Bank: If you do not know the new IFSC code, then money will not come in your account. Account holders will have to update the new codes everywhere.
Recently many banks have been merged with each other. If your account is in these banks then you need to do some work. Failure to do so may result in your money getting stuck. At the same time, you may have problems in the transaction. IFSC Code (IFSC) has also changed after the merger of banks. If you do not know the new IFSC code, then money will not be credited to your account.
These banks have merged
The government has merged 12 banks in the past. If you have an account with these banks, then you have to know your new IFSC code. Along with this, from where you credit the money, it will have to be updated. If you do not do this, it may be difficult to get the money credited to your account. Also, the account holders of these banks will also have to get their new check book from the bank, because the old check will also not be valid after a few days. Let me tell you which banks are those.
Do this work before July 1
Right now money is being transferred to the account from the old IFSC code too, but it will not happen after July 1, 2021. After July 1, the old codes will no longer be valid and account holders will have to update the new codes everywhere.
If you have an account in these banks, then know the IFSC code
Let us tell you that recently Dena Bank, Vijaya Bank, Oriental Bank of Commerce, United Bank of India (UBI), Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank have merged with other banks. In such a situation there is going to be a problem for the bank holders of these 8 banks.
In this, the merger of Dena Bank and Vijaya Bank, Bank of Baroda, Oriental Bank of Commerce and United Bank of India has been merged with Punjab National Bank. Apart from this, Andhra Bank and Corporation Bank have been merged with Union Bank of India. On the other hand, Allahabad Bank has merged with Indian Bank. Syndicate Bank has also merged with Canara Bank.
How to know new IFSC Code?
You can find out the new IFSC Code in several ways. You can either find it by visiting the official website of the bank and then visit the branch to know your new IFSC code. Apart from this, many banks have arranged to know the IFSC code through SMS, through which you can also find out the new code.
