IFSC codes of some banks have changed. These are those banks that have merged recently. So, if you have any of your bank accounts with the banks that have merged, then, you need to make some changes with respect to the electronic fund transfers.
You need to delete those accounts in your mobile and Internet Banking platforms and re-add them with fresh new details. This needs to be done because some of the branches of the now merged banks have been subsumed in the parent bank branch. Or they have been allocated the new IFSC codes etc. Or both.
So, go to your internet banking or the mobile banking platform and delete those bank accounts.
Here is a list of banks that have merged recently:
| S.No. | Banks | Merged with |
| 1 | Oriental Bank of Commerce | Punjab National Bank |
| 2 | United Bank of India | Punjab National Bank |
| 3 | Allahabad Bank | Indian Bank |
| 4 | Andhra Bank | Union Bank of India |
| 5 | Corporation Bank | Union Bank of India |
| 6 | Syndicate Bank | Canara Bank |
| 7 | Dena Bank | Bank of Baroda |
| 8 | Vijaya Bank | Bank of Baroda |
Let me explain with an example to you.
Let us say that you have added your sister’s bank account to your SBI internet banking for fund transfers. Her account happens to be in Vijaya Bank.
As the Vijaya Bank is now subsumed into Bank of Baroda, you would be required to delete the Vijaya Bank account and add it again with a fresh new IFSC Code allocated by the Bank of Baroda.
HOW TO FIND THE NEW IFSC CODE
Every bank branch is allotted a unique IFSC Code. So, when you transfer the funds, the funds are routed to the respective bank on the basis of the IFSC Code and the account number and not the name of the customer.
To find the newly allotted IFSC Code to your branch, please go to the bank’s wesbite and search for the same. Alternately, you can visit the branch and ask the branch officials to provide you the new IFSC Code.
WHAT HAPPENS TO MY CHEQUES? CAN I STILL USE THEM
The answer is both: Yes and No.
Let me break it down for you.
First, I will tell you how you can continue using the old cheques. The Cheques serve many functions. They are commonly used for withdrawing cash form the bank. So, if you are interested inn withdrawing cash using the cheques, you can continue to do so.
So, in short, you can limit the usage of cheques to cash withdrawals. You can also issue them to someone whom you want to pay cash from your home branch.
Now, let’s talk about why you can’t use them. You can’t use them for writing it to someone who will deposit the cheque into her own bank. In that case, the cheque has to go through the clearing house. And the clearing houses now operate online. So, they will be rejected outrightly.
WHAT HAPPENS TO MY PASSBOOK AND THE ACCOUNT NUMBER
Ideally, the banks will not be changing the account numbers. And you should be able to use the Passbook until it has all the pages filled. Afterwards, they will use a new passbook to you with the logo of the merged entity.
All in all, you don’t need to worry about your banking much post the merging of your bank.
Should you feel a doubt, you may ask in the comments below:
