With the end of March, the new financial year is about to begin. With the new year, many rules of the banking system are going to change.
The IFSC code has to be changed for the banks that are merging.
With the end of March, the new financial year is about to begin. With the new year, many rules of the banking system are going to change. Even the IFSC codes of many banks are going to change. This will affect every account holder, as it is the most important information for the money deposited in the bank account. This is going to affect your check book to personal details.
In such a situation, it is necessary for you to know what will be the effect on you and what you will have to do in such a situation. Also we will tell you which bank account holders are required to do some work…
Which bank people want to take care of?
Let us know that 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. In such a situation, there is going to be a problem for the bank holders of these 8 banks. In this, Dena Bank and Vijaya Bank merged Bank of Baroda, Oriental Bank of Commerce and United Bank of India into Punjab National Bank. In such a situation, people who have an account with this bank, need to be taken care of.
What will be the effect?
The IFSC code has to be changed for the banks that are merging. Along with this, the old checks, passbooks of customers will also be changed from 1 April. Actually, changing the IFSC code changes your entire personal details in a way. With this, the checks of these 8 banks will stop working, due to which the check book you have will not be useful.
Apart from this, Andhra Bank and Corporation Bank have merged with Union Bank of India. On the other hand, Allahabad Bank has merged with Indian Bank. Although Syndicate Bank has also been merged with Canara Bank, but currently Syndicate Bank account holders can also use the old checkbook. Please tell that the check of Syndicate Bank is valid till 30th June.
What to do?
If you also have an account with these banks, then you have to first find your new IFSC code from the bank, because it is very useful for you. You can find it through bank or online. With this, you get a new check book, because your old check book will not be valid. Therefore, before April 1, you have to take a check book and passbook.
You have to do?
If you have an account with these banks, then you will first have to find your new IFSC code from the bank. With this, if you give your bank details to someone, then you will have to give the updated IFSC code. You can also find out the address of your new IFSC code through the official website of the bank. Apart from this, you have to go to the bank branch and get the check book made, so that if you need to give the check in future, then you do not have any problem.
Which bank account holders will face problems?
Let us know that 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. In such a situation, there is going to be a problem for the bank holders of these 8 banks. In this, Dena Bank and Vijaya Bank merged Bank of Baroda, Oriental Bank of Commerce and United Bank of India into Punjab National Bank.
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