Alert! These banks changed IFSC codes, update your details immediately or else you may not be able to make online payments

If you are using online banking facilities then this is a very important news for you. Several banks have changed their IFSC codes following the recent mergers of several public-sector banks. Therefore, the old IFSC codes will no longer be valid for online transactions through NEFT, RTGS or IMPS routes.

Merger of different Public Sector Banks (PSBs) like Syndicate Bank, Allahabad Bank, Dena Bank, United Bank of India, Vijaya Bank, the Oriental Bank of Commerce, Andhra Bank and Corporation Bank has been announced. As a result, account holders in these banks will have to update their IFSC codes to get the online banking facilities.

This is how you can change the IFSC code: In order to change the IFSC code, you have to visit the official website of the bank and register for the new IFSC code by filling in your details. You can contact the bank on their toll-free number if you have other queries or any doubts. The same rules apply to phone banking. If you do not change your IFC code, you will face problems regarding monetary transactions.

It is to be noted here that Finance Minister Nirmala Sitharaman had in August 2019 announced the merger of ten public-sector banks into four.