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FAQs for Amalgamation

FAQs for Amalgamation

No. FAQ ANSWER
A.   General Banking related concerns
1 Whether bank name will be changed after Amalgamation? The amalgamated entity will be named as ‘Indian Bank’
2 Is there a need to re-submit the KYC documents? No, Customer need not re-submit the KYC documents, unless otherwise communicated.
3  I have my account with Allahabad bank. Will I be able to transact at Indian Bank’s branch and vice versa? Some basic services such as cash deposit, withdrawal, fund transfers etc. would be facilitated to be availed by the customers of both the banks at branches of both banks shortly, which will be intimated in due course.
4 Can the Home branch be changed from Allahabad Bank branch to Indian Bank branch and vice versa? Change of Home branch from Allahabad Bank to Indian Bank and vice versa will be possible after technology integration, which will be intimated later
5 I have my account with Allahabad bank. Do I need to apply for a new cheque-book and passbook? No, the existing cheque book and passbook can be used. You will be advised well in advance when any change is made.
6 Do Allahabad Bank customers need to register the mobile number or email again with Indian bank for availing SMS/statement etc.? No, customers of Allahabad Bank do not need to register their mobile number and email IDs again as the alerts will continue to reach them as usual.
7 In cases of having accounts with both the banks now and same mobile number is registered with both for mobile banking, whether OTP will be received while doing transactions? Yes, for the present, OTP will be sent to the same mobile number for transactions done at any of the two banks. Any change in this regard will be intimated.
Please note that, as per RBI guidelines, customer can have only one Customer Information File (CIF) irrespective of number of accounts.
8..  I am an Allahabad Bank customer. Do I need to install Indian Bank mobile bank app post amalgamation and vice versa? No, you can continue to use mobile and internet banking app of your respective bank. Any change in this regard will be intimated well in advance.
9.. Will I be able to avail the current service offerings provided on mobile and internet banking, post amalgamation? Yes. Also the Integrated Entity will contain the best features of Internet & Mobile Banking services of both the banks.
10 Can I continue to use my existing debit/credit card in post amalgamation scenario? Yes. The Cards will continue to operate as is and any changes will be intimated well in advance.
11 If any branch gets closed / shifted, what happens to the lockers? In future, if some closely located branches of the Banks are merged/shifted, existing lockers in them will be also shifted to nearby / new branches. Any change in this regard will be intimated well in advance.
12 If I am an Allahabad Bank customer, is it required to change the existing ECS mandate / cheques in favour of Indian Bank and vice versa? No, customers are not required to change the existing ECS mandates or post-dated cheques. Any change, if required will be made with advance notice.
13 Can I use my Allahabad Bank Debit Card in Indian Bank ATMs without any ATM transaction charges and vice-versa. Yes. The customers of both banks can use their Debit Cards in the ATMs of Indian Bank and Allahabad Bank without any charges.
14 I am a Senior Citizen drawing pension from Allahabad Bank branch. What will happen to my pension, post amalgamation. You can continue to operate your account for pension in your existing branch. Changes, if any, in this regard will be intimated well in advance.
B.     Account related concerns
15 Do I need to apply for opening a fresh account post amalgamation? No. The customers can continue to operate their existing account as hitherto.
16 Whether my customer ID will remain same. Yes. However, as per RBI guidelines, a customer should have only one Customer Information File (CIF) / Customer ID (Cust – ID) irrespective of the number of accounts they have. Any change will be made with adequate advance notice.
17 Whether my account number will change? No. The existing Account number will continue as-is. Any change will be made with adequate advance notice.
18 Will my other account details change? No. For the time being, account details such as IFSC, MICR, etc. will continue as-is. Any change in this regard will be intimated well in advance.
19 I have accounts in both the banks. Do I need to close one of the accounts? No. The accounts in both the banks will continue. However, as per RBI guidelines, a customer should have only one Customer Information File (CIF) / Customer ID (Cust – ID) irrespective of the number of accounts they have. Any change in this regard will be intimated well in advance.
20 Whether there will be a change in the Interest rates on my deposit accounts? No. The current Rate of interest for existing RD/Term Deposits will continue till maturity. Any change in interest rates post amalgamation, will be displayed on Bank’s website and at branches.
C.      Loan related concerns
21 Will the amalgamation of two banks impact my current terms and conditions of loan account? The current terms and conditions will continue. However, in respect of interest rates, in case of Term Loans with reset clause, the present ROI will continue till that date. In the case of Working Capital loans, the present rate will remain till next renewal.
22 What happens if a customer has loan accounts from both Allahabad bank and Indian bank? At present both the loan facilities will continue as per current terms and conditions. Post amalgamation, both loans will be serviced through a single window enhancing the customer experience. Any change in this regard will be intimated well in advance.
23 Will I be able to easily retrieve my collateral documents hypothecated with Allahabad Bank / Indian Bank? The title deeds and other documents mortgaged with Allahabad Bank or Indian Bank will be safe and you will be able to easily retrieve.
24 What will happen to my OD / Loan renewal after amalgamation? OD / Loan renewal / enhancement will take place in normal course.
25 Whether the customers will be able to pay the EMI through Allahabad Bank website/mobile application? Yes, customers can continue to pay the EMIs through the Allahabad Bank website and Mobile Application. Any change in the payment options will be communicated to the customers well in advance.
D.    Communication related concerns
26 Where do I post my queries pertaining to the amalgamation? We have set up a Portal for convenience of customers which is available in the Website
E.      Others
27 What will happen to the Demat account with Allahabad Bank? The existing Demat account can continue to be used. Any change in this regard will be intimated in advance
28 What will happen to the shares of Allahabad Bank? As approved by the Banks’ Boards, the equity share exchange ratio will be, 115 shares of Indian Bank for every 1000 shares of Allahabad Bank.

( Last modified on Mar 27, 2020 at 05:03:16 PM )