How to Transfer Bank Account from One Branch to Another

For a variety of reasons, you might have to change your current location to a different one. In this case, moving your bank accounts to the branch closest to your new residence should be high on your list of priorities. While you can embark on your regular banking at any branch (deposits, withdrawals, etc.), you'll need to visit the branch where you originally opened your account to use the lockers, apply for a loan, activate a dormant account, etc.

If you want to make it easier for any banking business that necessitates a visit to the bank, you can move your account to a location closer to your home or place of employment. You are required by law to apply for a transfer of your bank accounts whenever you move. To find out more, have a thorough read!

What is a Bank Account Transfer Application?

A bank account transfer application is a formal letter that is typically given to the bank branch manager in order to transfer your current bank account to a new branch. In addition to furnishing the required documentation, it is imperative that you adhere to a particular format when composing this application.

What are the Reasons for Bank Account Transfer?

When relocating to a new location, it may be necessary to submit a bank account transfer application for the following reasons:

i) Job relocation for you or your spouse.

ii) Engaging in educational pursuits.

iii) Reasons that are personal or family-related, such as childbirth or marriage.

iv) For medical purposes.

What is the Bank Account Transfer Application Format?

The following details must be included in the bank account application format:

i) Sender’s address

ii) Date

iii) Bank’s address

iv) Subject

v) Salutation

vi) Main body

vii) Closure and signature

viii) Contact number

ix) Attachments

How to Write an Application for a Bank Account Transfer?

The process of composing an application for the transfer of a bank account to a different branch is as follows:

a) Start with a formal greeting

Use the phrase "To Whom It May Concern" or "Dear Sir/Madam" to address your application to the branch manager.

b) Provide your personal and bank account information

Mention the name of your bank, the name of your branch, the type of account you have, the account number, and the current location of your branch. Additionally, you are required to provide your personal information, including your name, residential address, and contact number. Furthermore, you have to specify any standing or ECS instructions that are currently active in your bank account.

c) Provide an explanation of the reason for the transfer

Give a concise explanation of the reason for your request for a bank account transfer. Additionally, you are required to provide the name, address, and transfer date of the new branch.

d) Inquire about any associated fees

Request that bank to provide you with information regarding any fees that may be associated with the transfer and whether they can be deducted from your account. Additionally, ask about the anticipated completion time of the entire process.

e) Conclude your correspondence

Conclude your correspondence by expressing gratitude to the bank for their assistance and your signature.

What are the Documents Required to Transfer the Bank Account to Another Branch?

The following documents must be submitted in conjunction with your bank account transfer application:

Identity Proof - Passport, Aadhaar card, Voter ID card, PAN card or driving licence

Address Proof - Aadhaar card, electricity bill or telephone bill

Account Details - Bank account statement or passbook containing the account type, account number and branch name

Cheque Book and Passbook - Cheque Book and passbook issued from your home branch

Additionally, you may need to revise or resubmit your KYC documents, including identity proof, recent passport-sized photographs, and address proof.

What is the Step-By-Step Guide to Transfer a Bank Account to Another Branch?

To transfer your bank account to a different branch, you must adhere to the following steps:

Step 1: Submit an application for a bank account transfer

You are required to submit a written bank branch transfer application to either your home branch (the old one) or the new branch. It should include the name of your current branch, the account number, the name of the new branch, and the reason for your request for a branch transfer.

Step 2: Submit your passbook and cheque book

Your passbook, cheque book, and any unused cheque leaves must be submitted to your home branch.

Step 3: Submit the requisite documentation

Please include all required documentation with your bank branch transfer application. Additionally, the application should specify any modifications to your mobile or landline number.

Following this, your application will be processed, and your account will be closed by the home branch. The balance from your previous account will get transferred to a new account opened in your name at the new branch. Following the completion of the account transfer, you will receive a new account number, passbook, and cheque book. This process takes approximately 8 to 10 business days.

Now, there are a few things that you should keep in mind in this regard:

i) Typically, there is no alteration to your customer ID.

ii) It is necessary to revise any existing standing or ECS instructions of your current bank account in light of the fact that your account number will be altered.

Now that you know how to write a bank account transfer application, it is important to maintain a formal tone, avoid including any superfluous information, and conclude the letter with a thank-you note. Additionally, verify that you have attested all necessary documents, your account number, and the addresses of both the current and new branches.