Allow Bank Account Portability within Same Bank Branches: RBI

Here’s good news for bank customers who often change their job locations. The Reserve Bank of India (RBI) has made it mandatory for banks to allow intra-bank account portability to customers in cases where full KYC (Know Your Customer) details of the concerned account have been observed. Now, all banks have to allow customers to transfer their bank account from one branch to another without insisting on opening a fresh account by them again.

In order to follow with KYC requirements like correct address of the person, a fresh address proof should be submitted to the bank by the customer upon such transfer. RBI noticed that some banks are asking customers to open fresh accounts when they approach them for transferring their account in another bank of the same bank. This is causing inconvenience to the bank customers and resulting in poor customer satisfaction.

The RBI’s decision for intra-bank account portability would enable the bank customers to shift their account to any of their desired branch for any number of times with no change in the account number. Thus, customers of banks will now find it easier to shift their bank account to the new locations.