Saturday, June 09, 2012

Intra-bank Deposit Accounts Portability


It has been noticed by Reserve Bank of India (RBI) that some banks are insisting on opening of fresh accounts by customers when customers approach them for transferring their account from one branch of the bank to another branch of the same bank. Such insistence on   opening of fresh account or making the customer undergo full KYC process again causes inconvenience to them resulting in poor customer service. It is not reasonable in view of the fact that branches are now on CBS and KYC records of a particular customer can be accessed by any branch of the bank. KYC   once   done   by   one   branch   of   the   bank   should   be   valid   for transfer of the account within the bank as long as full KYC has been done for the concerned account.
The customer should be allowed to transfer his account from one branch to another branch without restrictions.
In order to comply with KYC requirements of correct address of the person, fresh address proof may be obtained from him/her upon such transfer by the transferee branch. 

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