Cheque Rule Change: Cheque book of these banks to become invalid from next month

Cheque Rule Change: Cheque book of these banks to become invalid from next month

Mangalore Today News Network / News18

New Delhi, Sep 22, 2021: Come October, Punjab National Bank (PNB) said that the account holders with the Oriental Bank of Commerce (OBC) and the United Bank of India will see the existing cheque books discontinued. This was announced in an official tweet from the lender’s Twitter handle early in September. In the notification, Punjab National Bank said that the new change would come into effect from October 1, 2021. With the next calendar month right around the corner, customers have been requested to replace their old cheque books as soon as possible in order to avoid future obstacles when using their cheque books.

 

The tweet that was issued from their official Twitter account read: “The old cheque book of eOBC and eUNI are going to be discontinued from 1-10-2021. Please replace your old cheque book of e-OBC and e-UNI with the PNB cheque book with updated PNB IFSC and MICR.”

In the same post, the bank said that the respective bank account holders with the above-mentioned lenders can make the necessary changes in a few different ways. For one, account holders can apply for the new cheque books via the local bank branch. Alternatively, customers can also make the changes via the respective banks’ automated teller machines (ATMs), via internet banking, PNB One or through the official call centre.

“Get your new cheque book from your branch or apply through ATM/IBS/PNB ONE. All customers are requested to use new PNB Cheque Book with updates PNB IFSC and MICR only from now onwards to avoid any transactional inconvenience. Please contact our toll-free number 1800-180-2222 for any assistance or query,” said Punjab National Bank on its Tweet.

These changes come in light of the merger that took place, which saw both the Oriental Bank of Commerce and the United Bank of India merge with Punjab National Bank in April of 2020.

Additional Changes by Punjab National Bank

The list of new changes to come next month does not stop there. Punjab National Bank had also announced that it would be waiving all service charges and processing fees on retail products as part of its festival season offering. With that, the bank is offering attractive interest rates that start at 6.80 per cent on a home loan and 7.15 per cent on a car loan.

In terms of the waiver of fees, it would apply to all service charges and processing fees/documentation fees on retail products such as home loans, vehicle loans, property loans, pension loans, personal loans and even gold loans. It should be noted that the home loan will come with a top-up with an attractive interest rate. The lender said that these facilities and offers would be available till December 31, 2021.

Allahabad Bank Cheque Book Changes in October

Similar to the changes being rolled out by the above-mentioned banks, Allahabad Bank is another lender that is going to discontinue the cheque books and the MICR code for its account holders starting from next month. This was also announced in a Twitter post from the bank’s official Twitter handle, which stated that the changes would be effective from October 1, 2021. The tweet was issued earlier on July 31, 2021, which gave this bank’s account holders a larger window of time than that of Punjab National Bank.

The bank told its customers to get the new cheque books from their nearest branches or to apply for them via internet banking or mobile banking.

“Enjoy smooth banking transactions without any glitch. The MICR code and cheque books of the erstwhile Allahabad Bank will be discontinued from 01.10.2021. Get new cheque books from your nearest branch or apply through internet banking/mobile banking,” said the bank in its tweet notification.