It has now become simpler to transfer your State Bank of India (SBI) to another branch. You had to fill out several forms earlier and wait for the transfer to unfold for several weeks. But now, within a week, you can transfer your SBI savings account online, from one branch to another, anywhere in the country without any charges.
Key takeaways to know before initiating online account transfer procedure
This method is only accessible for savings accounts and is not valid for inoperative savings bank accounts and for those who have not done their KYC. In addition, only if your mobile number is registered with the bank and you have access to Net Banking you can initiate this online account transfer service. Apart from all these, make sure you have the branch code to which you want the account to be transferred. You can click on the following link to get it if you do not know the branch code. (https:/www.sbi.co.in / corporate / branchlocator.html) You can get the specifics by contacting your branch if it's still a concern.
SBI Account Transfer Online
By following the below-mentioned steps you can transfer your SBI savings account online from one bank branch to another:
- Visit 'onlinesbi.com' and select 'Personal Banking'
- Now sign in to your net banking account using the required credentials
- Now select 'e-services' menu from the top panel and then click on the 'Transfer of savings account' option
- On the next page you can see your current account details such as account number and branch name
- Now select your savings account which you need to transfer and enter the branch code where you are willing to transfer the account to
- Now click on the 'Get Branch Name' option and then click on 'Submit'
- Now on the next page you have to authenticate your account transfer details using the current or running branch code and new branch code.
- Now click on 'Confirm' and an OTP will be delivered to your registered mobile number
- Enter the generated OTP and click on 'Confirm'
- Once the OTP is verified 'Your branch transfer request has been successfully registered' message will be displayed on your device screen
Don't miss out
In step 5: If only one account exists, or if you want to transfer all of your accounts, the CIF must be switched to the new branch. CIF stands for customer information file that includes the specifics of your account. The account number and CIF will remain the same, but the IFSC code will differ (as it is branch-specific). If you have furnished other institutions with the IFSC code, such as mutual funds (for dividends, etc.) or the Department of Income Tax (for reimbursement), you will have to reassure them with the new code. If there is a change in the IFSC code, current ECS and standing instructions will have to be modified. For the transfer to happen, it will take around a week. After signing in to the Net Banking after a week, the new branch name can be shown, which will ensure that the transfer procedure is successful.