Switching Bank Accounts? Know These 7 Simple Steps
Reviewed by: Fibe Research Team
- Updated on: 14 Nov 2024
- Published on: 24 Oct 2024
Reviewed by: Fibe Research Team
Are you interested in switching bank accounts? All banks offer different kinds of benefits to their customers, which give you the liberty to choose your preferred options. If your current bank is not giving you the services you want, then swap your bank account.
Switching to a bank with all the facilities you need can help you attain maximum financial growth. To learn how to change bank account easily with just a few simple steps, read on.
Before making this decision of switching bank accounts, you must evaluate why you want to switch your bank. In most cases, you may be looking for better opportunities and services. Here are a few reasons that may be responsible for making you consider a bank switch:
You must follow these 7 steps to switch your account to another bank.
Find a bank that works for you and fulfils all your requirements. This ensures that you are getting an upgrade as compared to your previous bank. While searching for a new bank to swap bank accounts, you can look for these qualities/factors:
You may have multiple auto-debit payments linked with your current bank account. Before closing your existing account, make a note of these mandates to efficiently manage your payments:
Also Read: How to Get Bank Account Statements?
After making all the necessary arrangements, you can open a new bank account by visiting your local branch or online. Here are common steps you can follow:
Within a few days, you will receive your banking kit with your passbook, debit card, and chequebook. These documents prove that you have successfully opened a new bank account. Review the details carefully to further complete the process.
Upon receiving all these details, log in to your net banking account online as well as the mobile banking app and set up your debit card PIN. This way, you can continue using your new bank account and slowly replace the old one.
Once your new banking app is set, you can start switching bank account details. Make sure you set up mandates using your new details for automatic payments.
When everything is set up and ready to go, transfer funds from your previous bank account to the new one. The process can be completed within a few moments. However, this may take a while if you have a large amount in your account. This is because most transfer modes only allow you to send and receive a limited amount daily.
Finally, you can close your account when your funds have been successfully transferred to this new account. To close your account, you will have to:
People often swap bank accounts to another for better financial gains or premium services. If you’re looking for funds to upgrade your life or achieve a goal, the Fibe Instant Cash Loan can help you to get up to ₹5 lakhs with a flexible repayment tenure.
Get your loan and repay via fixed instalments from 3 up to 36 months. Once you have the funds available, you can also foreclose your debt without any charges. Download our Personal Loan App or register on our website to apply for this instant loan now!
No, credit scores depend entirely on how you repay your loan and credit card bills. You can switch your bank account as often as you prefer, and this won’t hamper your credit score.
Most banks will let you close your account and open a new one even with an existing loan. However, it depends on the bank’s policy. In this case, reviewing the terms and conditions or speaking to customer care before deciding is best.
If something goes wrong during the switch, get in touch with the customer service of both banks. The banks will get it resolved as soon as possible.
Your old bank account will remain open until you close it. You can also maintain both accounts while you use the newer one more frequently. It is completely up to you.
