Decree No. 52/2024/ND-CP (Decree 52) on non-cash payments, effective from July 1, 2024, stipulates the following cases of closing payment accounts:

Case 1: The account owner requests to close the account. The condition for closing the account is that the account owner has fully paid all fees and obligations related to the account.

Case 2: Account owner passes away (with Death Certificate from the local authority of the customer's last place of residence).

Case 3: The organization owning the payment account ceases operations in accordance with the provisions of law.

Case 4: The account owner violates the prohibited acts as prescribed in Clause 5 and Clause 8, Article 8 of Decree 52/2024/ND-CP. Specifically:

Opening or using payment accounts and e-wallets in violation of regulations: Opening anonymous or impersonated payment accounts and e-wallets; Buying, selling, renting, leasing, or lending payment accounts and e-wallets; Renting, leasing, buying, selling, or opening bank cards (except for anonymous prepaid cards); Stealing, buying, or selling information about payment accounts, bank cards, and e-wallets.

Using payment accounts and e-wallets for illegal purposes: Using payment accounts and e-wallets for gambling and organizing gambling; Fraud and scams; Illegal business; Committing other illegal acts.

What happens to the balance in a closed account?

Decree 52/2024/ND-CP stipulates how to handle balances when closing payment accounts as follows:

Payment to account owner or authorized person:

The balance will be returned to the account holder upon request.

In case the account holder loses or has limited capacity to act, the balance will be paid to the legal representative or guardian as prescribed.

In the event of the account holder's death, the balance will be paid to the heir or legal representative.

In addition to the above cases, the balance will be paid according to the provisions of law in case of a decision by a competent state agency.

Decree 52 also stipulates that if the legal beneficiary has been notified but they do not come to receive it, the remaining balance will be handled according to the provisions of law.

According to current regulations of each bank, accounts that do not generate active transactions (dormant accounts) for a certain period of time (usually 6-48 months), if the balance is 0 or lower than the minimum balance, will be locked.

Therefore, even if the account is in a "dormant" state but still has a balance, the bank will continue to maintain the account and periodically deduct account management fees, "dormant" account maintenance fees until the balance is 0.

Source: https://archive.vietnam.vn/4-cases-of-bank-accounts-being-involved-by-regulations/