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Home / Money / Personal Finance /  Cheques, IFSC codes of this bank will become invalid from next month

Canara Bank informed its customers that the IFSC codes and cheque books of Syndicate Bank will become invalid from next month. The customers of Syndicate Bank have been told to update their Bank Branch’s IFSC code by 30 June.

Cheque books of Syndicate Bank will become invalid

The present e-Syndicate Bank Cheque book with old MICR and IFSC is also valid up to June 30, 2021, only.

"Dear customer, replace e-syndicate cheque book and cheques issued to the third party as validity for presentation expires on 30.06.2021," Canara Bank said.

New IFSC codes

The new IFSC code will now start with CNRB instead of SYNB. One also needs to add 10000 to their existing IFSC code number. The new IFSC codes can be obtained by visiting the following link - canarabank.com/IFSC.html - or by visiting any Canara Bank branch.

Apart from this, the customer care of Canara Bank can also be contacted on 18004250018.

"All the IFSC starting with SYNB will be disabled W.E.F 01.07.2021," Canara Bank said.

"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," the lender mentioned on its website.

Swift code to be discontinued

Canara Bank also announced the discontinuation of the current swift code being used by the erstwhile Syndicate Bank customers for foreign exchange transactions.

"Swift code of erstwhile Syndicate Bank (SYNBINBBXXX) which is used for sending or receiving SWIFT messages for foreign exchange transactions shall be discontinued effect from July 1, 2021. All our customers are advised to use the swift code (CNRBINBBFD) for any of their Foreign Exchange needs," it said.

As part of a massive amalgamation plan, Finance Minister Nirmala Sitharaman had announced the merger of 10 public sector banks into four mega state-owned ones in 2019. In April last year, Syndicate Bank was merged into Canara Bank. While the merger came into effect in April 2020, the IFSC and MICR codes are updating from the starting of Financial Year 2022, i.e. from April 1, 2021.

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