SBI savings account transfer can be done online

18-10-2017 Wed 15:40 | Finance

State Bank of India (SBI) is the biggest, public sector bank in the country. Notably, at least one third of the population have their accounts in this bank. Recently State Bank of Hyderabad (SBH) too has merged with SBI. As such, the number of SBI account holders in the country has risen further. Now, it has become easy to change your SBI account to any branch of your choice, online. Anyone can do so themselves. Let us see the procedure.

Eligibility

Changing of account online, is restricted only to account holders. Only they will be allowed to change their accounts from one branch, to any other branch in the country. They should have access to net banking. Those who have not used this facility, can go to the bank and make a request. Or, they can do it themselves after accessing net banking facility. Your mobile number should be aligned with the bank. Also, you should have given your Know Your Customer (KYC) details. You should also know the name and code number of the branch to which you want to transfer your present account.

Procedure for transfer

Login to net banking. For this, go to onlinesbi.com and click on personal banking, before logging in with user ID and password. Go to e-services option. Select it. Your account number, branch and other details will appear.

If you have more than one account and you want to change all of them, select all of them. Give the new branch name and code number. As soon as you click the confirm button, you will receive a One-Time Password (OTP) to the mobile number that has been registered with the bank. You will see the message, that your account has been transferred successfully. It will be done so within the week.

Note these points

If all accounts are transferred, the Customer Information File (CIF) will be transferred to the new branch. But if you have several accounts and you transfer only one of them to another branch, it is left to you if you want to retain the CIF in the old branch itself. Even if the branch changes, the customer account number and CIF details will not change. The same will continue in the new branch. But Indian Financial System Code (IFSC) will change.

Bank branches will have different IFSCs. Those who change their branch should remember this. It is important to notify the changes in the branch name and IFSC, to the concerned authorities, in case of payments being made for mutual funds, cheques for loan repayments or ECS. You cannot change accounts that are not in use. You can change the accounts from one ordinary branch to another ordinary branch, but not to Corporate Accounts Group (CAG), Mid Corporate Group (MCG) or Central Processing Centre (CPC).