Recently, Dena Bank, Vijaya Bank, Oriental Bank of Commerce, United Bank of India (UBI), Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank have merged with other banks, which will come into effect from April 1. is.
new Delhi. If you have an account in any of these 8 banks, then this news is very important for you. The government recently merged Dena Bank, Vijaya Bank, Oriental Bank of Commerce, United Bank of India (UBI), Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank among other banks. Due to this, the old Cheque book, passbook and Indian Financial Service Code (IFSC) of the customers of these eight banks will be invalid from 1 April 2021. That is, from April 1, your old Chequebook will be of no use. Let’s know everything about them …
Information required for Cheque book
1.Chequebook of banks merged from 1st April will not be valid. You will need to get a new Chequebook from anchor banks (in which other banks are merging). Payments will be stopped by the banks’ Cheques. In such a situation, if your bank account is also in these public banks, then change the Cheque book in time.
2. According to the websites of banks, for example, the Chequebook of Oriental Bank of Commerce and United Bank of India will be valid only till 31 March. Both banks have been merged with Punjab National Bank.
3. If you are a customer of Syndicate Bank, then you can use your Chequebook till June 30. Because the Reserve Bank of India has allowed some banks to continue the old Chequebook for a quarter or two.
4. For how long your bank allows you to run Cheque book and passbook, for this you will have to take frequent updates from the bank. If you have given post-dated Cheques, you will have to replace them with a new one as soon as you get the new Chequebook. The IFSC and MICR codes will change for some banks.
In case of money transfer
5. If you give your bank details to someone, then you will have to provide updated IFSC code. You can also find out the address of your new IFSC code through the official website of the bank.
6. Even in the case of money transfer, the IFSC and MICR code will change for some banks and will remain the same for some banks.
7. As the account number has not changed in Union Bank of India, only the IFSC code has changed. Each bank has a different migration.
8. You will again have to Cheque with your bank to see what has changed and what has not. You will also need to change your ECS instructions for loans and other payments such as life insurance and mutual fund investments.
Keep these things in mind for deposits and loans
9. If you have taken a loan from the merged banks, the anchor bank will streamline the process. It may contain updated terms and conditions and rates for some banks. Find out about this from banks.
10. As far as fixed deposits are concerned, banks will not change interest rates. But upon renewal, Anchor Bank can align the rates with them.
