Passbook, checkbook of these banks became invalid from April 1 | Photo credit: BCCL
New Delhi: As part of the banking consolidation announced in 2019, Oriental Bank of Commerce and United Bank of India merged into Punjab National Bank; Bank of Allahabad with Indian Bank; Syndicate Bank merged with Canara Bank and Andhra Bank and Corporation Bank with Union Bank of India. These mergers went into effect during the current fiscal year, but the banks have not yet completed the integration process. The merger will be effective from April 1, 2021 after the check books and passbooks of the merged banks become invalid.
On April 1, the account numbers of customers of these banks, which have merged with other major lenders in the past two years, will change. In addition to check books, the IFSC and MICR codes, as well as the branch address of these banks – whose mergers with other major lenders took effect on April 1, 2019 and April 1, 2020 – will also change.
Alerting their customers, PNB and Bank of Baroda said that the existing check books of OBC, United Bank of India, Vijaya Bank and Dena Bank will be deleted from April 1, as they are only valid until March 31, 2021. Likewise, the account holders of other merged banks will also not be able to use their existing checkbooks and passbooks from April 1.
What should customers do?
If you are a customer of any of the aforementioned merged banks, you need to update your information such as your cell phone number, address, nominee name, etc. You need to get a new checkbook and a new passbook from the banks with which your old bank was merged. Keep your old passbook and checkbook handy to get the new ones.
After getting the new checkbook and passbook, you will need to update your bank details recorded in various financial instruments – mutual funds, trading accounts, life insurance policy, income tax account, deposit fixed / recurring deposit, provident fund account – and other necessary items. places as well to update the bank account. If you have an account with Syndicate Bank, you can use your existing checkbook until June 30.