Intra-Bank Deposit Accounts Portability

RBI has clarified (that is the right word, in this case) that in case of transfer of bank accounts from one branch of a bank to another branch of the same bank, there is no need to undergo full KYC at the new branch, because in view of the CORE banking successfully carried out by all the banks there is no need for fresh KYC and the new branch can access the KYC from the system. The account holder however will have to produce fresh address proof. This clarification was necessary because many banks notably ICICI was insisting on opening new accounts at the new branch in case of transfer of accounts intra banks which was obviously cumbersome for customers. To access copy of the RBI circular, please go here