savings banks account number portability in india

[Sushubh]

Financial services secretary, DK Mittal has said that the government is working on savings banks account number portability. This comes at a time when the central bank, Reserve Bank of India has favoured looking into the matter once every account holder has a number issued by the Unique Identification Authority of India or UIDAI.


Government working on savings banks account number portability — economictimes.indiatimes.com — Readability

Can someone explain me the benefits?

Would this mean that the person can change banks but his friends would not require to change the account details in their online accounts for online money transfers? I do not see that happen without major technical issues.

And again... How is Aadhar going to help the cause?

 

[manu1991]

seems silly. do people get inconvenienced when using a new account number for a new account? I don't even remember my account number.

 

[Jonas]

If you have a salary account and you swap company,say, new company doesn't support 'shit' bank then you can port your account number to the new bank, I guess?I don't remember my account number either. But, I keep the card handy.

 

[Sushubh]

that is the point. we do not really have much use of remembering the number. unless it solves the problem of online money transfers (connectivity remains even if one of the payees changes their banks)...

 

[SVK]

Actually when we transfer money we use Account number + IFSC code for NEFT.So what happens to IFSC code? any info about it?Then Account number reflects city/branch identification. After portability this will mess up.I didnt like the way Mobile number portability worked, and I am sure this will go same way 🙂

 

[moindear]

Unnecessary...

 

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[popcorn]

useless complications.... unless you have a VIP account number... very dear to your heart !!!

 

[sanke1]

I hate giving more info to our controlling government. They just use our provided info to harass innocent people while real frauds roam freely. I am unable to express this in better way but have the paranoia of our private info being in hand of government.

 

[solariiknight]

my SBI account had number portablity.. I transferred from Bangalore to nagercoil.. the account number remained the same. It surprised me that a nationalised bank could do that. :Fireworks:let me transfer Rs.1 from my hdfc bank do SBI bank with the old IFSC code and see whether the techincal issues exist 🙂

 

[Sushubh]

i think many banks offer such a feature. considering IFSC code is required for online money transfer, the bank account number is no longer needed to identify the state/city/branch of the account number. stupid thing is that now we need IFSC number. earlier the account number itself had all the relevant information to locate the branch where it existed.

 

[audioslave]

What does this Guy Dk mittal smoke? ... and stupid sunil mittal :afro:

 

[q12345rt]

Another advantage is if an account number is given for IT refunds, Mutual funds or monthly deposits, then we need not change the Account number at all places. We provide IFCS at all these places not sure how it will work.

 

[solariiknight]

portablity from one branch of a branch to another branch seems to work fine with my SBI account. Heres my scenario: I have a SBI and HDFC savings account. I have registered as third party in each account to transfer between accounts using their IFSC and account number codes. I transfered the SBI account from Bangalore to Nagercoil and SBI retained the number which I had in the Bangalore branch, even though the default starting number for Nagercoil is diferent. Now, from my HDFC account, I transferred Rs.5 to the SBI account using the Bangalore(old) IFSC code. It was successful. This means that I don't have to ask my friends to register my account again with their online accounts.If IFSC is not an issue within the same bank, may be same can be done for interbank.