Transfer Savings Account to Another Branch of Same Bank and Retain Same Account Number

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It's possible that you have to frequently change your city because of the nature of your job. It's also possible that you are on rent and need to change houses because of various difficulties. What this would mean that each time you make a change, you also need to change your bank branch.

Now, you can transfer your savings account to another branch of the same bank and retain the same account number.

Transfer Savings Account to Another Same Bank Branch and Retain Same Account
"The customer should be allowed to transfer his account from one branch to another branch without restrictions. In order to comply with KYC requirements of correct address of the person, fresh address proof may be obtained from him/her upon such transfer by the transferee branch," the RBI said in its notification a few years back.

Many banks are already implementing the same. Axis Bank for example is allowing portability of account numbers. What this means is that you transfer your savings bank account from one Axis Bank Branch to the other you can retain the same account number.

The other advantage is that not only will your account number be the same, you can also retain your chequebook and the same internet banking login and password details.

You can locate the branch of your choice and then approach the new branch. One cannot be sure if this is being implemented by all banks and their branches across the cities. Some may insist on opening a new fresh savings bank account all together.

Is Savings Account Number Portability Worth It?

There is little choice if one is transferred and one needs to open or transfer a savings account. One reluctantly likes to change the bank or the branch, since we are familiar with officials and the systems in place. The only thing that one saves on is closing and opening a new account a fresh. Savings Account Portability certainly benefits people who frequently change their jobs and need to open an account fresh.

Read more about: savings account
Story first published: Thursday, November 6, 2014, 9:52 [IST]
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