As part of the mega-merger of PSU banks, Oriental Bank of Commerce, United Bank of India, Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank now cease to exist. If you have been a customer of any of these banks — as depositors or borrowers — it is time to move on and prepare yourself for the changes ahead.
Here’s a quick checklist to track if you have had an account with the banks mentioned earlier:
Account number/Customer ID
Post the merger, your account number and customer IDs change. Along with that, the average monthly balance requirement, service charges and fees might also change, which you will have to check with the new anchor bank. In case you have multiple bank accounts with both merging bank and anchor bank, you might be issued a single customer ID. Make sure your contact details are updated so that the banks can notify you about all the changes.
Loans and deposits
Interest rates on your existing loans and fixed deposits will not change post the merger, unless renewed. It will only be transferred to the anchor bank. However, after renewal, you will have to accept the interest rates offered by the anchor bank.
As the existing cheque books of the merging banks might not remain valid, new cheque books will be issued by the anchor bank which should carry all the new details. Make sure you get yours replaced.
Existing ATM/debit/ credit cards will have to be exchanged with those provided by the anchor banks. However, cash withdrawals, balance inquiry, mini statements and pin change can be carried out at ATMs of all the merging banks wherever they exist to ensure smooth transition.
Branches and lockers
Customers might have to deal with branch rationalisation exercise under which some branches may be shut or relocated. Take a note of the new IFSC and MICR code applicable to your branch and account since those details will be needed for funds transfer and other financial transactions. Also, locker fees, along with terms and conditions, might change in case you are availing those services.
According to insurance regulatory norms, a bank cannot have more than three tie-ups in life, health and general insurance each. Hence, tie-ups with the insurers of the merged banks will be discontinued and you might have to migrate to the insurance partner of the anchor bank.