If you have recently relocated, you may be looking to shift your bank account to a local branch rather than to open a new one. In fact, it is wiser to transfer the bank account than open a new account at a bank near your residence to avoid formalities like minimum account balance maintenance, KYC procedure on a new account, etc.
Unlike the pre-digital age, transferring a bank account from one branch to another is much easier and can be done at your own convenience over your laptop.
Transferring your bank account from one SBI branch to another does not require you to stand in a queue with numerous forms and waiting for weeks to complete the process.
Here are the steps to follow to transfer your SBI account to another branch:
- Visit www.onlinesbi.com
- Login into the 'Personal Banking' segment using your username and password. If you have not activated your netbanking facility, you may click on the 'New User/Registration' option and complete that before you go to the next step.
- After you have signed in, you should be able to see 'e-services' option on the top panel of your home page.
- Click on 'Transfer of savings account' option.
- Select the account to be transferred. In cases where you only hold one account with SBI, it will be selected as default.
- Enter branch code (of the branch location that you wish to transfer your account to). Name of the branch will be updated. Check if it is the right one.
- Read and accept the terms and conditions mentioned on the page. Click on 'Submit.'
- Your transfer details will be displayed on the screen. Check to see if all the details entered are correct and click on 'Confirm.'
- An OTP will be sent to your registered mobile number. Input it in the space provided and click on 'Confirm.' "Your branch transfer request has been successfully registered," message should appear on your screen confirming the submission.
Things to note
- You can only transfer your bank account to another branch if your account is KYC compliant as per SBI norms.
- The process also requires activation of netbanking facility, which can also be done online on the same page by accessing the 'New User/Registration' option on www.onlinesbi.com
- Your mobile number needs to be registered as the transfer requires OTP for verifying your identity.
- It should take a few days to get the transfer approved. You can check the status on the 'history' option on the netbanking page.