From April 1, 2021, account holders of eight banks will need to obtain a new cheque book and passbook, as the previous ones will become invalid.
These 8 banks are Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Syndicate Bank, Oriental Bank of Commerce, United Bank of India and Allahabad Bank
Punjab National Bank (PNB) had already told their customers that the current Oriental Bank of Commerce (OBC) and United Bank of India cheque books would be discontinued on April 1, as they are only valid until March 31, 2021.
If you are a customer of one of these banks, you must update your contact information, including your phone number, address, nominee's name, and so on. You must receive new chequebooks and passbooks from the banks that have merged with your old ones.
Which banks are merging?
- On April 1, 2019, Dena Bank and Vijaya Bank merged with Bank of Baroda.
- Oriental Bank of Commerce (OBC) and United Bank of India merged with Punjab National Bank last year (1 April 2020).
- Syndicate Bank and Canara Bank have merged
- Andhra Bank and Corporation Bank have merged with Union Bank of India
- Allahabad Bank has merged with Indian Bank.
In August 2019, the government announced the merger of ten public sector lenders into four larger and stronger banks, marking the largest restructuring exercise in the banking industry. With this, India's public sector banks will be reduced to 12, down from 27 in 2017.
Syndicate Bank and Canara Bank cheque books and passbooks can be used until June 30, 2021. Also, remember to update your new account information in different investment and financial instruments such as mutual funds, trading accounts, life insurance policies, FD/RD, and PF accounts.