The merger of these banks is happening from April 1, if you also have an account in these banks, then know what will be the effect


Posted on 3rd Apr 2021 03:12 pm by rohit kumar

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.

1 Like 0 Dislike
Previous news Next news
Other news

TVK vs DMK: 'No alliance, Tamil Nadu elections will be between DMK and TVK', roars actor-turned-politician Vijay

Actor-turned-politician Vijay has started entering Tamil Nadu politics. His party, Tamilaga Vetri

CM warned: If there is any jam anywhere due to Maha Kumbh, the officers will be responsible, they should be in the field at all times.

Taking cognizance of the devotees going to Varanasi and Ayodhya after bathing in Prayagraj Mahaku

Airtel 5G Plus launched in 8 cities, what is the specialty of next-generation connectivity

Airtel has given a big gift to the customers waiting for 5G services. Airtel has launched its Air

This smartphone launched with 4 cameras and up to 11GB of RAM, know how much is the price and what are the offers

Smartphone maker POCO has launched another mid-range smartphone in India. This phone was debuted

Kharge claims- Congress government in 2024: Even if 100 Modi, 100 Shah come, the opposition led by the Congress will remove the BJP

Congress President Mallikarjun Kharge has claimed that the government will be formed under the le

The reality of Taliban: Ban on their entry in ministry made for women, only male employees are allowed to work

Taliban is trying to throw dust in the eyes of the world by promising to give women their rights.

Nepal is most dangerous for planes: 19 accidents occurred in 10 years, in which 104 people died

The black box of the Tara Airlines plane that crashed in Nepal was found on Tuesday. The bodies o

China: Despite the easing of Covid restrictions, there is a shadow of silence in Beijing, with people avoiding going out of the house

Nothing is going well in China at the moment. People have taken to the streets against the zero c

CM's Twitter Follower: Kejriwal has the most Twitter followers, how popular are other Chief Ministers including Yogi-Mamta?

There has been a lot of discussion about Twitter since the acquisition of Elon Musk. Musk is doin

Sri Lanka's former President Sirisena demanded new elections, said - the country is facing a big tragedy

Sri Lanka is passing through a bad phase of economic and political crisis. The people of the coun

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash