If you are a customer of any of the associate banks of State Bank of India, it is time to get new chequebooks as the existing ones will become invalid from March 31, 2018 and new ones with new format of IFSC code will be introduced.
The largest state-owned public sector money lender, State Bank of India (SBI) has announced to introduce new chequebooks with new IFSC codes for all of the accounts under the associated banks. Hence, SBI requested all customers of associated banks and Bhartiya Mahila Bank to get themselves a new chequebook as the existing ones will be invalid after March 31. If you are an account holder of – Bharatiya Mahila Bank (BMB), State Bank of Patiala, State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, and State Bank of Hyderabad, it’s time to get yourself a new chequebook.
The associate banks and the BMB merged with the SBI with effect from April 1, 2017 – making SBI r country’s largest bank has joined the top league of 50 global banks. Soon after the merger, SBI changed names and IFSC codes of nearly 1300 of its branches – however, the updates in chequebooks remained pending. The changes in IFSC code were to be implemented on September 30, 2017 – it was then postponed to December 31, 2017 and yet again. But finally, the SBI has made a final notification that customers of the merged banks will be able to request for new until March 31, 2018 – after which the current ones will be invalid.
In order to get yourself a new chequebook, you will have to visit the bank branch or even use the ATM or SBI’s mobile app. After completing the application process of new chequebook, you will receive a new chequebook with updated Indian Financial System Code, or IFSC – which is an 11-digit alpha-numeric code used to uniquely identify bank branches participating in any RBI regulated funds transfer system. Go get yourself a new chequebook.