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Just went through the whole SASSA banking update thing and honestly, it's different depending on which grant you're on. For permanent grants like old age or disability, you have to physically go to your nearest SASSA office - can't do it online, which is annoying but I get why they need the verification. You'll need your ID, proof of your new bank account (bank statement not older than three months works), and they process it from there. Takes up to 21 days for the bank to verify everything.
Now if you're on the SRD grant, it's way more straightforward - everything is online through their portal. You enter your ID number, they send you a secure link via SMS, and you update your bank details from there. The whole thing can take a few days to weeks depending on the bank's verification speed, so don't expect it to be instant.
About changing your cellphone number though - that's what people always ask me about, how long does it take to change SRD number specifically? For SRD, you go through their contact details portal, enter your ID and application ID, put in your new number, get an OTP sent to verify it, and that's basically it. Usually sorts itself out pretty quickly once verified, but I've heard some people say it took a week or two before it fully updated on their account. The key thing is making sure you're using the official SASSA portal, not some dodgy third-party site. Seen too many people caught out by fake websites.
If the online stuff doesn't work for you, just call their helpline at 0800 60 10 or go in person. Takes longer but at least you know it's sorted properly. One thing to remember - the account has to be in your name only, they won't pay into joint accounts or anything like that. Anyone else had issues with the verification taking forever?