Five associate banks of State Bank of India (SBI) and Bharatiya Mahila Bank were merged with SBI with effect from April 1, 2017. The merger of State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP), State Bank of Hyderabad (SBH) and BMB has now made SBI join the league of top 50 banks globally in terms of assets. After the merger, cheque books of the erstwhile associate banks and BMB were supposed to have been invalid after September 30. Recently, however, the bank extended the due date for availing new cheque books of the former associates.
Account holders of the erstwhile associate banks can now apply for new cheque books till December 31, 2017, which in effect means that the old cheque books are still valid. New cheque books can be procured by mobile banking, visiting ATMs or the home branch.Read more ↓
Account holders of the erstwhile associates of SBI and BMB may have many more doubts, regarding SBI’s policies for their transactions.
Here are some of the rules that these account holders should be aware of:
If you were an account holder of SBBJ/SBM/SBT/ SBP/ SBH, there is no need for you to register afresh for availing net banking services of SBI, states the website of SBI. You can login with the same username and login password for logging into OnlineSBI, the official website of the bank. However, username and password are case sensitive. If you are still unable to login, please lodge a complaint.
The net banking features of associate banks are almost similar to those of SBI, states the official SBI website. After merger, one can use all the facilities as they are.
There is no need to register your mobile number afresh after merger of your bank with SBI, clarified the bank on its site.
The third party beneficiaries added and approved by you earlier will be available.
However, a customer has to register his email ID afresh in OnlineSBI.
The billers that were registered by you will be available in OnlineSBI even after the merger of your bank with SBI.
The standing instructions/ scheduled bill payments earlier set by a customer, will be executed on the due dates. There is no need to cancel those standing instructions post-merger.
There is a change in National Electronic Funds Transfer (NEFT) and real time gross settlement (RTGS) charges. All transactions performed through IMPS or Immediate Payment Service (interbank / intra bank) will incur service charges as hitherto.
Customers have to add existing SBI and associate banks’ account holders as Intra Bank (within SBI) beneficiaries under the payments/transfers tab in OnlineSBI. The beneficiaries added by you under State Bank Group Transfer will be available in the system in Intra Bank.
For fund transfer between SBI and erstwhile associate banks, customers must select Intra bank option under Payments/Transfers > Third party Transfer (Within SBI – Accounts of Others) option in the net banking facility.
For resetting of password of SBI net banking, customers can visit any SBI branch. For provident fund applications also one can visit any SBI branch.
Fixed and recurring deposit products are available as per SBI Scheme.
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