Transferring an RD From One Branch to Another: Complete Guide
Transferring an RD from one branch to another is a simple and customer-friendly process, provided you submit the required documents and information correctly. Whether you’re relocating or just want better branch access, this transfer ensures continued ease of managing your deposit without affecting your interest, tenure, or benefits.
Recurring Deposits (RDs) offer a simple way to grow savings through fixed monthly instalments. However, due to relocation, job changes, or personal convenience, customers may sometimes need to transfer an RD from one branch to another. While many banks now support digital processes, some still require a physical branch visit.
What Is an RD Branch Transfer?
An RD branch transfer is the process of shifting your existing Recurring Deposit account from your current home branch to a new bank branch within the same bank. This helps customers manage their accounts more conveniently—especially after moving to a new city or area.
Benefits of Transferring an RD to Another Branch
- Easier account servicing and KYC updates
- Faster issue resolution at the new branch
- Convenience in operating all accounts from one location
- No impact on RD interest rate or tenure
- No penalty for branch transfer
When Should You Transfer Your RD?
You may need an RD transfer if:
- You have changed your residential or work location
- You want all bank accounts under one branch
- Your previous branch is far or inconvenient to visit
- Your bank asks you to update your home branch for KYC or service reasons
Step-by-Step Process to Transfer an RD From One Branch to Another
Step 1: Visit the Existing Branch or Bank Portal
Some banks allow initiating transfers online through net banking or mobile banking. If not, you must visit your current branch.
Step 2: Submit an RD Transfer Request
You will need to submit a written application addressed to the branch manager. The application should include:
- RD account number
- Existing branch details
- New branch details
- Reason for transfer
- Your signature matching bank records
Step 3: Submit Required Documents
Most banks may ask for:
- Identity proof
- Address proof
- Passbook or RD certificate (if issued)
- Account details of the target branch
Step 4: Bank Verification
The existing branch verifies your details and forwards the request to the new branch. This may take 2–7 working days.
Step 5: RD Transfer Completion
Once approved, the RD is transferred to the new branch. You may receive an SMS, email notification, or updated passbook entry confirming the transfer.
Documents Required for RD Branch Transfer
- Valid ID proof (Aadhaar, PAN, Passport, Voter ID, etc.)
- New address proof (rental agreement, utility bill, Aadhaar update, etc.)
- Existing RD passbook or certificate
- Written application for branch transfer
How Long Does an RD Transfer Take?
The processing time typically ranges from 2 to 7 working days, depending on the bank’s internal process and verification load.
Are There Any Charges for RD Branch Transfer?
Most banks do not charge for transferring an RD from one branch to another. However, charges may apply if:
- You request duplicate documentation
- There are KYC discrepancies or corrections required
FAQs on How to Transfer an RD From One Branch to Another
- Does transferring an RD change my interest rate?
No. The interest rate and tenure remain unchanged after the transfer.
- Can I transfer an RD online?
Yes, some banks allow online transfers through net banking or mobile banking. Others require a visit to the home branch.
- Will transferring the RD affect my EMI auto-debits?
Auto-debits generally continue as usual. However, if linked to a specific branch account, you may need to reconfirm standing instructions.
- Do I need to close my RD to transfer it?
No. RD closure is not required. It is simply shifted to the new branch.
- Can joint RD accounts also be transferred?
Yes. All account holders must sign the transfer request.
- What if my new branch rejects the transfer?
This is rare. Rejections typically occur due to incomplete KYC or mismatched signatures. Correct the issue and reapply.
- Does RD transfer require new documents?
Only basic identity and address proof are generally required, along with the transfer request.
- Will the RD maturity date change after transfer?
No. The original maturity date remains the same.
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