Information required for check book
1. Checkbook of banks merged from 1st April will not be valid. You will need to get a new checkbook from anchor banks (in which other banks are merging). Payments will be stopped by the banks’ checks. In such a situation, if your bank account is also in these public banks, then change the check book in time.
2. According to the websites of the banks, for example, the checkbook of Oriental Bank of Commerce and United Bank of India will be valid only till 31 March. The two banks have been merged with Punjab National Bank.Also read: Bank Holidays in April 2021: Banks will be closed for full 15 days in April, check this list before leaving home
3. If you are a customer of Syndicate Bank, then you can use your checkbook till 30 June. Because the Reserve Bank of India has allowed some banks to continue the old checkbook for a quarter or two.
4. For how long your bank allows you to run check book and passbook, for this you will have to take frequent updates from the bank. If you have given post-dated checks, you will have to replace them with a new one as soon as you get a new checkbook. The IFSC and MICR codes will change for some banks.
In case of money transfer
5. If you give your bank details to someone, then you will have to provide the updated IFSC code. You can also find out the address of your new IFSC code through the official website of the bank.
6. Even in the case of money transfer, the IFSC and MICR code will change for some banks and will remain the same for some banks.
7. As such, the account number at Union Bank of India has not changed, only the IFSC code has changed. Each bank has a different migration.
8. You will again have to check with your bank to see what has changed and what has not. You will also need to change your ECS instructions for loans and other payments such as life insurance and mutual fund investments.
Also read: PNB started special fixed deposit scheme, know how much interest is being received
Keep these things in mind for deposits and loans
9. If you have taken a loan from the merged banks, the anchor bank will streamline the process. It may contain updated terms and conditions and rates for some banks. Find out about this from banks.
10. As far as fixed deposits are concerned, banks will not change interest rates. But upon renewal, Anchor Bank can align the rates with them.