Cheque Rule Change: Cheque Ebook of those Banks to Develop into Invalid from Subsequent Month

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Come October, Punjab National Bank (PNB) mentioned that the account holders with the Oriental Bank of Commerce (OBC) and the United Financial institution of India will see the prevailing cheque books discontinued. This was introduced in an official tweet from the lender’s Twitter deal with early in September. Within the notification, Punjab Nationwide Financial institution mentioned that the brand new change would come into impact from October 1, 2021. With the following calendar month proper across the nook, clients have been requested to interchange their outdated cheque books as quickly as attainable in an effort to keep away from future obstacles when utilizing their cheque books.

The tweet that was issued from their official Twitter account learn: “The outdated cheque guide of eOBC and eUNI are going to be discontinued from 1-10-2021. Please substitute your outdated cheque guide of e-OBC and e-UNI with the PNB cheque guide with up to date PNB IFSC and MICR.”

In the identical put up, the financial institution mentioned that the respective checking account holders with the above-mentioned lenders could make the mandatory modifications in a couple of alternative ways. For one, account holders can apply for the brand new cheque books through the native financial institution department. Alternatively, clients may make the modifications through the respective banks’ automated teller machines (ATMs), through web banking, PNB One or by way of the official name centre.

“Get your new cheque guide out of your department or apply by way of ATM/IBS/PNB ONE. All clients are requested to make use of new PNB Cheque Ebook with updates PNB IFSC and MICR solely from now onwards to keep away from any transactional inconvenience. Please contact our toll-free quantity 1800-180-2222 for any help or question,” mentioned Punjab Nationwide Financial institution on its Tweet.

These modifications are available gentle of the merger that happened, which noticed each the Oriental Financial institution of Commerce and the United Financial institution of India merge with Punjab Nationwide Financial institution in April of 2020.

Further Modifications by Punjab Nationwide Financial institution

The listing of latest modifications to come back subsequent month doesn’t cease there. Punjab Nationwide Financial institution had additionally introduced that it will be waiving all service prices and processing charges on retail merchandise as a part of its pageant season providing. With that, the financial institution is providing engaging rates of interest that begin at 6.80 per cent on a house mortgage and seven.15 per cent on a automotive mortgage.

By way of the waiver of charges, it will apply to all service prices and processing charges/documentation charges on retail merchandise corresponding to dwelling loans, car loans, property loans, pension loans, private loans and even gold loans. It ought to be famous that the house mortgage will include a top-up with a lovely rate of interest. The lender mentioned that these amenities and presents can be obtainable until December 31, 2021.

Allahabad Financial institution Cheque Ebook Modifications in October

Much like the modifications being rolled out by the above-mentioned banks, Allahabad Financial institution is one other lender that’s going to discontinue the cheque books and the MICR code for its account holders ranging from subsequent month. This was additionally introduced in a Twitter put up from the financial institution’s official Twitter deal with, which said that the modifications can be efficient from October 1, 2021. The tweet was issued earlier on July 31, 2021, which gave this financial institution’s account holders a bigger window of time than that of Punjab Nationwide Financial institution.

The financial institution informed its clients to get the brand new cheque books from their nearest branches or to use for them through web banking or cellular banking.

“Get pleasure from easy banking transactions with none glitch. The MICR code and cheque books of the erstwhile Allahabad Financial institution will probably be discontinued from 01.10.2021. Get new cheque books out of your nearest department or apply by way of web banking/cellular banking,” mentioned the financial institution in its tweet notification.

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