From next month, the account numbers of the customers of eight banks, which were merged with other big lenders, will change. These banks are Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Syndicate Bank, Oriental Bank of Commerce, United Bank of India and Allahabad Bank. The account holders of these banks will have to get a new checkbook and passbook as the previous ones will become invalid from 1 April 2021.
As part of banking consolidation announced in 2019, Oriental Bank of Commerce and United Bank of India were merged into Punjab National Bank; Allahabad Bank with Indian Bank; Syndicate Bank was merged with Canara Bank and Andhra Bank and Corporation Bank with Union Bank of India. These mergers came into effect in the current fiscal year, but banks are yet to complete the process of integration. The merger will be effective from April 1, 2021, following that checkbooks and passbooks of the merged banks will become invalid.
Come April 1, the account numbers of customers of these banks, which were merged with other big lenders over the last two years, will change. Along with the checkbooks, the IFSC and MICR code, besides the branch address of such banks — whose mergers with other big lenders came into effect from April 1, 2019, and April 1, 2020 — will also change.
Alerting their customers, Punjab National Bank (PNB) had already informed that the existing checkbooks of Oriental Bank of Commerce (OBC) and United Bank of India will get discontinued from April 1, as they are valid only till March 31, 2021. These account holders also need to know the new IFSC and MICR codes.
What are customers required to do?
If you are a customer of any of the above-mentioned merged banks, then you are required to update your details such as your mobile number, address, name of the nominee, etc. You have to get a new checkbook and passbook of the banks with which your old bank has been merged. Keep your old passbook and checkbook handy to get the new ones.
After getting the new checkbook, and passbook, you will have to update your banking details recorded in various financial instruments — mutual funds, trading accounts, life insurance policy, income tax account, Fixed Deposit/Recurring Deposit, Provident Fund account — and other necessary places as well to update the bank account. If you have an account with Syndicate Bank, you can use your existing checkbook till June 30.
