From today this bank has changed its IFSC and MICR codes, know before the transaction, what will be the effect on you?

From today this bank has changed its IFSC and MICR codes, know before the transaction, what will be the effect on you?

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new Delhi. Two banks of the country have changed their IFSC code from today i.e. March 1, 2022. Now the customers of these banks will have to enter a new IFSC code to do any transaction. Let us tell you that this news is very useful for the customers of Laxmi Vilas Bank. The bank has changed its IFSC and MICR codes on February 28.

Customers compulsorily need IFSC code for digital banking. Without this, customers can neither send nor receive money through NEFT / RTGS / IMPS from their account. Although the bank has activated the new codes from October 25, 2021, but from February 28, the use of the old code has been completely stopped. Customers will now have to use the new code for payment from March 1.

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so changed IFSC code
Lakshmi Vilas Bank was merged with DBS Bank in November 2020. After the merger the IFSC and MICR codes of all the branches of Lakshmi Vilas Bank have changed. From March 1, customers of the bank will have to use the new DBS IFSC code for NEFT/RTGS/IMPS. The bank has informed the customers about this change in person at the branches along with email and SMS.

Customers need to make these changes
After February 28, 2022, customers should replace all old checks issued to their third parties with checks with new codes. Checks issued after February 28 with the old MICR code will be rejected. The new check book has been made available to the customers from 1st November 2021. Customers can apply for a new check book by calling on the number 1860 267 4567 or through internet / mobile banking channels.

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Keep these things in mind
Customers who have got new account numbers or IFSC codes should update their details with different third party entities. Customers will have to compulsorily update IFSC code at multiple places. These include income tax, insurance companies, mutual funds, national pension system and demat accounts.

Tags: bank news, banking services, IFSC Code

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