Banking

Erstwhile Syndicate Bank cheque books valid till June-end

Read more at m.economictimes.com

State-owned on Wednesday said cheque books issued by erstwhile Syndicate Bank branches and their IFSC or MICR codes will be valid till the end of June 2021. Canara Bank amalgamated Syndicate Bank with itself effective April 1, 2020.

“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.

Read more at m.economictimes.com

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