Savings Account: Are you moving to a new city or shifting to another area within the same city, like Delhi? Do you want to change the branch of your savings account?
Now, many banks like Kotak Mahindra Bank, HDFC, ICICI, and State Bank of India (SBI) offer the option to transfer your account branch online.
To make this process smooth, here are 5 important points you should remember:
1. Is Online Branch Transfer Possible?
Yes, many banks now allow branch transfers online. You just need to fill out and submit an online form through your bank’s website or app.
After the transfer, your IFSC code will change. So, make sure to update services like internet banking, auto-debit, and SIPs that are linked to your account.
2. Which Accounts Cannot Be Transferred?
You cannot transfer your savings account if you haven’t completed your KYC (Know Your Customer).
Also, frozen or inactive accounts (those with no transactions for 2 years) are not eligible for transfer.
3. Update Auto Debits, EMIs, and SIPs
If you have linked any auto debit, EMI, or SIP to your bank account, remember that the IFSC code will change when the branch changes.
So, it’s important to update these services to avoid failed or missed payments.
4. What Documents Are Needed?
To transfer your bank branch, you will need to submit these documents:
ID Proof (Aadhaar Card, PAN Card, Passport, or Driving License)
Address Proof
Bank Account Details (Passbook or Account Statement)
Checkbook (if available)
5. What Happens to the Locker?
If you have a locker in your current branch, it won’t automatically transfer to the new branch.
You will need to close the existing locker and apply for a new one at the new branch. It’s a good idea to check in advance, as locker availability may be limited.
