Merger of Baroda, Vijaya and Dena Bank on April 1; account holders know details
The amalgamation of Bank of Baroda, Vijaya Bank and Dena Bank occurred today as per a decision taken by the Central government. If one banks with any of these lenders then the concerned person must get ready to deal with some procedural changes.
Though the merger will happen from the beginning of 2019-20 financial year, customers of these banks need not to worry about changes related to savings account and KYC in immediate future.
As per The Financial Express, Bank of Baroda has already told its customers that they will continue to get services with the same savings account number, passbook, cheque book, ATM card, credit card, internet banking or mobile banking.
Dena Bank also conveyed similar messages to its customers and said despite its merger with Bank of Baroda, customers will continue to avail the existing debit card, Internet Banking and Mobile Banking.
What changes are expected post-merger of the banks?
Customers of the three banks are likely to be issued a new account number, new cheque book and ATM cards. Moreover, the post-merger entity will provide new user name for transacting online.
If someone has mandated any of the three banks for electronic clearing service (ECS) or given standing instructions for auto-debit for insurance premium or Mutual fund SIP, the same has to be updated by the amalgamated entity.
Quoting Bankbazaar.com CEO Adhil Shetty, The Financial Express said customers of the three banks will get new account number, customer IDs ad new ISC code.
In case someone is having savings account with more than one bank, say Bank of Baroda and Dena Bank, the concerned person will be allotted one ID. Therefore, it is advisable to keep your email ID and mobile number updated with the banks, so that you don’t miss out on the updates.
On the other hand, Dena Bank told its customers that reward points for purchases made at point of sale (POS)/e-commerce using the debit card will be awarded up to March 3, 2019 only, and the same can be redeemed till April 30, 2019.