We open a bank account for various purposes. Some may open for savings, others may open for salaries.
But the basic needs are the same. We open accounts so that we can get the financial assistance that we require.
Some of us might not need the requirement of account transfer. For some folks whose work has the frequent transfer of posting from one place to another.
As such, our savings Bank account or any type of account cannot just leave behind. We have to transfer to the next destination so that we do not get into any trouble relating to personal finance.
Those who have difficulties transferring accounts might get a little idea here.
How to transfer a bank account?
It is quite a simple task. You may get many options to do so. Nowadays, you may transfer your account online anywhere you need to.
Offline transfer is also quite easy to do so.
Bank account transfer through the branch
To transfer the account, you need to fill up the bank’s standard application form or you may write an application to the bank manager.
1. While filling up the form, you may need to provide the following details
- Your account number
- Mobile number
- Your account name and address
- Current branch name and code
- Transferee branch name and code
Fill it up and submit it to the concerned staff. Your account will be transferred on the spot.
2. You can also write an application to your bank requesting to transfer your account to the branch of your choice.
A simple application format for account transfer can be seen in the picture. Draft it and make necessary amendments and submit it to the bank.
While writing an application do mention all your account details. Also, provide the branch name and code number where you want to get your account transferred.
3. You may also write an email to the bank email address.
To do so, you may need the branch email ID which can be found on the passbook front page where your account details are printed.
You may also find the branch email on the statement of account. If you have taken the account statement earlier see there.
Or you may ask the concerned official for their email address.
Application is the same as above but provide a scanned copy of a duly signed ID card.
You can transfer online too
Recently, banks have come up with the option of online bank account transfer.
It is quite helpful to those folks who do not have time to visit the bank. Or for someone who has already left the station and never going to come back.
If that is the case, and you have an internet banking facility, you may transfer your account anytime from anywhere.
Login to the bank’s internet banking site and go to the service request menu. Click the account transfer option, select the account number and submit.
It is as simple as that.
Online account transfer and its problems
Due to technical glitches sometimes you may not be able to transfer the account in net banking. At times system prompts unable to transfer the account, please try later.
If such a message pops up, check if your KYC is properly fed into the system.
To do that you need to visit the bank and let them check it for you. If not done, submit the KYC and let them update your latest details.
The next day it must be okay and you would probably be able to transfer your account.
If you already left the city, you do not have any other option but to submit the application form which can be done at the nearby branches.
Let the branch connect you to your home branch.
What type of account can be transferred online?
Most of the banks are giving online account transfer facilities to only a savings Bank account and a PPF account.
If you have recurring deposits and fixed deposit accounts, you have to submit a physical application.
No options are available for online transfers for these accounts.
So you have got to plan accordingly before you leave the town otherwise you may stuck in a bad situation.
Why account can’t be transferred?
Sometimes, banks prohibit the transfer of accounts due to the following reasons
- When you have existing loans going on. As such transferring accounts is prohibited due to maintenance problems.
- When you have pending court cases against you.
- Frauds involved accounts don’t get the account transferred until the case is cleared.
- When you have bad debts in that branch.
Under normal circumstances, you may transfer your account quite easily. Simply submitting the application form to the bank might serve the purpose.
Make sure you do not have any issues and if there are issues they better be cleared before you leave the town else you may have hard times ahead.