IFSC Code Change: If your account is in Syndicate Bank, then there is important news for you, because the IFSC of this bank will become invalid from July 1, 2021, so the customers of the bank have till June 30 to start their bank branch. Get the IFSC code updated, this information has been given by Canara Bank.
New Delhi: IFSC Code Change: If your account is in Syndicate Bank then it is important news for you, because the IFSC of this bank will become invalid from July 1, 2021, so the customers of the bank have time till June 30 to make their own Get the IFSC code of the bank branch updated, this information has been given by Canara Bank.
Syndicate Bank Bank’s IFSC code will become invalid
Canara Bank has stated on its official website that ‘Dear customer, you are informed that after the merger of Syndicate Bank into Canara Bank, all Syndicate IFSC code or IFSC (The Indian Financial System Code) would be a unique 11 digit alphanumeric code. That starts with SYNB, has changed ‘
New IFSC code from 1 July
According to Canara Bank, all IFSC codes that start with SYNB will be disabled by July 1, 2021. Canara Bank has told that to send money through NEFT / RTGS / IMPS, now the new IFSC code starting from CNRB has to be used. Canara Bank said that the old checkbook of customers will work only till June 30, after which they will not be able to use it, so immediately go to their branch and update it. You have a chance to update by 30 June.
Why change IFSC code?
In fact, Finance Minister Nirmala Sitharaman announced the merger of 10 government banks into 4 big banks in 2019.
This merger came into force in April 2020, 2-2 IFSC codes are not possible after the merger, as the merging bank will cease to exist and their IFSC codes will also become invalid.
Therefore, there is a change in the IFSC code of the account holders.
These banks also merged
As we mentioned above, 10 state-run banks have been merged into 4 big banks. The 10 banks that have been merged are
Canara Bank, Bank of Baroda, Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Syndicate Bank, Oriental Bank of Commerce, United Bank of India and Allahabad Bank. These banks were merged into other major banks. The process of updating the IFSC and MICR codes of banks has started since April 1, 2021.
