All the accountholders from the former state banks that come under the umbrella of SBI will have to replace their chequebooks before 31st Dec 2017.
All those accountholders of the erstwhile banks which were merged with S.B.I. (State Bank of India) have to get chequebooks bearing the new IFSC code by December 31, 2017. The earlier deadline set by SBI was September 30, 2017.
The account holders of banks such as Bharatiya Mahila Bank, 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 will now have to go through chequebook replacement.
One may visit the bank branch or even use the ATM or SBI’s mobile app to get a new chequebook. SBI officials earlier shared information regarding the transactions via the old codes. The exchange will still go through without any hiccups as the banks have an internal mapping that ties the old codes to the new ones. However, if you have provided the IFSC code to any other financial institutions, say for an automatic ECS mandate for mutual fund SIPs, it should not result in any roadblock.
New IFSC of SBI branches
SBI has also changed the branch names, branch codes, and even the IFSC codes of branches located in some major cities such as Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata, Patna, Ahmedabad, Bhopal, Amravati, Chandigarh, Jaipur, Thiruvananthapuram and Lucknow. The Indian Financial System Code, or IFSC, is an 11-digit alpha-numeric code. It is mostly in use to uniquely identify bank branches participating in any RBI regulated funds transfer system.
To know more about the new codes please click on the button below:NEW IFSC CODES