The State Bank of Travancore (SBT) is officially State Bank of India (SBI) now, with its merger with the latter.
Though the existing SBT customers are not required to make any changes in their accounts, the move has created widespread confusion among laymen.
According to SBI officials, the full data integration of the SBT accounts is expected to be completed on April 24. Once the process is over, SBT customers will have to update their internet banking facility.
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Afterwards, all the mobile applications introduced by the SBI will be made available to the previous SBT account holders. There will be changes in the bank codes as well.
Here are some common doubts associated with bank mergers:
» Will the SBT account number, ATM card, checkbook, and passbook be valid after the merger?
Certainly. However, they will be replaced with new ones in three months' time.
» How can SBT customers do internet banking now? Will there be the old SBT website?
If you log on to the old SBT website, you will be automatically redirected to the SBI website (https://www.onlinesbi.com). You can use the same username and password to do transactions. SBI and SBT websites function in a similar way, for, they are based on the same platform.
» When SBT branches become SBI branches, will the Indian Financial System Code (IFSC) code be changed?
There will not be any immediate change. But SBI has plans to give new IFSC codes to the old SBT branches. Customers should ensure that in application forms and other banking documents the name of the bank goes as SBI.
» Will the old SBT bank branches get a new name?
Name of some of the SBI and SBT branches have already been changed. If there branches of both banks in the same location, the older branch will retain its name and the other one will get a new title. The new names have already been advertised by the SBI.
» If there are customers who used the same username and passwords to do internet banking through their SBI and SBT accounts, will they confront any problem?
Since internet banking facilities offered by the two banks are based on the same platform, it was not allowed to use the same username and password for both accounts.
» Will it be possible to pay bills online and do online shopping via the SBT account?
Of course. When you choose the SBT account to make payments, you will be redirected to the SBI website. You can use your existing username and password to make payments. This system will be in place until the completion of the full data integration between the banks.
» Is it necessary to have new registered mobile number?
No.
» Is it necessary to update the information entered on the SBT’s internet banking facility, such as the details of beneficiaries?
No. Such information will be intact.
» Will the merger affect changes in banking rates?
Yes. The rates fixed by the SBI will be applicable to all kinds of transactions hereafter. With the merger, charges levied for inter-bank transactions between SBI and SBT have been scrapped.
» Will the application for a loan submitted at an SBT branch be considered now?
Sure. Some of the supporting documents needed to be submitted again, though.
» If a customer has accounts in SBI and SBT, will they be merged automatically?
No. However, once the full data integration is over, the accounts will be brought under a single CIF (Customer Information File). The accounts will be merged only on the request of the customer.