Impact of merger of banks on the bank account holders

From today onwards 4 big banks have been formed by merging 10 public sector banks in the country. Oriental Bank of Commerce and the United Bank have merged with Punjab National Bank (PNB). The bank formed after this incorporation has become the second-largest bank in the country.

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After Syndicate Bank merged with Canara Bank, it has become the fourth largest bank in the country. Union Bank with Andhra Bank and Corporation Bank, making it the fifth-largest state-run bank in the country. Indian Bank and Allahabad Bank have become the seventh-largest bank in the country. We will be telling you that if your account is in any of these banks, then what effect this merger of banks will have upon you and your money.

What will be the impact of the merger on bank accounts ?

It will have a direct impact on the savings account, current account and other types of accounts. After the merger process is completed, these account holders will have to go to the bank and have to replace their existing passbook with the new passbook. The government has directed all the banks involved in the merger to ensure that there will be no difficulty in banking services during the merger process.

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Will this affect the bank account numbers?
If the account number of the merged banks has equal digits, the account number may not change. But if there is a difference in the number of digits of the account numbers, they will definitely change.

Will the branches of banks will change?
After the merger process is completed, if the branches of one of the banks involved in it are found in more than one area, then some branches may have to close. On the other hand, if banks have branches around a city, they will also get closed.

What will be the effect on the old checkbook?
After the merger process, the names of 6 out of 10 banks involved will be changed and the checkbook with the name of the old bank will also be canceled. A new checkbook will be issued in this place. However, six months will be given to do so.

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will it affect the bank’s IFSC after the merger?
The IFSC (Indian Financial System Code) numbers of different branches of merging banks will not be immediately affected, but after the merger process is completed, it would definitely change.

What will happen to old debit and credit cards?
This process will not affect the debit and credit cards issued to customers from different banks involved in the merger and they will continue to operate as before. However, integrated banks can issue new debit and credit cards to customers under the new branding.

What will be the impact on FD and RD of banks?
The consolidation of banks will also have an impact on the interest rates they are paying on various deposit schemes. The FD-RD interest rates of pre-merged customers will not be affected, but the interest rates for new customers will be decided as per the bank.

Will there be any change in loan rates?
There will be no change in the old rates of various types of loans such as home loans, vehicle loans, education loans, personal loans, and gold loans.

Do bank details have to be updated at different places?
Customers of the bank affected will have to update their new account numbers and details of IFSC, including income tax, an insurance company, mutual funds and everywhere. Details will also have to be updated in SIP and EMI.

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