Because of the recent merging of several public sector banks, the previous IFSC code used for online banking may no longer be valid.
Some public sector banks have been affected and they are Syndicate Bank, Allahabad Bank, Vijaya Bank, Dena Bank, United Bank of India, Oriental Bank of Commerce, Bank Andhra Bank and Corporation.
If you have a bank account at one of these banks or you need to transfer money online through NetBanking, then get the IFSC code updated first.
The IFSC code before the incorporation of these banks can no longer be used to transfer money.
Syndicate Bank is now part of Canara Bank while Allahabad Bank has joined Bank India.
On the other hand, Vijaya Bank and Dena Bank are now combined with the Bank of Baroda.
If you need to transfer money online to one of these banks, you must first delete the receiver from the recipient list by visiting your online banking website.
See the new IFSC code and then you have to add details again and register it as a new recipient by adding a name, account number, contact details, and bank details include the new IFSC code.
Only after the success of new recipient registration, you will be able to transfer funds to these banks.
So, ask that person to whom you want to send money about the new IFSC code before you press the ‘Transfer’ button.
Also, if you have set fixed instructions or scheduled payments then you must delete the same and add such instructions again.
New IFSC code for banks: What should you do before transferring money online
