Glide Invest FAQ: How do I update my bank account details if they have changed due to bank merger?

How do I update my bank account details if they have changed due to bank merger?

There has been a series of bank mergers since 2019/20. Given below is the list of merged banks and associated changes.

#

Erstwhile Bank

Merged Bank

Changes

1

CORPORATION BANK

UNION BANK OF  INDIA

No changes to A/c Number; Changes only to IFSC code

2

ORIENTAL BANK OF COMMERCE

PUNJAB NATIONAL BANK

No changes to A/c Number; Changes only to IFSC code

3

UNITED BANK OF  INDIA

PUNJAB NATIONAL BANK

No changes to A/c Number; Changes only to IFSC code

4

ANDHRA BANK

UNION BANK OF  INDIA

No changes to A/c Number; Changes only to IFSC code

5

SYNDICATE BANK

CANARA BANK

No changes to A/c Number; Changes only to IFSC code

6

ALLAHABAD BANK

INDIAN BANK

No changes to A/c Number; Changes only to IFSC code

7

DENA BANK

BANK OF  BARODA

Both A/c Number & IFSC code has changed

8

VIJAYA BANK

BANK OF  BARODA

Both A/c Number & IFSC code has changed


Post these mergers, it is likely that some of you, if you have an account with the above banks, may or may not need to initiated change of your bank account details (Account Number and IFSC Code) from your erstwhile bank to the new merged bank in your Mutual Fund folios as there is no stoppage from the erstwhile banks. Thus far, there has been no disruption to our investors with regard to redemption/ dividend pay-out / SIP / Auto-debits due to the merger led changes to bank details and this smooth functioning is expected to continue for a while.  However, in the long run banks are expected to stop cheques from erstwhile banks and pay-outs / SIP debits may fail.

In the interest of providing convenience and continued smooth experience to investors, CAMS is initiating the following steps and extensive communication with investors and distributors for the implementation of IFSC code and bank account number updation.  
  1. Merged Banks where there is  no change  to the Bank Account Number: With the consent of  AMCs , CAMS will update the new Bank Name and IFSC Code based on the information received from the bank and send a communication to investors.   There is no action required by investors.
  2. Merged Banks where there is a  change  to the Bank Account Number: CAMS will send communication to investors requesting submission of new bank details and account number using the relevant form.
You are advised to update the new bank details in the folio to ensure hassle-free experience and eliminate any delays or failures while processing redemption / dividend pay-outs and SIP transactions. See the attached document from CAMS for further details on the same. And contact us if you are impacted by the bank mergers listed above.