Saturday, 28 April 2012

Transfer bank account to another branch, No KYC needed

Now you can transfer your Bank Account to another branch of the same bank easily. The Reserve Bank of India (RBI) made it easier than earlier. One should not complete the KYC (Know Your Customer) formalities again for transferring bank account to any other branch of the same bank due to any reason. This may be due to transfer of your job from one city to another or you are migrated to another place by any reason. Earlier you had to complete all the formalities again to do such account transfer. You should not open a new bank account; just transfer your bank account from the existing branch to new branch.

Now almost all banks have a core banking system and the bank can easily access the data of any customer from any branch of the bank. Earlier there was no such facility. All documents are kept in the home branch and for any important banking formalities the customer has to approach the same branch. If they move to another city the banks compelled them to open a new bank account and all the formalities including KYC should do again. Now Reserve bank instructed to all banks through a circular to make account opening process and other services more customer friendly and make convenient the account transfer easily without much difficulty.

Banks are telling that they have core banking system and one can use any branch inside and sometimes outside the country as the home bank branch. They can clear checks at par from any branches. But some banks charge fee for services which rendered outside the home bank branch or home city. And the customer should approach the home bank for availing certain services. Now with this circular the RBI removed all such hindrances. When it is required one can shift his bank account to another city much easy.

Bank account portability is also under consideration in this modern high tech era. The bank account portability may be the transfer of bank account from one bank to another bank without changing the account number. But it may not be much useful just like mobile phone number portability. In bank account portability the IFSC code and Bank codes may be changed. So ECS and other such transactions may not be much easy. Let us see how the bank account portability comes into force.

 Transfer bank account to another branch, No KYC needed

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