The government has completed the merger of four banks into a single larger banking entity. This step has been taken to strengthen the banking system, improve efficiency, and provide better services to customers. Existing customers of the merged banks do not need to panic, as their accounts remain active.
What Happens to Existing Bank Accounts
All savings, current, salary, and pension accounts of customers continue without interruption. There is no need to close or reopen accounts after the merger. Account balances, transaction history, and customer rights remain fully protected.
Changes in Bank Name and Branding
After the merger, branches of the merged banks will gradually operate under the new bank name. Signboards, cheque books, and official communication may display the new branding, but customer services will continue as usual during the transition period.
Account Number and IFSC Code Rules
In many cases, existing account numbers remain unchanged. However, IFSC codes may be updated to match the parent bank’s system. Customers are usually given sufficient time to update IFSC details for salary credits, EMIs, and online transfers.
Impact on Cheque Books and Debit Cards
Old cheque books and debit cards issued by the previous banks remain valid until their expiry date. Customers can continue using them without any issue. New cheque books and cards issued later will carry the new bank’s name.
Fixed Deposits and Recurring Deposits
All fixed deposits and recurring deposits remain safe and continue at the same interest rates until maturity. The merger does not affect existing FD terms. After maturity, deposits may be renewed under the new bank’s prevailing rates.
Loans and EMIs After the Merger
Loan terms, interest rates, and EMI schedules remain unchanged. Borrowers must continue paying EMIs as per the existing agreement. Only the bank name or account details for payment may change, if notified.
Net Banking and Mobile Banking Changes
Customers may experience minor changes in net banking or mobile app interfaces. Login credentials usually remain the same, but users may be asked to reset passwords or update apps as systems are integrated.
Customer Service and Branch Access
Customers can access services at both old and new branches during the transition phase. Over time, branch operations will be unified to improve service quality and reduce duplication.
Conclusion
The merger of these four banks is aimed at creating a stronger and more efficient banking system. For customers, most services continue smoothly with minimal changes. By staying informed about updated IFSC codes, branding, and digital services, account holders can manage their finances without any disruption.