8 public sector banks have merged recently which has led to change in IFSC code and bank account number of depositors.
Vijaya Bank, Corporation Bank, Andhra Bank, Syndicate Bank, Oriental Bank of Commerce, United Bank of India, Allahabad Bank and Dena Bank have seen mergers.
If you have a bank account in any of these 8 banks, your transaction might fail in some time if not updated with the new bank mandate.
Simply put, if the required changes are not made, redemption/dividend pay-outs, SIP debits may fail.
Of the 8 Banks that have merged, only 6 banks have a change in IFSC code and remaining two Dena Bank and Vijaya Bank have change in both account number and IFSC code.
CAMS has initiated a communication process to make some changes to the investor’s account at the backend.
For those 6 banks with no change in bank account number but IFSC code, CAMS has obtained the new IFSC code and made necessary changes at the backend. A communication about the change will be sent to the investor after the changes.
For those two banks wherein there is a change in both bank account number and IFSC code, the RTA will send a communication to investors about the impact on their folio. In this case, investors are asked to submit the necessary documents for change in bank mandate process.
Change in bank account number and IFSC code will be done in the folios only after receipt of complete documentation from the investor.
Moreover, the RTA will provide a customized report to distributors with a list of investors who will have to submit a change of bank mandate request. This will facilitate distributors to follow-up with their investors to complete the activity.
