“Banks are advised that KYC once done by one branch of the bank should be valid for transfer of the account within the bank as long as full KYC has been done for the concerned account,” RBI said in anotification
What does it mean for bank customers:
1) The facility would enable the customers to shift their account to any of the desired branch any number of times, without any change in the account number.
2) KYC submitted earlier would be valid for another branch.
3) No need to re-submit KYC details again to new branch.
4) Currently these instructions are valid for same bank ie if you are having bank account in Icici bank in delhi and is now transferred to Banglore , Then previous banglore Icici bank was asking to open a new acccount with their Banlgore branch.
Now the same account can be continued in banglore branch.
There is no need to open new bank account.