Bank….

From 01-04-2020, the following banks are getting amalgamated.

1. Oriental Bank of Commerce and United Bank of India with Punjab National Bank.

2. Andhra Bank and Corporation Bank with Union Bank of India.

3. Syndicate Bank with Canara Bank.

4. Allahabad Bank with Indian Bank.

Thus, 10 Banks will become 4 Banks.

I suggest that you approach your bank before 24th of this month and take necessary action for these purposes.

(a) Find out the formalities to be completed, if any

(b) Issuance of Form 16-A for F.Y.2019-20 (A.Y. 2020-21)

(c) Change of ECS arrangements for Utility Payments and receiving credits into your running account.

(d) Find out if your existing ATM cum Debit card will be functional from 01-04-2020.

(e) Link your new account with your Demat Account for Shares & Mutual Funds.

(f) If you have a Credit Card issued by any of the banks now being merged with another, apply for a new one immediately because already the credit cards you hold are getting disabled.

(g) If you receive your Salary or Pension through any of the banks merged, make alternate arrangements.

(h) If have given any Standing Instructions for Utility Payments, Loan EMIs, RD Instalments, Credit Card payments etc., make alternate arrangements within 10 days.

(i) If your have a Safe Deposit Deposit Locker with the bank being merged, then you may have to approach the Acquiring Bank for allotment of a fresh locker.

(j) Your Service Charges will vary.

(k) I understand the existing interest rates on your Deposits and Loans will continue, for the rest of their contracted term, without any change. Nevertheless, check and get it confirmed.

(l) In case of Mortgage of immovable properties, assignment of shares/LIC policies, enquire their future fate.

(m) If you have taken any Insurance Policy through your bank for Life/Health, enquire with regard to their further validity and future servicing.

Before visiting your bank, list out the jobs to be done and take necessary papers/documents/passbooks/cards with you and visit the bank in the post lunch session.

Do not postpone your work till the last moment.

On 27th of this month, there may be a Bank strike.

28th and 29th are bank holidays in view of 4th Saturday and Sunday.

30th and 31st, bank staff will be busy with their annual closing of accounts and will be under immense pressure for recovery of loans.
Some banks & branches may have different procedures according to their convenience and instruction.

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