Hassle Free Intra-bank Account Number Portability

Posted In India - By NitiN Kumar Jain On Wednesday, May 2nd, 2012 With 0 Comments

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A good news for bank customers, especially customers banking with nationalized banks.

RBI in its circular dated 27th April, 2012 has instructed banks NOT to ask for KYC (Know Your Customer) documents at the time of transfer of bank account from one branch to the another branch. This direction came after some complaints, received by RBI on some banks asking customers to undergo KYC process once again at the time of transfer of bank account from one branch to the another branch thus making the process tedious so that customers open a new account instead of transferring.

The facility would enable the customers to shift their account to any of the desired branch any number of times, without any change in the account number.

RBI circular categorically mentions that, Banks are advised that KYC once done by one branch of the bank should be valid for transfer of the account within the bank as long as full KYC has been done for the concerned account. The customer should be allowed to transfer his account from one branch to another branch without restrictions.

Although, in order to comply with KYC requirements of correct address of the person, fresh address proof may be obtained upon such transfer by the transferee branch.

This should come as a relief for customers who are mobile and need to transfer their bank accounts occasionally.