misuse, but it’s an easier option.

Why not just offer an option to close the account online with the same due diligence while opening it ?

I feel #FinTech is not only about offering the option to #Opt – In for a product but also to Opt – out. Else it’s not a complete freedom of choice which #FinTech claims to offer.

I feel when exit is easier, people choose and try the product more, over a clogged exit route product.

Please share your experience, thought and ideas on how to tackle with this #Legacy system..

#FinTech, #fintech4inclusion #banks #banking #payments #account #debitcard, #Digitalfinance, #productmanagment

Follow the interesting discussion here https://www.linkedin.com/posts/piyushsingh1_bank-fintech-digitalfinance-activity-6645161377302368256-ffhg