The IFSC code is used during electronic payment. Bank’s IFSC code along with bank account number has to be added for online transaction.
If you have an account with Canara Bank, then this news is of your use. Canara Bank told its customers that the Syndicate Bank’s IFSC Code (IFSC Code) will be discontinued on 1 July 2021. Syndicate Bank customers have been asked to update the IFSC code of their bank branch by 30 June.
The bank tweeted on Twitter that, customers are informed that after the merger of Syndicate Bank with Canara Bank, all eSyndicate IFSC codes starting from SYNB have been changed. All IFSC WEFs starting with SYNB will be disabled from 01.07.2021.
The bank stated on its website that we request you to inform the remitters (senders) to use their new IFSC code starting with “CNRB” only while sending NEFT / RTGS / IMPS.
Why changing IFSC codes?
Let us know that in the year 2019 Finance Minister Nirmala Sitharaman had announced to merge 10 government banks into 4 big government banks. While the merger came into force in April 2020. After this, the IFSC and MICR codes of banks have started to be updated from 1 April 2021.
In April last year, Syndicate Bank was merged with Canara Bank. Vijaya Bank and Dena Bank were merged into Bank of Baroda from 1 April 2019. The IFSC and MICR codes of these account holders will also change. However, the bank has not yet informed its customers.
However, BoB has stated in its FAQ on its website, you can use the old IFSC and MICR code till intimated by the bank.
What is an IFSC code?
Explain that the bank’s IFSC code along with the bank account number is mandatory for online transactions. The IFSC code is 11 digits long. In this, the initial four letters indicate the name of the bank.
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Hey, if you want to find the IFSC code of any bank, you can get it from bank of america routing number.