Say, I am not satisfied with the services rendered by my bank and the only option as of now available is to either report to a banking ombudsman or close our account and shift to another bank. However HDFC bank in order to retain its client base is also charging Rs 500 for closure of bank account wef 01 Jan 2012. Hope the good sense prevail on them or RBI forces them to stop it.
Now a new idea has been mooted by Finance Ministry whereby saving account numbers will soon be portable in India. So like mobile service providers, you will be able to change your bank without changing your account number.
Difficulties in Saving Account Number Portability
- Onerous task of renumbering 500 million bank accounts.
- KYC norms varies with each bank.
- Lethargic attitude of PSU banks.
We hope to see Saving Account Number Portability come into action by 2017 as roadblocks will occur as everybody resists change. Just remember Change is the only constant in life. Bookmark our website and get best stock tips which make money by virtue of our sure tip for the day.
