BoB, Vijaya Bank, Dena Bank merger from April 1, 2019: Here is the impact on financial savings account holders, depositors and borrowers

With the amalgamation of Dena Bank, Vijaya Bank and Bank of Baroda (BoB) from April 1, 2019, the bank customers will get geared up for the numerous adjustments associated with their bills, loans, and deposits. The financial institution merger will become effective from the start of the economic yr 2019-20.

However, the changes mainly related to a savings account and so on won’t occur soon. In a verbal exchange, the MD & CEO of Bank of Baroda has informed that currently there’ll not be any trade and the customers will maintain to get offerings with the identical savings to account variety, passbook, cheque ebook, ATM card, credit score card, internet banking or cell banking until in addition communique.
Also, Dena Bank has informed that “Even after the amalgamation of Dena financial institution with Bank of Baroda, the existing debit card, Internet Banking, Mobile Banking, and Account operations will maintain to feature as earlier with none adjustments.”
The customers of those three banks will hold to avail various services from their existing branches until similarly observe.
Further, as a precautionary step, Dena Bank has positioned up a note saying, “Fraudsters may additionally ask you to proportion Account Details, Debit Card Details, Internet/Mobile Banking User ID, Password, AADHAAR, PAN Number and OTP over Phone Call, E-Mail, SMS or Whatsapp Messages for renewal of services or issuance of new Debit Card. Do not share any of the details. Bank does not ask for such information from their clients.”
What will exchange in future
However, going forward, as and when the banks communicate, the account holders may need to go through those changes – New account variety, new cheque ebook, and ATM playing cards along with new user name for accessing the internet site of the amalgamated entity. Importantly, if you have provided ECS mandate or given Standing Instructions for debiting the account for offerings like a coverage top class, mutual fund SIP and so forth, they will be updated if requested by the banks.
“While you may not need to redo your KYC, there could be a number of changes that you’ll be prepared for. To begin with, your account wide variety and customer IDs, as well as the related IFSC codes may exchange. If you’ve got bills with more than one bank, say Dena Bank and Vijaya Bank, then the 2 accounts may be allotted an unmarried patron ID. So, make certain your email ID and cell wide variety is up to date with the financial institution so you get hold of all legit intimations on the allotment of latest accounts immediately,” says Adhil Shetty, CEO, Bankbazaar.Com.
If you have a hard and fast deposit in any of those banks, there’s not a whole lot to fear. “If you’re locked into an FD, you could retain until maturity at the identical hobby price despite the fact that the deposit charges of the merged entity are better or decrease. However, exceptions may be made in case of high-value deposits,” informs Shetty.
Also as a home loan borrower, you could need not to worry now. “In case of MCLR loans, the interest would be reset at the quit of reset period selected by the borrower. In case the mortgage is on base fee, the customers get the option of switching to MCLR on the merger. Else, they may be reset to the bottom rate determined upon by way of the merged entity,” says Shetty.
If you are a Dena Bank account holder and have rewards factors amassed against your card, that is for you. The financial institution has knowledgeable that Reward Points for purchases made at POS/E-commerce the use of the debit card may be presented up to 31/03/2019 only. However, all praise points accrued as much as 31/03/2019 may be redeemed until 30/04/2019. Dena Bank rewards portal, cell app, and offline redemption facility shall not be available from 01/05/2019.
Therefore, it is higher to redeem the reward factors before 30/04/2019 after which the unredeemed points will expire. To redeem one may additionally sign in thru https://www.Denarewardz.Com/ or rather you could download the Android App from Google Play Store the use of the keyword “DENA REWARDZ”.

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