If you have a State Bank of India (SBI) savings account and want to transfer it to another branch, you can do so online in less than a week and without incurring any fees. You don't even need to go to your bank branch to complete paperwork because you may do it from anywhere in India using the internet.
If you want to move your SBI savings account to a different branch, we've outlined the steps for doing so below. But first, let's go over some of the requirements that must be met in order to effectively move your account to another branch.
Before you begin the transfer procedure, there are a few things you should know.
The following is a list of items you should know before transferring your SBI savings account online:
- You can only transfer money from your SBI bank account online if you have a savings account.
- Inactive or insufficient KYC (know-your-customer) SBI accounts are not eligible for this function.
- Another requirement before beginning the SBI savings account transfer online process is that the account holder's mobile number be registered with the bank.
- The account holder must be able to use the SBI Net Banking service.
- Have the branch code for the SBI savings account you want to transfer handy before you start the account transfer process online.
- You can also acquire the information by calling SBI customer service.
Transferring an SBI Savings Account to a Different Branch Online
- Go to http://www.onlinesbi.com for further information.
- Select 'Personal Banking' from the drop-down menu.
- Enter your username and password to access your Net Banking account.
- Select the 'e-services' tab from the top panel.
- Choose 'Transfer of savings account' from the drop-down menu.
You'll be taken to a new page that displays your account information, including your bank account number and branch name. It'll show you all of your SBI savings accounts (if you have more than one).
- Choose the savings account you want to move to a different branch.
- Type in the branch code for the location where you want to move your account.
- Using both old and new branch codes, double-check the account transfer details.
- Select the 'Confirm' option.
- An OTP will be produced and sent to the phone number you provided.
- Enter the one-time password (OTP) sent to your phone number.
- Select the 'Confirm' option.
'Your branch transfer request has been successfully registered,' says the process when it's finished.
- If you only have one account or want to transfer all of your accounts from one branch to another, you must transfer the CIF (Customer Information File) to the new branch. All of your bank accounts are listed in your CIF.
- Your account number and CIF will remain the same after the process, however your bank's IFSC code will change because it is branch specific. If you gave your bank's IFSC code to other financial organizations, such as mutual funds or the IRS, before the account transfer, you'll need to update them with the new code after it's been changed. It's critical to notify the affected financial institutions about the branch code change so they may update their ECS and other standing instructions.
- Moving an SBI savings account from one branch to another can take up to a week. After accessing your Net Banking account, you will be able to see the new branch name once the transfer is complete.