Bank will reject old banking system from 1st April 2021
Customers Alert: This is a very important news for Bank Customer’s. With effect from April 1, 2021, customers of these eight banks will get old check book, passbook and Indian Financial Service Code (IFSC) invalid, meaning that from April 1, your old checkbook will be of no use.
Contact bank immediately
Eight banks are those which have recently been merged with other banks. The banking system will reject old checks from 1st April 2021 due to changes in account holders’ account numbers, IFSC and MICR codes due to merger of banks. All the checkbooks of these banks will become invalid. Therefore, customers of all these banks have been advised to immediately visit their branch and apply for a new check book.
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The central government has merged several banks. Due to the increasing NPA burden of banks, the central government decided to merge the banks. Now after the merger, checkbooks, passbooks, IFSC codes etc. of these banks are about to be changed. Now the customers of these banks will have to take a new check book from April 1, 2021 in any case. However, there has been some relief in the case of Syndicate and Canara Bank customers. The existing check books of Syndicate Bank will be valid till 30 June 2021. After that a new check book will have to be taken, the banks whose old check books will be invalidated from April 1. Among them are Dena Bank, Vijaya Bank, Oriental Bank of Commerce, United Bank of India, Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank. After the merger of these banks, their old checkbooks will no longer run after March 31.
List of merged banks-
>> Dena Bank and Vijaya Bank were merged with Bank of Baroda. It has become effective from 1st April 2019.
>> Oriental Bank of Commerce and United Bank of India (UBI) merged into Punjab National Bank (PNB).
>> Syndicate Bank has been merged with Canara Bank.
Andhra Bank and Corporation Bank have been merged with Union Bank of India.
>> Allahabad Bank (Allahabad Bank) has been merged with Indian Bank. Please tell that all these have come into effect from 1 April 2020.
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Why does the need of a check book
Explain that at the time of opening a Saving Account or Current Account in the bank, the bank gives the check book to the customers. With the help of this checkbook, customers can transact money. There is a lot of information on the check book or its leaf. IFSC is a magnetic ink character recognition (MICR) code. Today most of the work is done with the help of these codes. In the old check book you have, the old bank only has the IFSC and MICR code. Which will change now. Please tell that if you apply for a check book now, you will get a new check book after 10 days.