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Cheque book of SBI’s associate banks to be invalid after March 31

Customers of SBI associate banks and Bhartiya Mahila Bank should update their cheque books on or before March 31. The country's largest public lender has took to it stwitter account to request the customers of the associate banks and Bhartiya Mahila Bank that they should apply for the new cheque books as the current ones would be invalid after March 31.
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Customers of SBI associate banks and Bhartiya Mahila Bank should update their cheque books on or before March 31. The country’s largest public lender has took to it stwitter account to request the customers of the associate banks and Bhartiya Mahila Bank that they should apply for the new cheque books as the current ones would be invalid after March 31.

SBI has tweeted, “All customers of erstwhile Associate Banks (e-AB) and Bharatiya Mahila Bank are requested to apply for SBI cheque books by 31st March 2018, to avoid any inconvenience. The old e-AB / BMB cheque books will not be valid post 31.03.2018.”

The list of associate whose cheque books would be invalid includes Bharatiya Mahila Bank, State Bank of Bikaner and Jaipur, The State Bank of Hyderabad, and the State Bank of Mysore, the State Bank of Patiala, and the State Bank of Travancore.

These banks have been merged with the State Bank of India.  Customers of the above mentioned banks can exchange their cheque books at their nearest SBI branch.

After the merger, cheque books of the erstwhile associate banks were supposed to have been invalid after September 30. However, SBI later extended the due date for availing new cheque books of the former associates till December 31, 2017. The deadline was further extended till March 31.  Last year in December,  State bank of India has changed names and Indian Financial System Code (IFSC) codes of nearly its 1,300 branches.  The move came after the country’s biggest lender has merged five of its branches into itself.

The branches whose names have been changed are located in major cities such as Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata and Lucknow, among others. SBI that has close to 23,000 branches has put up the list of branches with old and new names and IFSC codes on its website.

Meanwhile, the State Bank of India (SBI) announced a substantial reduction of charges for non-maintenance of Average Monthly Balance (AMB) in savings accounts, effective April 1.

The charges for non-maintenance of AMB for customers in metro and urban centers have been reduced from a maximum of Rs. 50 to Rs.15 per month, excluding Goods and Services Tax (GST). Similarly, for semi-urban and rural centers, the charges have been reduced from Rs. 40 to Rs. 12 and Rs. 10 per month respectively, excluding GST.

The bank contains Rs. 41 crores savings bank accounts, out of which 16 crore accounts under the Prime Minister’s Jan Dhan Yojna (PMJDY), and Basic Savings Bank Deposit Account (BSBD) and of pensioner/minors/social security benefit holders were already exempted.

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