Bank Account Portability Could Become A Reality Soon!

By | August 18, 2017

Bank Account Portability

If you are unhappy with your banking service or disappointed with the charges levied for ATM usage offered on your Savings Account, you may soon be able to switch to another bank with just a few clicks. Similar to your insurance or mobile phone number portability, your bank account portability will be done with the same account number. Transaction details such as debit/credit history would be shifted as well.

The Reserve Bank of India has asked banks to work towards a mechanism where bank account portability could be achieved ensuring healthy competition between banks and improvement in overall banking services for consumers.

Let us take a look at how bank account portability could help you:

Advantages Of Bank Account Portability

In today’s tech savvy world, bank account portability is likely to offer a host of benefits to the consumers.

Better Services By Banks: The bank account portability would bring in competition among banks, thus ensuring improved banking services. Banks would pay more attention to customers by improving customer care and support, and by addressing the grievances of customers in order to retain them.

More Power To The Customer: Account number portability will allow customers to make a choice when they are unhappy with the services and products of a bank. The switch is going to be easy with the bank account number remaining the same and the transaction details being tracked and shifted with a few clicks.

Reduction In Multiple Non-functional Bank Accounts: Account number portability is likely to reduce the number of inactive accounts. For example, changing jobs leave previous salary account dormant sometimes. With portability coming into place, there would be no need for an individual to hold multiple accounts, especially if they are non-functional.

With the RBI pushing for various reforms in the banking sector, banking account portability is expected to come into place soon.

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