One small mistake and the money will get stuck! Avoid these 5 mistakes before changing the bank branch, otherwise there will be a big problem.
It is very important to keep some important things in mind while transferring a bank account from one city to another. This process becomes easy with the right documents, KYC update, and knowledge of branch code. Know those 5 important things that will make your work easy.
It is common for people to move from one city to another due to job or other reasons. In such a situation, it often becomes necessary to transfer your savings bank account to the branch near the new place. Although at times it may seem a straightforward process, but there are some important things in it which are very important to keep in mind, so that you do not have to face any inconvenience or financial problem later. But if you want, a little preparation and awareness can make this process very easy for you. So let's know what are those 5 important things that you should remember while changing the branch of the bank account from one city to another.
5 things to remember when changing bank branch from one city to another:
1. Check and prepare for KYC update:
Why it is important:
During a bank account transfer, especially when you are moving to a new city, the bank may ask you for updated Know Your Customer documents like identity proof and address proof. Even if you have already done KYC, it may be necessary to update it with the new address.
What to do:
Keep your Aadhaar card, PAN card, passport (if any), driving license, new address proof ready. Make sure these documents are valid.
2. Review and update all linked services:
Why it is important:
Many financial and non-financial services may be linked to the bank account. Changing the branch may affect some of these services, especially if they are linked to the IFSC code of the old branch.
What to do:
Debit/Credit Cards and Chequebooks: Check if you need a new debit card/chequebook for the new branch. In some banks, the account number remains the same but the IFSC code changes, which may make the old chequebook ineffective.
Net Banking/Mobile Banking/UPI, Standing Instructions: Make sure that your online banking services continue to work properly in the new branch. UPI apps may need to be updated. If you have set up any standing instructions or auto-debits for SIP, EMI, bill payments or insurance premiums, make sure to update them with the IFSC code of the new branch.
Locker facility and Demat account:
If you have a locker in the old branch, it will not be transferred automatically. However, you will have to surrender the locker in the old branch and apply for a new locker in the new branch. If your Demat account is linked to your savings account with the same bank, make sure that the linkage remains intact even after the branch transfer.
3. Pending transactions and cheque settlement:
Why it is important:
Make sure there are no pending transactions in your account before transferring your bank account.
What to do:
Make sure that there are no pending transactions in your account before transferring your bank account. If any cheque issued is pending, wait for it to clear before initiating the transfer process. Keep a balance amount for any EMIs or other important auto-debits so that they do not bounce during the transfer.
4. Communication and follow-up:
Why it is important:
Bank account transfer is a process that can take some time. Proper communication and regular follow-up can avoid unnecessary delays.
What to do:
Inform your current branch about your intention and obtain a transfer request form. Fill the form carefully and submit it along with all the required documents. Ask the bank employee for the estimated timeline of the transfer process and any necessary reference numbers. Until this process is complete, keep in regular touch with both your old and new branches. You should get confirmation via SMS or email.
5. Check the facilities of the new branch:
Why important:
Not all facilities are available in every bank branch. Before going to the new branch, it is important to check whether the services you need are available there or not.
What to do:
If you need a specific service (such as foreign exchange, investment advice, special loan products), then make sure that the new branch provides that facility. This will not cause you any inconvenience in the future. (Note- The news is based on general information, get all the information yourself before transferring the bank account.)
FAQ
1. Question: Can a savings account be transferred from one city to another?
Answer: Yes, you can easily transfer your savings account from one city to another city branch, that too without closing the account.
2. Question: What documents are required while transferring a bank account?
Answer: Usually Aadhaar card, PAN card, details of the new branch and an application form are required.
3. Question: Does branch transfer change the account number?
Answer: In most cases the account number does not change, but some banks may have a different policy, so check first.
4. Question: Is online bank account transfer possible or not?
Answer: Yes, many banks are now offering branch transfer facility through netbanking or mobile app.
5. Question: Are banking services affected during account transfer?
Answer: No, your banking services continue during the transfer process, just some updates may take time till the transfer is confirmed.
