If you have a savings account at State Bank of India (SBI) and you want to transfer it to another branch, you can do it online within a week and at no extra charge. You don’t even need to visit your bank branch to do the paperwork as you can do all the paperwork from anywhere in India over the internet.
If you would like to transfer your SBI Savings account to a different branch, we have listed the process below on how to do it online. But before that, let’s understand some prerequisites that need to be met in order to successfully transfer your account to another branch.
Things to know before starting the transfer process
Below is the list of things you need to know before proceeding to transfer your SBI savings account online:
• The option to transfer your SBI bank account online is available for savings accounts only.
• SBI accounts that are not operational or that are deficient in KYC (know your customer) do not qualify for this service.
• Another important prerequisite to start the SBI Savings account online transfer process is that the account holder’s mobile phone number must be registered with the bank.
• The account holder must also have access to the SBI Net Banking facility.
• Before starting the online account transfer process, have the code of the branch to which you want to transfer the SBI savings account ready.
• You can even call SBI customer service to get the information.
Process to Transfer SBI Savings Account to another Online Branch
• Go to http://www.onlinesbi.com.
• Select ‘Personal Banking’.
• Log in to your Net Banking account with your username and password.
• In the top panel, select the ‘electronic services’ tab.
• Select ‘Savings Account Transfer’.
You will now be directed to another page, which will display your account details, such as the bank account number and the name of the bank branch. It will show all your SBI savings accounts (if you have more than one).
• Select the savings account you want to transfer to another branch.
• Enter the code of the branch where you want to transfer your account.
• Verify account transfer details using new and existing branch codes.
• Click on the ‘Confirm’ button.
• An OTP will be generated and sent to your registered mobile number.
• Enter the OTP received on your mobile number
• Click on the ‘Confirm’ button.
The process is completed with a message ‘Your branch transfer request has been registered successfully’.
Note:
• If you have only one account or if you want to transfer all your accounts from one branch to another, the CIF (Customer Information File) must necessarily be transferred to the new branch. Your CIF includes the details of all your bank accounts.
• After the process, your account number and VAT number will remain the same, but your bank’s IFSC code will change as it is specific to the branch. Before the account transfer, if you have provided your bank’s IFSC code to other financial institutions, such as mutual funds or the Tax Department, you will need to update them with the new code once it has been changed. It is important to inform interested financial institutions of the branch code change so they can review their existing ECS and other current instructions.
• Transferring an SBI savings account from one branch to another can take up to a week. Once the transfer is complete, you will be able to see the new branch name after logging into your Net Banking account.