Mumbai: The Indian Financial System Code (IFSC) code of the erstwhile Syndicate bank branches will change from July 1. This was announced by Canara Bank. Syndicate Bank was merged with Canara Bank in April 2020. So the customers of Syndicate Bank will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes. Swift code of erstwhile Syndicate Bank (SYNBINBBXXX) will also be discontinued from July 1, 2021. The new swift code for the foreign transaction is ‘CNRBINBBFD’
‘This is to inform you that after the merger of Syndicate Bank with Canara Bank, all Syndicate 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’, said a statement issued by Canara Bank.
To get the new IFSC, customers will have to visit the website of Canara Bank or any Canara Bank Branch. They will also have to get new cheque books with their new IFSC and MICR codes.
IFSC or Indian Financial System Code is a 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.