Account holders required to update details
New Delhi, Mar 16: In April 2020, ten public sector banks were merged or consolidated into four larger nationalized banks.
- Allahabad Bank with Indian Bank
- Oriental Bank of Commerce (OBC) and United Bank of India with Punjab National Bank (PNB)
- Syndicate Bank with Canara Bank
- Corporation Bank and Andhra Bank with UnionBank of India
- Dena Bank and Vijaya Bank with Bank of BarodaThese mergers came into effect, but the banks wereyet to complete the process of integration.
The merger would be effective from April 1, 2021. Customers ofeight banks which had merged, would get new bank saving/current account numbers, IFSC, MICR code, credit/debit cards, online banking facilities, etc.
The chequebooks and passbooks of the old banks would no longer be valid.
When an account is opened, every customer gets a booklet that has these special instruction slips called cheques. This booklet is called a chequebook. The person in whose name the cheque is drawn or written, can instruct the concerned bank to pay them the specified amount of money.
After the customers get a new account number, they should update their banking details on various other financial instruments like mutual funds, trading accounts, life insurance policy, income tax account, fixed deposit, provident fund accounts, etc.
If you are a customer of any of the above- mentioned merged banks, then you are required to update your details such as your mobile number, address, name of nominee, etc.
These days, you probably log in to Netbanking and see all your bank transactions online. A transaction is anything – when you deposited money, when you withdrew, when you got interest, when someone got a cheque on your instruction and got money from your account.
But suppose you did not have a computer or internet? How would you keep track of all the transactions that you have made at the bank? One could, of course, write them in a book at home. Luckily for us, the banks keep an account of every transaction. Whenever the customer wants, they print out these transactions for the customer to keep a record too. These transactions are printed in a special book, which is called the passbook. Have you ever seen a passbook? Do share if you have! Which bank was it?