The bank account holders would be required to obtain new IFSC codes.
If you are a customer of Syndicate Bank, then this news is important for you. The current IFSC codes of erstwhile Syndicate Bank branches would be disabled from July 1, said a statement issued by Canara Bank. It is noteworthy that Syndicate Bank was merged with Canara Bank with effect from April 1, 2020.
"This is to inform that after the merger of Syndicate Bank with Canara Bank, all eSyndicate IFSC codes starting with SYNB have been changed. All the IFSC starting with SYNB will be disabled W.E.F 01.07.2021," Canara Bank said.
Syndicate Bank IFSC codes will work only till June 30, 2021. The account holders would be required to obtain new IFSC codes, the bank said.
Canara Bank issues alert
"The IFSC codes of the erstwhile Syndicate branches will change with effect from July 1, 2021. Customers have to use new CANARA IFSC for receiving funds through NEFT/RTGS/IMPS," Canara Bank had said on June 11.
"Customers of the erstwhile Syndicate Bank will have to get new cheque books with changed IFSC & MICR codes," it said.
New IFSC codes
The new IFSC codes can be obtained by visiting the following link - canarabank.com/IFSC.html - or by visiting any Canara Bank branch.
Apart from this, the customer care of Canara Bank can also be contacted on 18004250018.
The new IFSC code will now start with CNRB instead of SYNB. One also needs to add 10000 to their existing IFSC code number. For example, if the previous IFSC code was SYNB 0003687, now the changed IFSC code would be CNRB 0013687.
What is IFSC code?
IFSC (The Indian Financial System Code) is a unique 11-digit alphanumeric code that is used for online fund transfer transactions done via NEFT, RTGS and IMPS.
Swift code to be discontinued
Canara Bank also announced the discontinuation of the current swift code being used by the erstwhile Syndicate Bank customers for foreign exchange transactions.
"Swift code of erstwhile Syndicate Bank (SYNBINBBXXX) which is used for sending or receiving SWIFT messages for foreign exchange transactions shall be discontinued with effect from July 1, 2021. All our customers are advised to use the swift code (CNRBINBBFD) for any of their Foreign Exchange needs," it said.
Meanwhile, it is important to note the present eSyndicate Bank Cheque book with old MICR and IFSC is also valid up to June 30, 2021 only.
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