General Knowledge · Banking Awareness
Which statement correctly describes the operational process for the transfer of a Current Deposit Account from one branch to another within the same bank?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The customer must physically close the old account and open a completely new account at the destination branch with a new account number.
- 2The customer submits a written request only to the destination branch, which independently recreates all records.
- 3The customer submits a written request to the transferor (original) branch, which then transmits the account balance, KYC documents, and mandates to the transferee (destination) branch.✓
- 4The bank only transfers the balance; all physical KYC documents and fresh mandates must be submitted anew by the customer at the destination branch.
Correct answer
The customer submits a written request to the transferor (original) branch, which then transmits the account balance, KYC documents, and mandates to the transferee (destination) branch.
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