If you have an account with Jupiter Money and have decided to close it. Then you can do it and in this guide, I will tell you how you can close Jupiter Money account permanently.
Before you start with the process there are a few things you need to know. The first thing is Jupiter Money is not the bank that hosts your account.
The account you have opened with the help of Jupiter Money is actually hosted and maintained by Federal Bank. So here there are three parties involved here.
The first party is you, the second party is Jupiter Money, and the third party is Federal Bank. Here you have to raise your request with Jupiter Money.
And then your request will be moved to Federal Bank. In case you are closing the account within 90 days. Then you will be charged account closing charges.
So it is recommended that you maintain at least Rs. 150 INR as balance in your account. And you should also keep your debit card and cheque book with you. (No charges to be paid after 90 days)
This is because you will have to show proof that you have destroyed them safely in order to avoid the misuse of them after your account is closed.
What is the Process?
In order to close your Jupiter Money account, open the app → open the chat option → chat with the support executive, and tell them that you want to close your account.
Your request will be taken and someone from Jupiter will reach you and help you to close your account. During that time you will have to share a photo as proof that you have destroyed your debit card and cheque book.
I also learned from the support team of Jupiter that soon an update will be rolled out. After that, the account can be closed within the app itself.
Should I Visit the Branch of Federal Bank?
I saw a YouTube video that says that the customer will have to visit any Federal Bank branch and fill the account closure request form.
To verify this I started a chat with the Jupiter support team and asked them about it. They told me there is no need to visit the branch of the bank.
Conclusion
Things change very rapidly in the Fintech industry. So while you are reading this guide the process might have changed. But you need to worry because you will be helped out by the support team of Jupiter. Believe me, they are amazing people to deal with. Also keep in mind that the officials of Jupiter Money and also Federal Bank will never ask for your passwords, PINs, and OTPs. So make sure you never shared such details with anyone.
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