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4.3

What Is Account Portability?

If you have ever moved from one house to another or to a different city, you would know the hassle involved. You have to organize and pack your things and get moving. Once you reach your new destination, you again have to go through the process of unloading, unpacking and then finally organizing your stuff at the new place and apply for utilities like cooking gas, internet connection, bank account etc. Earlier, changing banks was often the only option if you were moving to a different city or even a different locality.

And in instances where you didn’t want to change banks, your existing bank would assign you with a fresh account instead of simply transferring the same account to the preferred bank branch in the new city. This involved a lot of documentation and running around to fill the documents and complete KYC requirements. You would have had to close your account in some cases if leaving that address for good and open a new one in the new city with the help of an introduction from your boss, relative or neighbor who could introduce you. Thankfully, things are much simpler nowadays.

Intra-bank account transfer

Through its recent provision, the Reserve Bank of India has mandatorily instructed all the banks to allow intra-bank account transfer between various branches. This facility allows the customers to transfer their accounts to any branch within India, even if in a different city altogether. The RBI has initiated this to ease the procedure involved in obtaining a new bank account while switching cities or even localities, something that causes a lot of inconvenience to the customers.

With intra bank portability you can transfer your current bank account to a different branch of the same banking network, provided that your KYC documentation is complete and updated with your bank.

Nowadays, almost all the private/ public sector banks and even some co-operative banks have Core banking Solution (CBS). Using this system, the banks maintain information of all their customers on a centralized database which is accessible to banks, branches and ATMs across borders. This integrated network of various bank branches sharing customer information has made account transfers simpler.

If your KYC requirements are complete and up to date for the concerned account, you can enjoy the account portability as long as you want. With this feature, your account details as well as your cheque book and internet banking details remain the same.

Account portability to a different branch is now a matter of minutes and allows you to retain all the previous account details, including the account number in some cases.

When you need to transfer your bank account to a different branch:

  • Visit your bank branch and request for an Account transfer form.
  • Fill in updated details along with a reason to transfer the account and submit the form along with the cheque book, signature specimen, ATM card and Passbook.
  • Your KYC details will be checked for verification.
  • Once verified, your account details will be transferred to a branch of your choice along with the balance.
  • You do not need to go through any fresh KYC registration procedure as your details are already shared with the transferee branch. Provide documents supporting the new location along with a contact number for the transferee branch’s records.

With account portability, transferring your account to a different bank branch is pretty easy and enables you to retain your account details as well as your cheque book and internet banking details. And with the amount of convenience involved, opting for account portability over opening a new account with a different bank makes much better sense.

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