If you are a customer of any of the merged banks, then you need to new chequebook and passbook.
The chequebooks and passbooks of some public sector banks, which are set to be merged, will become invalid from April 1. These banks are those whose mergers with other banks took effect from April 1, 2019, and April 1, 2020. The names of these banks are Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank and Allahabad Bank.
If you are a customer of any of the merged banks, then update the details like your mobile number, address, nominee, etc. so that there is no further trouble and you will get the necessary information through SMS or email.
There's some relief for customers of Syndicate Bank and Canara Bank as they have already stated that the existing cheque-books of the Syndicate Bank account holders will be valid till June 30, 2021.
Customers should also note that after getting the new chequebook and passbook, they should also update the banking details recorded in various financial instruments - such as mutual funds, trading accounts, life insurance policy, income tax account, FD / RD, PF account, and many other places where it is necessary to update the bank account.
Here's what to know
1. The existing cheque books of OBC, United Bank of India, Vijaya Bank, Allahabad Bank, Corporation Bank, Andhra Bank and Dena Bank will become invalid from April 1. If you are a customer of any of these banks, you can only use the existing cheque books and passbook till March 31.
2. Once the existing cheque book and passbook becomes invalid, the existing account number, IFSC, MICR code, branch address, cheque book, passbook will also have to be replaced.
3. Customers of Syndicate Bank and Canara Bank can use the existing chequebooks and passbooks till June 30, 2021.
4. Account holders in any of these banks should update their mobile number, address, nominee details in other places where they earlier provided their bank details.
Which banks are merging?
Dena and Vijaya Bank were merged with Bank of Baroda and it came into effect on April 1, 2019. On the other hand, Oriental Bank of Commerce and United Bank of India were merged with Punjab National Bank (PNB). Syndicate Bank merged with Canara Bank, Andhra Bank and Corporation Bank merged with Union Bank of India, and Allahabad Bank had a merger with Indian Bank. Punjab National Bank and Bank of Baroda have already stated that the existing cheque-books of OBC, United Bank of India, Vijaya Bank, and Dena Bank will be valid only till March 31, 2021.
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