After the bold move of PM Narendra Modi’s demonetization, everything changed in the country, people faced a lot of problems. With this, the Indian government also implemented the GST which took a lot of time for people to recover from them. National banks raised the service charges, funds transfer charges, and ATM withdrawal charges, etc.

In a move to promote digital transactions, the country’s largest lender, State Bank of India (SBI), has reduced its penalty for non-maintenance of minimum balance by a whopping 20%-50%. The government in April 2017 has merged 5 associate banks in State Bank of India.

The merger of State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP), State Bank of Hyderabad (SBH) and BMB has now made SBI join the league of top 50 banks globally in terms of assets.

Five associate banks of State Bank of India (SBI) and Bharatiya Mahila Bank were merged with SBI with effect from April 1, 2017. SBI had earlier given time till December 31, 2017, to customers of the banks which had merged with it, to get new cheque books bearing the new IFSC code.

Now, according to the SBI, Cheque books of banks that merged with public sector behemoth State Bank of India (SBI) are invalid with effect from January 1, 2018. So, the customers can now apply for a new cheque book using INB, SBI Anywhere, SBI Mingle apps or visit the nearest ATM or branch for the same.

“All account holders of banks which were merged with SBI in April 2017 have to get the cheque book bearing the new IFSC code latest by 31st Dec 2017. Visit the branch or apply via internet banking, SBI Anywhere, SBI Mingle (Web App) or at the ATM,” tweeted SBI official Twitter handle.

All account holders of banks which were merged with SBI in April 2017 have to get the cheque book bearing the new IFSC code latest by 31st Dec 2017. Visit the branch or apply via internet banking, SBI Anywhere, SBI Mingle (Web App) or at the ATM. More: https://t.co/dZkEdKQwu2 pic.twitter.com/bPc3909bn0

— State Bank of India (@TheOfficialSBI) December 30, 2017

SBI officials had earlier informed that transactions based on old codes will still go through and will not be held up as they have been mapped with the new codes internally by the bank. 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. If you are having an account in any of the places as above, click here to get the new codes.

A Few Things SBI Customers Must Know:

1. There is no need to register afresh for availing net banking services of SBI i.e. the merged bank. You can log in with the same username and login password for logging into OnlineSBI.

2. There is no need to register your mobile number afresh after the merger of your bank with SBI, said SBI on its website.

3. It is not required to register your email ID afresh in OnlineSBI.

4. The third-party beneficiaries added and approved by you earlier will be available.

5. The same billers already registered by you will be available in OnlineSBI.

6. Even after the merger of your bank with SBI, the standing instructions set earlier by you will be executed on the due dates. There is no need to cancel those standing instructions.

7. There is a change in NEFT/ RTGS charges. Service charges as applicable for SBI customers will be applicable for customers of Associate Banks, after data level merger.

8. For the time being, you will be able to use the fixed deposit (FD)/recurring (RD) deposit products of your erstwhile bank, said SBI. After data level merger, FD/RD products as applicable for State Bank of India will be available for opening using net banking.