Savings bank account portability: A distant dream
http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/ET-Wealth-Savings-bank-account-portability-A-distant-dream/articleshow/11400648.cms After mobile number and health insurance portability, the government now plans to introduce number portability for savings bank accounts. Once it comes into effect, you will be able to move your account from one bank to another without having to change the account number. For unhappy banking customers, this could be a relief as it will save them the trouble of going through the process of opening a new bank account each time they want to switch banks. This will also help you do away with multiple bank accounts. The enhanced competition could lead to better services too. A similar suggestion was also recommended in the Damodaran Committee Report last year. It stated that people who have to relocate often, usually end up opening multiple accounts at different locations. To avoid this, there shoul...