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POSTED BY ON March 13, 2014 9:55 am COMMENTS (15)
Hi, I have an account in ABC bank located in state X. I am planning to move to another state Y forever. Can I use the same account as usual from other state like doing online operations ?
My actual question: what is the link between the physical location of account and operations of the account ? That is what are the pros and cons of having physical bank account in one state but me staying in another state ? How will it affect my banking operations ? Please confirm.
Thanks much !
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I have changed my account from one sbi branch to another. And after transfer account number unchanged…..my salary was credited in same account. ..wll it necessary to update new ifsc code to my employer.
Hi piyush
This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that
Manish
My account in sbi A branch and installment of my HDFC personall loan paid from sbi A branch but now i transfered sbi A branch account to branch B..so my question is there is affected to paying installment branch B.
I dont think so
Guys… are you sure? after changing my ICICI SB account to new branch my cheque got bounced. *** sigh ***
Thanks,
Ravi
That should ideally not happen
Dear karthik, in my personal case, I shifted my SB account in ICICI bank from branch A to branch B. This account is linked with my demat account and at the time of transferring ECS for home loan as well as car loan were running and I did not face any issue pre or post switching my account. So your fear is not true.
Thanks
Ashal
If that is the case then I would be happy to initiate transfer. Thanks much Ashal !
Dear Karthik,
I have also moved from State 1 to State 2 and thought of shifting my account to new location. The bank manager told me that now its much easier with account portability, I can shift my account to new location, to a nearest branch without changing my account number and without hampering any of my SIP / ECS / EMI debit instructions.
I have now shifted my account to the nearest branch of my bank and all the banking needs are being taken care of. I did not do any paper work, except for one form that I filled and submitted. In 2 days the account was shifted.
Ashish Garg
Hi Ashish,
I have my demat linked to the same and all other investments to this account. Hence I am little hesitant to transfer the account. Do you see no problem at all ?
What are the drawbacks you see if I stay in one state and account is in other state ? Please educate me.
Thanks !
Hi Karthik,
I have my account with HDFC (Savings, Investment A/c, Demat A/c) and so is my wife and we had absolutely no problem in any transaction, be it MF or direct equity.
In most cases, with centralised banking / online banking, there is hardly any drawback of having account in a different state. Except in some cases, wherein bank charges for transaction at non-home branches. With so much of ease, I personally feel one should shift the account only as per his convenience and operations.
Ashish Garg
Thanks Ashish for sharing your experience.
There is no difference as far as online transactions are concerned. I have stayed in 3 states while having accounts in 2 of them. No issues.
However, as dear Ashal has said, it would be beneficial and convenient to have the account shifted if you are planning to shift permanently.
I have some concerns about shifting the bank account though.
1. It will change the branch IFSC. So, any registrations like SIP, ECS etc. will have to be modified, right?
2. I am not sure about other banks but with HDFC, the account number changes if you change branches. Is it advisable to shift in that case too?
3. SBI denied to even shift a MaxGain account to another branch. No option but to continue with the same branch in such a case!
Hi Nsabhyankar.
1. It will change the branch IFSC. So, any registrations like SIP, ECS etc. will have to be modified, right?
Now with account portability, Bank will take care of this, you need not update your IFSC code anywhere
2. I am not sure about other banks but with HDFC, the account number changes if you change branches. Is it advisable to shift in that case too?
HDFC also offers account portability, so your number remains same. You can use your sae debit card and cheque without any problem, I have been doing this for nearly 6 months now. Even ICICI offers portability.
Ashish Garg
Dear Karthik, once you move to new location, contact the nearest branch of same bank and ask for transfer or your account from old location to new location. it ‘ll be done easily and you can keep using your account as usual. Having account in the same location do have some advantage if you want to do some physical branch based operation like withdrawing or depositing in cash. Multi city checques are provided now a days but these do have transaction value limits.
Thanks
Ashal