Cheque Books, IFSC Codes Of This PSU Bank Will Expire After July 1: What Should You Do?

Syndicate Bank has informed its customers that from July 1, the IFSC codes of its branches will be disabled. 

The statement was issued by Canara Bank, which Syndicate Bank has merged with effective from April 1, 2020.

Official Statement On New IFSC Codes

The official statement by Canara Bank read  – “This is to inform that after the merger of Syndicate Bank with Canara Bank, all eSyndicate IFSC codes starting with SYNB have been changed. All the IFSC starting with SYNB will be disabled W.E.F 01.07.2021.”

Also known as Indian Financial System Code, IFSC is a unique 11-digit alphanumeric (containing alphabets and numbers) code which is used for online money transfers through NEFT, RTGS and IMPS.

Customers should obtain new IFSC codes since the existing ones will be active only till June 30, 2021.

They will have to use the new CANARA IFSC in order to receive funds via NEFT/RTGS/IMPS, Canara Bank informed on June 11.

Those who banked with the erstwhile Syndicate Bank will also have to get new cheque books with the new IFSC & MICR codes.

Procedure

In order to obtain new IFSC codes online, one should click the link here .

One can also visit any physical Canara Bank branch for the same.

One can also contact Canara Bank’s customer service by dialing 1800-425-0018.

New Code Format

It should be noted that the new IFSC code will start wirth CNRB instead of SYNB.

One will also have to add 10000 to their existing IFSC code number.

So for example, if the old IFSC code was SYNB 0003687, the new code will be CNRB 0013687.

Code For Foreign Transactions Discontinued

Canara Bank is also discontinuing the current swift code which is used by Syndicate Bank customers for foreign exchange transactions.

It stated, “Swift code of erstwhile Syndicate Bank (SYNBINBBXXX) which is used for sending or receiving SWIFT messages for foreign exchange transactions shall be discontinued with effect from July 1, 2021. All our customers are advised to use the swift code (CNRBINBBFD) for any of their Foreign Exchange needs.”

The current eSyndicate Bank Cheque book with old MICR and IFSC will also be rendered invalid from June 30, 2021 onwards.

Privatization Of PSU Banks Should Stop: Employee Union With 1 Lakh Members Urge President Of India