Posted on January - 17 - 2012
Saving Account number Portability – Is it Needed ?
Saving account numbers will soon be portable in India. Finance ministry is working on this from some time and soon you will be able to change your banks without changing your Bank account number. Saving account number portability will be almost similar to porting your mobile number to different network carrier.
A lot of people do not change their banks because there is a lot of headache involved in the procedures. If you change your Bank from ICICI to HDFC, it means you have to change the account numbers at different places (for ex SIP ECS). Also you will have to close the ICICI account and open a new account in HDFC which means repeating the procedure all over again. These tasks stop people from taking action of moving from one bank to another. However with saving account number portability, you will be able to change your Bank account from bank A to bank B with less paper-work.