There has been a couple of reforms that has been seen in the personal finance arena in India. Unification of accounts or portability is one of the most important this that is happening in India, unlike many advanced countries in the world. Here are few to list:
a) portability of mobile numbers:
Now one can retain the same old mobile number irrespective of how you roam around in India due to job related transfers or for other business trips. The same mobile number can be ported across regions/states, and across providers.
If you are not satisfied with the service of one telecom company then you can easily switch to other telecome provider, with your mobile number remains the same.
b) portability of bank account:
After SBI launched it core banking facility, now one can deposit, withdraw money from one's SBI account anywhere across India, without the ATM card by visiting to the branch. Once the Aadhar card is accepted as the single document to prove one's identity, this will be even simple to prove ones identity while withdrawing money from ones own account. The same has been followed by other banks and now the bank account number portability is in place. No need to change your salary account details in your home loan in your native state or anywhere else in India. The same details works since your bank account number has never changed. No worry of cheque bouncing, no defaulting.
So, as an effect if you change your job and now the new company does not provide salary deposit into your previous bank then you can simply switch to the new bank for salary account with the same old account number.
c) Health insurance policy portability:
Now if you are not satisfied with the health insurance policy of one company, you can easily switch or try another health insurance provider.
d) Here comes the brand new portability, the PF account portability:
Coming 2013 March, your PF account will be portable across the country. What does it mean? It simply means that if you change your job, which is the trend now a days with Indian youths unlike the olden days when your father has served 20 years in the same company, you do not have to change your PF account. A well thought initiative by PF organization of India, EPFO. Your PF account number will be your permanent PF account number.
a) portability of mobile numbers:
Now one can retain the same old mobile number irrespective of how you roam around in India due to job related transfers or for other business trips. The same mobile number can be ported across regions/states, and across providers.
If you are not satisfied with the service of one telecom company then you can easily switch to other telecome provider, with your mobile number remains the same.
b) portability of bank account:
After SBI launched it core banking facility, now one can deposit, withdraw money from one's SBI account anywhere across India, without the ATM card by visiting to the branch. Once the Aadhar card is accepted as the single document to prove one's identity, this will be even simple to prove ones identity while withdrawing money from ones own account. The same has been followed by other banks and now the bank account number portability is in place. No need to change your salary account details in your home loan in your native state or anywhere else in India. The same details works since your bank account number has never changed. No worry of cheque bouncing, no defaulting.
So, as an effect if you change your job and now the new company does not provide salary deposit into your previous bank then you can simply switch to the new bank for salary account with the same old account number.
c) Health insurance policy portability:
Now if you are not satisfied with the health insurance policy of one company, you can easily switch or try another health insurance provider.
d) Here comes the brand new portability, the PF account portability:
Coming 2013 March, your PF account will be portable across the country. What does it mean? It simply means that if you change your job, which is the trend now a days with Indian youths unlike the olden days when your father has served 20 years in the same company, you do not have to change your PF account. A well thought initiative by PF organization of India, EPFO. Your PF account number will be your permanent PF account number.
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