Bank Account Transfer- Planning to move another city? But thinking about Bank Account? Then this article is made for you. Do you want to change the branch of your savings account bank? Today, many banks such as Kotak Mahindra Bank, HDFC, ICICI and State Bank of India (SBI) provide the facility of online branch transfer. To make this process easy, it is important to keep some important things in mind.
1. Can branch transfer be done online?
Yes, now many banks provide the facility of online branch transfer. For this, you have to fill an online form and submit it in your existing branch. When the branch changes, the IFSC code of your account also changes. Therefore, it is necessary to change services like online banking, auto debit, SIP.
2. Which accounts cannot be transferred?
If you have not yet completed the KYC of your account i.e. Know Your Customer, then the facility of branch transfer will not be available. Apart from this, frozen or inoperative accounts i.e. where no transaction has taken place for 2 years, are also not transferred.
3. Update auto-payments and SIPs
If any auto debit, EMI or SIP is linked to your savings account, then its IFSC code will change as soon as you change the branch. In such a situation, it is important that you update all those services, so that there is no interruption in any important payment.
4. What documents will be required?
For branch transfer, you will have to submit some documents. A list of those documents is given below.
ID Proof (Aadhaar Card, PAN Card, Passport, Driving License)
Address Proof
Account related information (passbook or statement)
Checkbook (if any)
5. What will be the impact on locker facility?
If you have a locker in your current branch, it will not be automatically transferred to the new branch. Usually you have to close the old locker and get a new locker in the new branch. It is better to contact in advance for this, because availability of locker in the new branch is necessary.
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