New Delhi, Business Dusk. Eight state-owned banks are going to be merged with effect from April 1. The eight banks that are going to be merged include Vijaya Bank, Corporation Bank, Andhra Bank, Andhra Bank, Syndicate Bank, Oriental Bank of Commerce, Including the United Bank of India, Allahabad Bank (Dena Bank), and Dena Bank.
If you are a customer of any of these banks, then you will need to do some urgent work. After the merger, the account number, checkbook, card, Indian Financial System Code (IFSC), and MICR Code (MICR) can be changed depending on the bank concerned. Let us know in detail.
cheque book
Checkbooks of banks that are merging will not be valid from April 1. You will have to get a new checkbook issue from Anchor Bank (which is merging). For example, the checkbook of Oriental Bank of Commerce and United Bank of India will be valid only till 31 March. These two banks are merging with Punjab National Bank. In such a situation, customers of these two banks will have to issue a new checkbook from PNB.
Some banks may also give some relief to the customers in the case of checkbooks, as the RBI has allowed some banks to continue the old checkbooks for the next one or two quarters. As an example, Syndicate Bank customers can use their checkbooks until 30 June.
To know how long you can use old checkbooks, you have to be aware of the information provided by your bank. However, if you have given the checks for a further date, you will have to replace them with the new check as soon as you get the new checkbook.
If possible, you should take an updated statement of your account before the merger i.e. print the passbook and keep it safe with you.
Money transaction
The merger will change the IFSC and MICR codes to some banks. At the same time, some banks will remain unchanged. In some banks, like Union Bank of India, the account number has not changed, only the IFSC code has changed. Each bank has a different migration. You will need to contact your bank to find out what will change and what will not change. Accordingly, you will need to change your ECS instructions for loans and other payments such as life insurance and mutual fund investments.
If there is a lack of clarity and the ECS bounces, be sure to transfer the money online to your loan account so that the lending bank does not blame you.
Deposits and loans
If you have taken a loan from the merging bank, the anchor bank will streamline the process. There may be new update rules, new terms, and new rates for some banks. If you are not yet informed about this, get in touch with the bank.
As far as Fixed Deposits (FD) are concerned, banks will not change interest rates here. But upon renewal, Anchor Bank can align the rates with itself.
The cards
Customers of most banks can continue their old cards till the expiry date. After this, new bank cards will be issued.
Openly said Taiwan- China wants to occupy our country like Taliban
Taiwan's Foreign Minister Joseph Wu has said that China wants to occupy its country like the Taliban. China has been maintaining its mind to occupy Taiwan for a long time while claiming it. After the
Forbes Philanthropy List: Gautam Adani is among the top three philanthropists in Asia, these Indians also did a lot of charity
Gautam Adani, who is included in the list of the world's richest businessmen, is also not far behind in the matter of philanthropy. Gautam Adani's name has been included in the top three in the 16th
Meghalaya: PM Modi said- Congress considered this region as the last part of the country, we have developed the growth engine
Prime Minister Narendra Modi addressed a public meeting in Tura, Meghalaya. He said that now the G20 meeting is also going to be held in Meghalaya, due to which the identity of Meghalaya is going to
Pakistan Flood: Pakistan troubled by floods and food crisis, will open trade routes with India
Pakistan Food Crisis: Pakistan, which is facing floods and a food crisis, will once again start trade with India. This has been announced by the Finance Minister of Pakistan Miftah Ismail. Mifta
Manjhi said - I do not believe in Ram, he is not God: Ram only characters of Ramayana; They ate Shabari's liar, show someone eating us here
Former Bihar Chief Minister Jitan Ram Manjhi has once again raised questions on the existence of Lord Ram. In a program of Ambedkar Jayanti in Jamui on Thursday, he said that Lord Ram was only a few,
Deepawali 2024: Confusion persists over the date of Deepawali, scholars from Kashi and Indore suggest different dates
There is still confusion about the date of Diwali. The scholars of Kashi say that the festival of Deepotsav will be celebrated all over the country on October 31. On the other hand, the religious
MI vs RCB: Virat Kohli apologized to the fans by holding his ears, knowing what the demand made by the spectators at Wankhede Stadium
If Royal Challengers Bangalore's star batsman Virat Kohli is in the field then the atmosphere is sure to remain frozen. In IPL 2024, a high-scoring match was played between Mumbai Indians and Royal
Farmers Protest: Government again invited farmers' organizations for talks, Agriculture Minister said - it is necessary to maintain peace
Till now, no agreement has been reached between the Central Government and farmer organizations on the formula to resolve many other issues including MSP. Meanwhile, Agriculture Minister Arjun Munda
Pakistan: In the Toshakhana case, Imran Khan and his wife Bushra were sentenced to 14 years in jail, and also fined Rs 78-78 crore.
Before the general elections in Pakistan, the problems of opposition party founder Imran Khan are increasing. In the Toshakhana case, a Pakistani court has sentenced him to 14 years in jail. Along
IEA Executive Director Fatih Birol said – LiFe mission can help in tackling climate change
Fatih Birol, executive director of the International Energy Agency (IEA), said the G20 countries can use the Lifestyle for the Environment initiative first proposed by Prime Minister Narendra Modi as
