How to Port Bank Account Number to Other (any) Bank? After number portability on mobile phones, now government of India has plans to introduce bank account portability in India, Or in other words, account number portability for bank customers. Let people keep same account number when transfer of bank account to another branch. The RBI has advised banks to allow account number portability. With this customer of one bank will be allowed to switch between banks without changing his/her account number. Account number portability in banks is one of the bold steps by RBI to reduce banking fraud and increase usability of banking system at maximum. If you could ‘port’ your bank account number like you do your phone number, would you be more likely to switch? Find out why this isn’t possible… yet.
A step-by-step guide for Port Bank Account Number:
Bank Account Number Portability:
RBI Deputy Governor SS Mundra said that “technological advancements” like the Unified Payments Interface and linkage of Aadhaar to an individual’s bank accounts have made it easier to introduce account number portability. Account number portability could eliminate the worry of payments going astray when switching current accounts. It’s likely this would encourage switching and increase competition in the market. Although it’s agreed that it’d be a positive step in theory, implementing it could take time.
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General guidelines for bank account transfer from one bank to another:
Here are some general guidelines regarding bank account account portability:
- Different banks have different procedure. Check with your bank and ask for the specific procedure.
- If you have submitted valid and up to date KYC documents to your previous branch, no need to submit them again in the new branch.
- When you transfer your bank account from one bank to another, your account number, customer id etc will remain the same.
- You will be able to use your internet banking facility as usual and you can continue to see all previous transactions, payees etc from the previous bank.
- Most banks will issue you a fresh cheque book with your new address printed on it.
- If your address is changed, you will need to submit new address proof document.
- If yours is a join account, both account holders must sign the application.
- You may use this same procedure to convert an NRE account to a Savings account.
- Few banks require that you must surrender your cheque books, pass book and debit card before you can transfer your account. However, most banks will allow you to keep the credit card. Since, that is not really linked with your specific to the location of your savings account.
How to Port Bank Account Number to Other Bank Step By Step Guide:
This service will be very useful for migrant workers, as this will allow them to shift their banks simply by writing an application to his home branch.
- Visit your bank branch.
- Fill the application for transfer of bank account to another branch.
- Collect portability application receipt for future use.
- Ask bank officer for further procedure and required time for inter bank account portability.
- After given time by bank official person, visit your new bank branch.
- Confirm your account portability procedure done properly.
- Now, check your bank account balance and other details properly.
We do not have a particular details regarding how to port bank account number online. But, if we are come in touch with any details regarding online bank account portability, we will update you here.
What are the documents required for bank account Number Portability in India?
You will need a below listed documents for bank account portability:
Required Id proof:
- PAN Card
- Driving License
- Voter ID
- Photo ID Issued by a Recognized Educational Institution
- Photo Credit Card
Required Address proof:
Aadhar Cards, Bank Statement or Passbook, Ration Card, Passport, Post Office Statement or Passbook, Voter ID., Water Bill (It should not be more than 3 months old), Electricity Bill (It should not be more than 3 months old), Property Tax Receipt (It should not be more than 1 year old)., Landline Telephone Bill, Credit Card Statement, Insurance Policy, Passport of Parents (in case of minors).
One passport size photograph:
Size of photo: 2 x 2 inch
Processing time for change bank account to new bank:
Your requests will be processed in 24/48 hours, hadn’t listed the processing time on their bank websites. Few countries are already providing this service to their residents like Sweden, UK, Australia, Hungary and south Africa.
Know more about Banking Systems in India:
- What is KYC Bank Accounts? Documents list with Full Foam Meaning.
- How to Check Bank Account Balance on Mobile Phone with USSD code.
- Cheque Rules in India From The Reserve Bank of India.
- How to Transfer Money Online without Internet Banking: Use UPI or USSD.
- How to Link Pan Card with Aadhaar – Simple Step by Step Guide.
So, this is all about port bank account number to any other banks in India. Further information regarding account number portability in banks are updates here time to time. So, stay tuned with us for latest info. regarding bank account number portability rbi.