New Delhi: There are going to be some changes in the banking sector of the country from July 1. From changes in IFSC code to increase in charges in some services. Syndicate Bank has now merged with Canara Bank. Therefore, IFSC code of Syndicate Bank will not work from July 1. Syndicate Bank customers have to use Canara Bank IFSC Code. Customers need IFSC code for transactions under NEFT, IMPS, RTGS. Along with this, the customers of Syndicate Bank will also not be able to use the old check book.
In the year 2019, Union Finance Minister Nirmala Sitharaman announced the merger of 10 public sector banks into four big banks. This merger took place in April 2020. Apart from Canara Bank, Bank of Baroda, Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce Allahabad Bank have also merged. This year, IFSC and MICR codes of banks have started updating from 1st April 2021.
Will affect the pockets of account holders
At the same time, from July 1, two big banks of the country are going to make changes in their charges. If you have an account in these banks, then these changes in charges are going to be heavy on your pocket. These two banks are- State Bank of India, Axis Bank. New service charges will be applicable from July 1 for Basic Savings Bank Deposit (BSBD) account in SBI. The new charges will also be applicable for cash withdrawals from ATMs and use of check books.
Cash can be withdrawn from BSBD account 4 times in a month (including ATM and branch) from SBI branch or from ATM for free. After this, if you withdraw cash, SBI will charge you for it. Rs 15 plus GST will be charged per cash withdrawal from branch channel/ATM. Apart from SBI ATMs, the same charge will be applicable for withdrawals from ATMs of other banks.
These changes will happen in Axis Bank
- The fee for SMS alerts will increase from July 1, 2021.
- At present, the value added SMS fee is Rs 5 per month on subscription basis for select Value Added Services Alerts.
- From July 1, 2021, customers will have to pay 25 paise per SMS for SMS alerts.
- SMS alert fee will be maximum Rs.25 per month.
- This charge will not be applicable on promotional messages and OTP alerts sent by the bank.
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