How To Transfer Your Bank Account From One Branch To Another?

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Did you recently move from one city to another? You can get your bank account transferred to your near branch. Many banks in India both in the private sector and public sector has made it convenient for its bank account holders to transfer their bank accounts from one branch to another when they get the shift to another location.

Here are some general guidelines for bank account transfer from one city to another.

Process

Different banks have different procedures for transferring accounts. Yoy have to check with your bank and ask for the specific procedure. SBI has introduced a new feature using which its bank account holders can transfer their account from one branch to another branch sitting at home. The account holder needs to submit new address proof document.

KYC

KYC verification is a must for opening bank accounts now. If you are a bank account holder and have not completed the KYC norms, you need to do it as soon as possible. The government has made it mandatory to link the Aadhaar card number with bank account before December 31, 2017. If you have submitted valid and up to date KYC documents to your previous branch, you don't need to submit them again in the new branch while transferring account. KYC records of a particular customer can be accessed by any branch of the bank.

Account information

When you transfer your bank account from one branch to another all the details such as your account number, customer id, etc. will remain the same. The banks will issue you a fresh cheque book with your new address printed on it. Some banks ask you to surrender your chequebooks, passbook and debit card before you transfer your account.

Internet banking

The bank customer will be able to use his or her internet banking facility as usual. They can see and check all previous transactions, payee, etc. from the previous branch. Best Banking Stocks To Buy In India For Long Term Gains

Account type

For different account types, the transferring process is also different. If you have a joint account, you both account holders must sign the application to get it transferred to another branch. You can use this same procedure to convert an NRE account to a Savings account. Ten Banks That Have Slashed Interest Rates On Savings Bank Accounts

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Read more about: banks, transfer
Story first published: Thursday, November 2, 2017, 12:38 [IST]
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