Barclays say there has been a significant drop in the number of people visiting its Wilton Road site in the last year so it will cease trading there on September 16 this year.
The bank have confirmed there will be no redundancies as a result of the closure with employees being offered roles elsewhere in the company.
A spokesperson for Barclays told the Melton Times: “The decision to close a branch is never an easy one.
"However, customers are increasingly using alternatives to branches to do their banking and, as a result, we are seeing a sustained fall in branch visits across the UK.
“This is reflected at our Melton Mowbray branch, where we’ve seen a 48 per cent reduction in counter transactions in the last 12 months, when compared to March 2020.
"91 per cent of customers who visit the branch are also using different ways to bank and only 16 customers use the branch exclusively for their banking.”
The spokesperson added: “We will work with our customers and provide alternative options to ensure they can continue to manage their money and receive financial expertise when required.
"This includes working with the local community to find different, more flexible ways for our colleagues to continue to provide local banking support, such as through pop-up presences.”