Along with IFSC codes, Syndicate Bank customers will have to use new SWIFT code for foreign transactions following the lender's merger with Canara Bank
The IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. The bank was merged with Canara Bank in April 2020 as part of a slew of bank mergers undertaken by the central government.
The move means that Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes.
"This is to inform that after merger of Syndicate Bank with Canara Bank, all eSyndicate IFSC codes starting with SYNB have been changed. All the IFSC starting with SYNB will be disabled with effect from July 1, 2021," Canara Bank said on its website. "We request you to inform the remitters (senders) to use only your new IFSC code starting with "CNRB" while sending NEFT/RTGS/IMPS, from now itself."
Canara Bank has released a list of the new IFSC codes on its official website that Syndicate Bank customers will need to use from now, as per their corresponding old codes. They can also use the dedicated tool on Canara Bank's website to check their new IFSC codes.
Customers of Syndicate Bank will also have to get fresh cheque books with their new IFSC and MICR codes too. Moreover, the Swift code of erstwhile Syndicate Bank (SYNBINBBXXX) will also be discontinued from July 1, 2021. SWIFT codes are used for sending or receiving SWIFT messages for the purpose of Foreign Exchange transactions. Canara Bank has asked customers to use the swift code (CNRBINBBFD) for any of their Foreign Exchange transactions.
IFSC or Indian Financial System Code is an unique, eleven-character alpha-numeric code used to identify bank branches for NEFT, RTGS or IMPS transactions. The first four characters are letters representing the bank, the fifth character is a zero, and the last six characters are numbers representing the branch.
In 2019, Finance Minister Nirmala Sitharaman had announced mergers of 10 public sector banks to create four mega lenders of global capacity. These mergers came into effect on April 1, 2021. The merger of Syndicate Bank in Canara Bank was part of this consolidate drive. Canara Bank became the fourth-largest bank in the nation following the merger.