Bank Customers Alert!! Rules will Change from June 1, Read here

Bank Customers Alert!! These Rules will Change from June 1.

If you are a customer of Bank of Baroda, Canara Bank and Syndicate Bank, then it is important news for you. Where Bank of Baroda customers are going to change the rules related to check payment. At the same time, there will be changes related to the IFSC code for the customers of Canara Bank and Syndicate Bank. So let’s know everything about it in details …

The Method Of Check Payment Will Change From June 1

Positive Pay Confirmation will be made compulsory for Bank of Baroda customers from June 1, 2021. This will not make the customer a victim of bank fraud. Let us know that positive pay system is a kind of tool to catch fraud. Under this system, when someone issues a check, he will have to give full details to his bank. The bank will cross-check these details before the check payment. If any defect is found in it, then the bank will reject the check.

Know What The Bank Has To Say?

BoB says that its customers will have to confirm the details of the check under the positive pay system only when they issue a bank check of Rs 2 lakh or more. This rule will come into effect from 1 June 2021.

IFSC Code Will Change From July 1

According to the information provided on the Canara Bank website, the IFSC code will change from July 1. Syndicate Bank customers have been advised to update the new IFSC code by June 30. To know the new IFSC code first go to the official website of Canara Bank. Explain that Syndicate Bank was merged with Canara Bank while Vijaya and Dena Bank were merged with Bank of Baroda.