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.
During the economic crisis in Pakistan, the political uproar is also increasing. There is news fr
Weekend lockdown in Maharashtra, strict restrictions in these states
New Delhi Increasing cases of corona epidemic in the country are now frightening. During the last
Only two days are left for the Maharashtra elections. Voting is to be held in the state on Novemb
When Corona arrived last year, many insurance companies took it as an opportunity to earn and lau
High voltage drama was seen in the ongoing day-night test between India and Australia in Adelaide
Nokia G11 Plus and Motorola Moto G22 get 50MP camera, know other features and price
Nokia G11 Plus: The Nokia G11 Plus smartphone is now available for sale in India. This Nokia smar
America will strengthen defense ties with India to stop China, will rein in Indo-Pacific region
The US Defense Ministry, the Pentagon, in its latest national defense strategy, said on Thursday
Indian fan proposed to girlfriend during IND vs NED match, know whether the girl said yes or no
Suryakumar Yadav, Virat Kohli, and Rohit Sharma scored half-centuries as India beat the Netherlan
Veteran batsman Virat Kohli has said that he and his teammates are ready to give their best perfo
Romantic comedy films have always been considered the key to success in Hindi cinema. A new name
