The banking sector in India has been a huge success in recent times, which is evident from the growing number of banking customers. Indian banks have got many attractive features to offer. One of them is to allow you to transfer your bank account to another branch offline.
Transfer bank account to another branch offline:
Yes, it is possible! You had observed that before the facility mentioned above was available, many people had to open a new bank account when they changed residence.
They could not switch their bank account to another branch. To eliminate this problem, RBI has come up with a solution. Thanks to that solution, you can now transfer your bank account from one branch to another branch.
By the way, this facility is called Bank Account Portability. Before giving you the complete process on how to avail of the service, I am giving you the following section to improve your knowledge regarding this topic.
Bank Account Portability:
All banks in India are mandated to adopt a centralized customer identification system. RBI prescribed it in 2012. With this system, the bank can access customer details from any branch.
You are assigned a specific customer ID. If you unlock a new account or close an existing account in any other branch of that bank, they will add the details to that customer ID.
The above system has brought in bank account portability in Indian banking. There are some guidelines regarding bank account portability. The section below covers them in detail.
More on Bank Account Portability
RBI directs banks to opt for a Single Customer ID system. It is the basis of bank account portability. Bank account portability policy differs from bank to bank.
However, you need to contact your bank branch to get the policy meant for you. They will help you with bank account transfers.
- If all the KYC documents had linked to your account at the current branch, you don’t need to submit them again.
- For bank account portability, you do not need to submit proofs again at the branch to which you are transferring your account.
- Account number and customer ID remain intact under bank account portability.
- So, they will change the branch of your account. Internet banking will work as usual.
- You can access your account overview, history, etc., as before.
- It depends on the banks, but most banks provide a new chequebook when you move your account to a new branch.
- If you have modified your residential address, you need to prove the proof of the new address. It is mandatory.
- You will want to follow the same procedure to convert an NRE account to a savings account.
- Both applicants must sign the application to transfer a joint account to a new branch.
- Depending on the rules set by your bank, you may or may not be required to submit your previous chequebook, passbook, credit/debit card etc.
- It depends on the criteria set by your bank for bank account portability.
As mentioned earlier, the policy varies from bank to bank. So, to get the same policy, you need to contact your bank people.
But, since many people are availing of the banking services of the top players in the banking market, we are providing the bank account portability system procedure of some leading banks in the below section. It is likely to involve a process for your bank.
State Bank of India
It is very simple. Step out of your home, approach the branch and write your request for portability on a white piece of paper. Submit that white paper. The rest of the work had done by bank people.
HDFC has a special process to avail bank account portability. You need to fill out a clear application form to start the process. The application form is available from any branch of HDFC.
So, walk into the nearest HDFC branch and grab one for yourself. If this sounds like a daunting task, download the application form for free.
As mentioned above, there is a specific procedure you need to follow to avail the facility in negotiation. You will have to submit the chequebook of the old branch.
The debit card can be kept with you and linked to a new account by requesting the bank. Get the application form for the same at any nearest branch of ICICI.
The application form for Bank Account Portability in the case of Axis Bank is available from any nearest bank branch. There isn’t considerably you need to do on your own. They have listed the complete process on their website.
If you are a Canara Bank customer and want to avail of bank account portability, one good thing for you is that you don’t need to submit a chequebook and debit card.
For this, you have to make a separate request by letter. If you do not, you must surrender the above. The branch can obtain the application form to be filled out by you from any branch of Canara Bank.
Well, there are many more banks which can be listed further. But, we have tried our best to cover most of the banks. If your bank is not detailed above, you don’t need to worry, as you can learn the process from the official people of the bank.
Bank account portability is a wonderful feature. I hope you know all about it now. What are your views on it? Isn’t it easy to transfer a bank account to another branch anywhere in India?
Do you feel any problem while doing it? The chances are close to zero, but we’re always here to help you if it does happen.
1. Does a change in branch cause a problem?
The basic problem is that it will change your IFSC code. IFSC code had used to complete fund transfer transactions through NEFT, ECS, RTGS and UPI. A change in your IFSC code can cause a problem. In some cases, even the transaction will fail.
2. How long does it take to transfer to the SBI branch?
Earlier, you had to fill out several forms and wait several weeks for the transfer. But, you can now transfer your SBI savings account online, from one branch to another, anywhere in the country, within a week for free. Many other banks have been offering this facility for some time.
3. How can I write an application form for branch transfer?
Dear Sir, With due respect, I request you to transfer my account from the current branch to your branch at (Name of City and Name of City) as I have shifted from (City Name). As mentioned earlier, it is more convenient for me to manage my account operations from the branch.
4. Can I transfer my bank account from one city to another city?
Now, you can keep your account number and transfer your bank account to the nearest branch in the new city. The Reserve Bank of India had invited banks to allow portability of accounts between their branches if the customer completes full KYC (Know Your Customer) details.