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Syndicate Bank customers will now have to update their details with Canara Bank code latest by June 30
Following the merger of Canara Bank and Syndicate Bank on April 1, 2020, it was informed that all the IFSC codes of Syndicate Bank will be disabled on July 1, 2021. Syndicate Bank customers will now have to update their bank branch code latest by June 30.
“This is to inform that after the merger of Syndicate Bank with Canara Bank, all eSyndicate IFSC codes starting with SYNB have been changed. All the IFSC starting with SYNB will be disabled W.E.F 01.07.2021,” Canara Bank’s website stated.
“We request you to inform the remitters (senders) to use only your new IFSC code starting with “CNRB” while sending NEFT/RTGS/IMPS, from now itself,” it added further.
This merger was announced in 2019 when Finance Minister Nirmala Sitharaman introduced it as part of Centre’s plan for consolidating 10 public sector banks with four mega state-owned banks in order to make them fiercely competitive.
What is IFSC code?
The Indian Financial System Code (IFSC) is a distinctive 11-digit alphanumeric code with the first four characters representing the bank name, the fifth character being the numeric zero, and the last six characters suggesting branch name. This code identifies a bank branch for online fund transfer processed through NEFT, RTGS, and IMPS.
How to search for IFSC Code on the cheque leaflet?
You can easily find the code either on the bank passbook or the chequebook.
Courtesy: PolicyBazaar.com
To get your corresponding new IFSC code, contact your existing bank branch or click here.
Meanwhile, Vijaya Bank and Dena Bank were also merged with Bank of Baroda (BoB) on April 1, 2019. The bank is, however, yet to announce the impending change in IFSC codes of customers.
“You may however use the old IFSC and MICR codes until intimated by the Bank,” BoB replied to an FAQ on the website.