Savings account portability: How beneficial is it?
By Neelima Shankar
Print    Email    RSS   

4. Savings account portability will help customers to avoid having multiple bank accounts.

5. For those who are unhappy with the quality of service provided by their existing bank, this will be helpful as they can change their banker quickly and conveniently.

6. It will reduce the amount of paperwork involved in switching banks.

7. Savings account portability could also enhance competition in the banking sector as banks will have to offer better services to retain its existing customers.

The proposal is still in its nascent stage, but the finance ministry has started working towards making portability of savings accounts a reality. The loopholes, which have to be worked on and rectified before bringing this facility into effect, have been identified. These include technical issues like Customer identification codes, KYC norms and Core banking solutions. In addition to this, the facility also requires upgrading to a better technology which can adopt number portability.

But, once all these challenges are met and savings accounts portability is implemented, we can expect the customers to rejoice and reap into the benefits of the facility.

Page    | 123 |
(Comments Posted : 2) Post Your Comments
1. SBI Balance
iman (Posted: Oct 9, 2015)
2. Do all dividends from MFs & Companies continue to get credited even after changing the bank?
Rudrapathy Subramanian (Posted: Dec 18, 2014)
Show All Comments
 Select a product:

 Select a product:

Carnival of Indian Personal Finance Blogs #1
Carnival of Indian Personal Finance Blogs #4
Steps to file Income Tax return online
How to check balance in savings bank account
Carnival of Indian Personal Finance Blogs #3

how to download my account details
last six months statement

HDFC bank adjudged as the Best private bank in India Feb 16, 2015
HDFC reported an increase of 20% in its net profit Feb 16, 2015
ICICI bank launched Flash remit facility Feb 13, 2015
BOM launched new savings deposit scheme for HNI customers Feb 12, 2015
BMB bank to have a total of 80 branches by the March end. Feb 10, 2015
News Archive