Not too long ago, people would rarely change their bank accounts except in dire situations. But things have changed a lot in the Indian banking industry in the last few years. It can be rightly said that the Indian banking system is highly dynamic with the introduction of private banks. If you are someone who is unsatisfied with your bank’s customer service or the interest rates, you can easily switch between bank accounts.

Moreover, if you are a business owner, it is crucial to be prudent while switching your current bank account. You should change your current account to a bank that offers unlimited and free transactions and door-step banking. You should take a few steps if you plan to open a new bank account and close the old one.

Analyse Your Reasons

Switching accounts from one bank to another is a straightforward process nowadays. However, you should know the exact reasons why you are opening a new account in a new bank. If the bank offers a cash deposit facility of INR 30 lakhs per month for a current account, it is sensible to switch your bank account.

For instance, the start-up current account in IDFC FIRST Bank entitles you to various benefits like cloud credits, door-step banking, no minimum balance, etc. Moreover, the current bank account lets you access a digital banking platform so that you can track all your accounts from a single app.

Open a New Bank Account

You should only open a new account by making sure that the new bank addresses your requirements properly. It is crucial to register for a new bank account by retaining the existing account. The primary reason to retain your old bank account is to ensure that the bank switching is seamless and hassle-free. It is recommended to open an account that comes with the instant online checking feature. This feature is useful in keeping a track of your balance and investments.

Opening an Account Online

Most banks offer you the flexibility to open an account online. For instance, the IDFC FIRST Bank allows users to register for an instant quick bank account in a few minutes. A paperless and completely digital process adds to your convenience. A savings account in this bank offers up to 7% interest per annum on your income.

Transfer Money to the New Account

It is important to mention that it is possible to transfer money from the old account to your new one as you switch banks. Put simply, there are various methods of fund transfer you can employ to shift your existing cash to the new account.

Close the Old Account

You should only close the old account after the new account is fully functional. Make sure that the old bank offers a written confirmation of the account’s closure. It also indicates that there are no outstanding dues on your older bank account. You can even apply for an internet banking loan even with a new account.

End Note

These are some essential aspects to consider while switching from one bank to another. You can now transfer your older bank account to IDFC First Bank in a stress-free way. The entire account opening process for new customers is digital and seamless.