Does your current SBI branch leave something to be desired? Maybe you feel like the service there isn’t very good, or you just moved and don’t want to travel so far to access your bank account. Either way, moving your SBI account to another branch is easier than you might think.
This step-by-step guide will walk you through the process of transferring your existing SBI account to another branch in India or abroad, and in this article, we’ll discuss all the ways it can benefit you.
What does it mean to transfer an account?
When you transfer an account, you’re basically moving money from one place to another. If your current bank doesn’t offer good service or if it charges too much for a certain fee, it might be time to move some of your accounts elsewhere. You can do so by following these steps to transfer an account. First, find out if your bank allows transfers.
What documents do I need to submit?
In order to transfer your SBI account, you will need a copy of your Permanent Account Number (PAN) Card. The first time that you opened an SBI bank account, you had to fill out a Know Your Customer KYC form; therefore, it is also important that you submit a photocopy of your KYC form. You will also need to provide proof of residence, such as a utility bill or rent receipt.
If you are transferring your account from one branch to another in the same city, then all that is required is a letter from either branch requesting a transfer.
If you are moving outside of your city, then additional documents may be required. You can check with your local branch for details on what they require before submitting any paperwork.
What should I know before submitting my application?
There are a few things you should know before transferring your SBI account.
Firstly, if you are an individual or a sole proprietor and wish to open a joint account with someone else, you will need their KYC documents (which means submitting ID proof for both parties).
Secondly, these must be in your name only and not held in trust. This can be done by submitting separate applications with your account numbers included in each application.
Lastly, remember that you cannot transfer a fixed deposit Account. You will need to close them before applying for a new one at another branch.
How do I apply for this service?
After you have made up your mind about moving your account, simply go over to their branch and your SBI ATM card, and request a ‘Form-56’. This form is available at all our branches free of cost or Download Below.
Once you fill in the details on Form-56 and submit it to the respective Desk, they will carry out a cross verification process within 48 hours. And once that is done, we will proceed further only if all checks out well!
How do I submit my application?
You can submit your completed form in one of two ways. Firstly, you can visit any branch and hand it over to a representative there. Secondly, if you are unable to visit a branch yourself, you may be able to find an agent who will help with your application (although they may charge a fee).
How do I fill out my application?
To fill out your application for a transfer, follow these steps. First, you’ll need to print your application form from any branch and fill it out completely. In order to get approved for an account transfer, you will need a valid government-issued photo ID and your Aadhaar card (or at least one of these cards).
You may also need additional documentation depending on which bank you are transferring your account into. After you have filled out your application form, make sure that all information is correct before submitting it to any SBI branch.
If you have questions about how to fill out your application or if there is information missing, contact customer service by phone or in person. You will need to submit a copy of your ID and Aadhaar card at least three days before transferring an account, so plan ahead and prepare.
How long does it take?
This depends entirely on which method you choose when submitting your application. If you hand in your form at a branch, it should be processed within two days. If an agent is helping with your application, they will have 10 days to submit it for processing.
How do I know if my account has been transferred?
Once you’ve submitted your transfer request, SBI will send a confirmation message through SMS or email within five working days. You can also call them directly at 0120-4010011 or visit any branch for more information.
What are my options for transferring my current account?
There are two ways through which you can transfer your existing account from one branch to another.
The first option is by physically going to your new location and requesting them for an application form which needs to be filled in and submitted back at their end.
The second option would be applying online using the Net Banking facility provided by State Bank of India.
How much does it cost?
There is no fee associated with transferring an account.
Can I change back?
You can transfer your SBI account from one branch to another. However, you can transfer your account back and forth between different branches. This is possible only after 6 months.
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