SBI cheque book may become invalid by Dec 31

DAINIK NATION BUREAU

All those account holders of the erstwhile banks which were merged with State Bank of India (SBI) have to get cheque books bearing the new IFSC code by December 31, 2017. The earlier deadline set by SBI was September 30, 2017.

New cheque books

The account holders of banks such as Bharatiya Mahila Bank, State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, and State Bank of Hyderabad will now have to get their cheque books replaced.

One may visit the bank branch or even use the ATM or SBI’s mobile app to get a new cheque book. SBI officials had earlier informed that transactions based on old codes will still go through and will not be held up as they have been mapped with the new codes internally by the bank. However, if you have provided the IFSC code to any other financial institutions, say for an automatic ECS mandate for mutual fund SIPs, it should not result in any roadblock.

New IFSC of SBI branches

SBI has also changed the branch names, branch codes, and even the IFSC codes of branches located in some major cities such as Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata, Patna, Ahmedabad, Bhopal, Amravati, Chandigarh, Jaipur, Thiruvananthapuram and Lucknow. The Indian Financial System Code, or IFSC, is an 11-digit alpha-numeric code used to uniquely identify bank
branches participating in any RBI regulated funds transfer system.

SBI officials had earlier informed that transactions based on old codes will still go through and will not be held up as they have been mapped with the new codes internally by the bank. However, if you have provided the IFSC code to any other financial institutions, say for an automatic ECS mandate for mutual fund SIPs.

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