“Customers can continue to use the cheque books issued by erstwhile Syndicate Bank branches and their IFSC / MICR codes till June 30, 2021,” the bank said in a statement.
Customers can obtain new cheque books and information on new IFSC or MICR codes of the erstwhile Syndicate Bank branches through the bank’s website, internet banking, Candi app/ mobile banking, and branches of Canara Bank, the statement said.
Indian financial system code (IFSC), an 11-digit alpha numeric code seen on a bank’s cheque leaves, helps in identifying bank branches that participate in the various online money transfer options like national electronic funds transfer (NEFT) and real-time gross settlement (RTGS).
MICR code is a code printed on cheques using MICR (magnetic ink character recognition technology). It facilitates quick processing of cheques and prompt settlement.