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Syndicate Bank customers will have to use new Canara Bank IFSC for receiving funds through NEFT/RTGS/IMPS
According to a statement issued by Canara Bank, the IFSC codes of the Syndicate Bank branches will be disabled from July 1. Syndicate Bank was merged with Canara Bank with effect from April 1, 2020, according to Reserve Bank of India’s (RBI) orders. Syndicate Bank IFSC codes will work only till June 30, 2021. The account holders would be required to obtain new IFSC codes.
After the merger of Syndicate Bank with Canara Bank, all eSyndicate IFSC codes starting with SYNB have been changed.
Attention to all Syndicate Bank account holders: IFSC will change from 1st July, 2021. Kindly check your new IFSC on our website. pic.twitter.com/RumZ0TWBeq
— Canara Bank (@canarabank) June 28, 2021
Difference
The IFSC Code of Canara Bank and Syndicate Bank are different. The Canara Bank code starts with CNRB while the Syndicate Bank code starts with SYNB. In such a situation, customers of Syndicate Bank will have to use the new IFSC code.
New Code
The new IFSC codes can be obtained by visiting the website – canarabank.com – or the Canara Bank branch. 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?
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.