If you have a bank account in the country’s second largest bank PNB (Punjab National Bank), then this news is very important for you. Because the bank issued a statement saying that the old IFSC / MICR code has been changed. These codes will not work after 31 March 2021. If someone uses the old code then money will not be transferred. Let us tell you that from 1 April 2020, two government banks – Oriental Bank of Commerce (OBC) and United Bank of India (UBI) have been merged with Punjab National Bank.
what will happen now-
The bank says that OBC, United Bank of India’s old check book and IFSC / MICR code will work till 31 March 2021. Let us tell you that after the merger on April 1, 2020, the old IFSC, MICR are still working.
Customers have to call 18001802222/18001032222 for more information.
📢 Important Announcement regarding cheques and IFSC/MICR code | Take Note 👉 pic.twitter.com/BVM3Jug6DW
— Punjab National Bank (@pnbindia) January 23, 2021
What happens ifsc code
For online transactions one has to add bank’s IFSC i.e. Indian Financial System Code along with bank account number. The number of banks in India is very large and in this situation the branches of all banks cannot be remembered.
That is why the RBI has given a code to all bank branches to remove this problem. Any branch of the bank can be tracked through that code.
The IFSC code is 11 digits long. The initial four letters in the IFSC code indicate the name of the bank. The IFSC code is used during electronic payment.
The IFSC code can be used for National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS).
There are many ways to find the IFSC code. You can find out the IFSC Code through website, bank account and check book. Any person can find the IFSC code by visiting the website of the concerned bank.
Apart from this, on the first page of the bank account passbook, you will have information such as account number, address, branch code, IFSC code and account holder name.
You can also find out the IFSC code through the checkbook. In a checkbook, IFSC Code is written above, in some it is written downwards.
What is MICR Code
MICR code is Magnetic Ink Character Recognition. As you can understand by its name.
It would have been based on character recognition. It is used on the bank’s check book. Often you have seen the MICR code written on a check.
The MICR code is printed with magnetic ink on check. It is mainly used to protect transactions like a security barcode.
MICRcode is 9 digits. Each bank branch has its own unique MICR code. The first 3 digits in the 9 digits of the MICR code indicate the name of the city. The name of the bank is given in the next 3 digits and the last 3 digits are about the bank branch.
Now there will be no restriction on withdrawing cash somewhere
off course not. The bank has said that the cash withdrawal limit will remain the same as before.
What will happen to credit card?
The cards of the customers of the Oriental Bank of Commerce and United Bank of India will continue to work in the same way. Yes, when your card expires then you will be issued a credit card called PNB.
Will PNB be able to access ATMs?
The bank has made it clear that customers of Oriental Bank of Commerce and United Bank of India can access PNB ATMs at no charge. However, the conditions issued by RBI apply in this.