RBI announces bank account portability

[Sushubh]

users already have a choice. to go to a new bank. and open an account. and transfer funds online or even using upi. i am confused. what is stopping you from opening a new account if your current bank is shitty?

 

[Kaiju404]

I understand switching is an option. Have multiple things tied up, The problem is their online system has already caused issues for me — I had a transaction fail and getting the money back wasn’t straightforward, heavens sake neft failed and recovery was another story. So it’s not just about opening a new account, it’s dealing with the mess in between UPI works fine though and mostly credit debit withdraw atm bas I'm fine as of now. The fear of losing it all by my current bank stops me, they are infamous for these tricks about how to retain...so maybe this or maybe the experience, know its counteracting but how that article was written, this porting facility felt like leaving the toxic ex without hassle which is a great deal, ofcourse I will be doing due diligence

 

[thatayush]

Just write a cheque to your new account, or simply withdraw cash and move to new account. I understand your issues but it seems you've gotten a mental block against touching money in that account

 

[Sushubh]

yeah i mean there is no way this is going to simple. you would still need to do at least some form of paperwork. you need cheque books, passbooks, debit cards, you need a way to create an online account, login to app. i would be shocked if they have simplified it so much that you can do it in 5 minutes without multiple trips to either or both banks. the article said kyc would be transferred online lol. i really really find that hard to believe. this is the same government that forces you to do rekyc every second year iirc? anyways. this is something i would never bother to use myself. good luck to everyone including the banks and their employees to deal with this.

 

[Kaiju404]

Just write a cheque to your new account, or simply withdraw cash and move to new account. I understand your issues but it seems you've gotten a mental block against touching money in that account

true

i would be shocked if they have simplified it so much that you can do it in 5 minutes.

Haha reminded me of Mitron moment

also How is Axis in this regard I was considering it for sometime? Well then I will make my leap maybe not via the upcoming system but soon.