Published Article Details

Here's how to transfer your bank account

Posted by: Girija Gadre on May 08, 2017, 06.30 AM IST

When you move to a new home, it is important to also transfer your bank account to a branch nearby.

Though normal banking transactions such as deposits, withdrawals, can be done at any branch, getting a locker, availing of loan and credit facilities, activating dormant accounts, etc. can be done only at the home branch. Here's how to go about transfering your account.

Application
The account holder(s) should submit a written application or form to either the new branch or the old one (home branch). The letter should clearly indicate account numbers, which are to be transferred to another branch. The exact name of the new branch, where the account is to be transferred, must be mentioned in the letter as well.

Surrendering the cheque book
Along with the application, the account holders are required to return any cheque book(s) and unused cheque leaves.

Other documents
Proof of new address should be accompanied by the application. Contact details such as new landline or mobile number should also be updated.

Process
Once the application is received, the request is sent to the home branch. The home branch closes the account and transfers balances to the other branch. A new account is then opened at the branch where the account is transferred and funds are deposited in this account. The whole transfer process may take 8-10 working days. Once the account is transferred, the customer is allotted the new account number, and a new cheque book can be issued.

Points to note
* The customer ID usually remains unchanged but the account number may change depending on the bank branch.
* Existing ECS and standing instructions will have to be revised if there is a change of account number.


(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.) This article appeared in Economic Times dated May 08, 2017, 06.30 AM IST

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