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New IFSC codes for banks: What you will have to do prior to transfering cash on-line

New IFSC codes for banks What you should do before transfering money online

Due to the recent amalgamation of some public sector banks, the previous IFSC codes 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, Andhra Bank and Corporation Bank. If you own any bank accounts in any of these banks or you need to transfer money online through netbanking then please get the updated IFSC code first.

The IFSC codes before the amalgamation of these banks can no longer be used to transfer money. Syndicate Bank is now part of Canara Bank while Allahabad Bank has been merged with Indian Bank. On the other hand, Vijaya Bank and Dena Bank are now combined with Bank of Baroda.

If you need to transfer money online to any of these banks then you will first need to delete the beneficiary from the list of payees by visiting your online banking website. Check out the new IFSC codes and then you will have to add the details again and register them as new beneficiaries by adding name, account number, contact details and bank details including the new IFSC code. Only after the successful registration of the new beneficiaries, will you be able to transfer funds to these banks. So, ask the person to whom you wish to send money about new IFSC codes before you hit the ‘transfer’ button.

Also, if you have set any standing instructions or schedule payments then you will have to delete the same and add such instructions again.


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