If your account is in these banks then the old IFSC code will not work! View full list

New Delhi. If you do online payment or transfer then this news is important for you. Because it is possible that the IFSC code of the bank where you have your account has changed now. In fact, in view of the recent merger of banks in public sectors, many account holders will have to remove their old Indian Financial System Code (IFSC). According to a report by Gadgets Now, the old IFSC codes will no longer be valid for online banking. These mergers in the public sector include Syndicate Bank, Allahabad Bank, Dena Bank, United Bank of India, Vijaya Bank, Oriental Bank of Commerce, Andhra Bank and Corporation Bank.

This will have to be removed from the online banking web portal
The account holders of these banks will be required to change their old IFSC code as per the new post-merger bank rules to use the facility of any online banking transaction. Therefore, if the account holders want to do online bank transfer to or from the specified banks, they have to remove the beneficiary from the payee list from the respective online banking web portal.

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Can register for new IFSC code
Through the portal, account holders can register for a new IFSC code, in which all the details have to be re-added. The payee list needs to be re-listed and registered under these new conditions. This is done by adding their names, account numbers, contact details and bank details, which include the new IFSC codes. Account holders of newly merged banks will be able to transfer money online through net banking facilities only after the registration is pending.

These banks are being merged
It also needs to be noted that if any standing instructions or schedule payments exist, they must first be removed and then re-added to get the proper results. The mergers that are taking place are as follows – Syndicate Bank merged with Canara Bank, Allahabad Bank merged with Indian Bank, Vijaya Bank and Dena Bank both under Bank of Baroda.

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