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From December 31st, cheque books of these Banks will be Invalid

A recent notification by the government reads that cheque books of account holders of SBIs former six associate banks which includes Bhartiya Mahila Bank will be put out of action from December 31st.

Earlier, the deadline was September 30th; however, State Bank of India (SBI) later extended the date to the end of this month, In October, the financial institution said on a micro-blogging site Twitter that

The validity of cheques of former associate banks has been extended till 31st December, 2017. Apply for a new SBI cheque book.

By the same token, the bank has asked the account holders to apply for new cheque books before the deadline in order to avoid any inconvenience. The customers are also getting option to apply for the new cheque book by using internet banking, mobile banking, or by visiting home branch.

The government issued a notification for public interest, asking the customers of SBIs former associate banks to apply for new SBI cheque books as soon as possible.

The notification was issued months after the government merged the SBI (State Bank of India) with its five of its associate banks which includes Bhartiya Mahila Bank as well.

Before the merge took place, SBIs six associate banks were Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad and Bhartiya Mahila Bank.

Once this merging took place, the State – run bank joined the league of top 50 banks globally in terms of assets.

In order to get the new cheque books, the customers are asked to submit applications for new cheque books in the replacement of the old cheque books.

The new cheque book will exhibit the IFSC (Indian Financial System Code).

A little while back, the SBI changed names and Indian Financial System Code (IFSC) of nearly 1,300 of its 25,000 branches in the country’s major cities owning to its merger with five associate banks and Bhartiya Mahila Bank…Read More

IFSC Code is the eleven – character code which is assigned by the RBI (Reserve Bank of India) to every bank in order to identify every bank branches uniquely that are participating in NEFT (National Electronic Fund Transfer) system in India. And this code is used by electronic payment system applications such as NEFT, RTGS (Real Time Gross Settlement), and CFMS (Centralised Funds Management System).

And also mostly changes happened with regard to name and IFSC Code has been done in New Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and Lucknow.

How to get a new Chequebook?

In order to get a new cheque book, customers are required to visit the nearest bank branch or they can also use the ATM or bank’s mobile app.

However, the website address for availing new banking services post – merger will be https://www.onlinesbi.com/

And in case if you were an account holder of the associate bank, you are not required to go through the registration process as your log in user name or log in password will remain same.

Form 19 – PF Settlement Form

Nowadays, the withdrawal of the Employee Provident (EPF) has been a recent addition to the facilities that can be availed online. Many of the financial transactions are being conducted online which means that now the EPF members do not have to struggle to wait and visit their employer or the EPFO Staff. The claim can be settled within a few hours. About 85% of the EPFO’s workload is due to the claims processing which is now covered in the online EPF withdrawal.

In this article, we will be talking about the PF settlement form (Form 19) and the documents required.

If a person is a part of the EPFO Family then, then he/she has to fill in and submit the Form 19 for the final settlement of the Provident dues. Form 19 should be filled in by the member with detailed and correct information. It should also be attested by the employer for a hassle-free and a quick settlement.

Employee’s Provident Fund Account Settlement

For the settlement of the Provident Fund, the member has to fill in and submit the Form 19. The Form 19 can be easily obtained by downloading it from the Official website/portal- www.epfindia.com

The member has to fill in the required details before submitting this form to the previous employer. In many cases, the salaried persons do not remember their EPF account numbers, in such cases, they can make an official request to the human resource development of their companies and they will establish a contact with the ex-employer of their employers. The members can make their contact with their ex-employers and can obtain the required information.

In some cases, it has been seen that the ex-employees may shut up the shops or while there have been cases where the salaried employers have to quit their establishment under certain unfavorable circumstances. This can be difficult to make any contacts with the previous employers.

The members can fill in the PF Settlement Form (Form 19) along with the required details. The form has to get attested by the Bank manager where they have their EPF Account. The members have to provide their personal details along with the Proof of Identity. The Form 19 has to be submitted to the Regional Provident Fund Manager for the approval and seal of authentication details.

What does Form 19 entail?

The PF Settlement form allows the member to withdraw the provident fund balance. This can be in cases such as after the job retirement, quitting of the job or superannuation etc. Form 19 requires the following to get filled by the user.

  • Name of the member – This section should be filled with capital letters. It is to be noted that the name in the application form, bank account, and the claim form should not differ
  • Father’s Name – should be filled in legible capital letters. The name should not differ in the application form, bank account, and the claim form.
  • Date of Birth
  • Name and complete address of the establishment/factory (including the Pin Code).
  • Provident Fund Account Number (Format: State/Office/Establishment Code/Account Number). The allotment number remains the same until the user/applicant does not quit the factory/establishment and transfers the fund to the new employer.
  • Universal Account Number
  • Joining Date (establishment)
  • Date of Leaving Service
  • Reason for leaving the service. This can be in cases such as Voluntary Retirement Scheme, Disability, Migrating Abroad (permanently), retrenched, resigning (claim should be submitted after two months of leaving service, The women who are leaving the service because of marriage will be given immediate settlement), the service terminated due to the ill-health of the member, discontinuation of the business of the employer or any other factor beyond the member’s control.
  • Permanent Account Number(PAN)
  • Copies of Form No. 15G/15H
  • Complete address of the member (house number, street name, block, city and Pin Code)
  • Payment Mode (for the accumulations below Rs 2000, payment is made through the money order and while for the amounts above Rs 2000 the payment is done through cheque).
  • Savings Bank Account Number, Bank Name, Address in addition to the IFSC Code. It is important to note that the account payee cheque is sent to the scheduled bank which maintains the savings bank account of the member. Therefore, the full address of the bank branch should be mentioned.
  • Signature of the member
  • Advanced stamped Receipt (in case the payments are made through cheque, the receipt must be signed by the member. A one rupee revenue stamp is also affixed by the member and the amount will be filled by the OIC at the office of EPFO).
  • The contribution for the current financial year (the information includes the contribution along with the wages). In an alternate Form, 3A is also furnished with an attestation by the employer.
  • The signature of the employer along with the seal of the employer. If in case the factory/establishment has been shut down, the attestation can be done from any of the Officials listed down below:
  1. Sub-Postmaster
  2. Gazetted Officer
  3. Bank Manager
  4. Magistrate
  5. Chairman of Municipal Body
  6. Head of the Village Panchayat
  7. Head of an Educational Institution (recognized)
  8. Central Board of Trustees
  9. Member of the Parliament/ Legislative Assembly
  10. Liquidator (appointed by the Court)

SBI reconstructs by altering 1,300 Bank Names and IFSC Codes

SBI came up with a major reconstruction post the consolidation of its five associate banks by changing names and Indian Financial System Codes (IFSC) of nearly 1,300 of its branches.

These changes in IFSC codes of branches has been done in major cities such as Mumbai, New Delhi, Bangalore, Chennai, Hyderabad, Kolkata and Lucknow among others.

Some of our old associate branches are getting merged with SBI branches. When that merger happens, the IFSC codes get changed
said the banks managing director (retail and digital banking), Praveen Gupta.

He also added that customers have been notified regarding the new modified IFSC codes of different branches. And internally also the bank has mapped them to the new code.

Even if some payment comes based on the old IFSC codes, it will get mapped with the new codes. It will not cause any problem to any customer.

The bank has close to 23,000 branches. SBI has also showcased the list of branches with old and new names and IFSC codes on their website, keeping the convenience of its customers in mind.

List of Branches Rationalised

The IFS Codes are basically the 11 – digit alphanumeric key bit code. It consists of an 11 character code structure that is unique in its own way keeping in mind, that the banking institution and the branch where the beneficiary account are held. The first four characters of the IFSC code denotes the bank name and the last six characters represent the branch of the bank. The fifth character is usually a zero, which is conserved up for the future use. The code of every branch is cited on the cheques of the account holder.

In April,2017, SBI merged five of its associate banks such as State Bank of Patiala and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad as well as with Bhartiya Mahila Bank (BMB).

And this merger was approved by the central government in February 2017 and Bhartiya Mahila Bank too approved to join the merger as well. And according to the experts, this merger will worth 29 Lakh Crores approximately.

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