I generally use this sentence at the end my email before signature: 'Please let me know in case of any queries.'
Is this phrase correct to use for closing a mail?
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I don't feel it is quite correct. "Query" means to ask a question, so it doesn't make sense to ask someone to ask you about a query. It would be like saying "If you want to ask me anything, please ask me".
I would write it as:
Please contact me if you have any queries.
Or a slightly more welcoming version would be:
Please feel free to contact me if you have any queries.