Following the amalgamation with DBIL, the IFSC & MICR codes of all branches of erstwhile LVB have changed, said DBS Bank in a press statement. While the new codes have been active since October 25, 2021, the older IFSC codes will remain valid until February 28, 2022 to ensure customers' convenience and ease of transition.
Customers will be required to use the new DBS IFSC code from March 1, 2022 onwards to receive funds through NEFT/RTGS/IMPS, the statement added.
The change was communicated to customers through physical letters, emails, and SMS as well as at the branches. They were requested to share the new IFSC code with business partners, associates and vendors to update their records, recurring payments and receivables well in time. All existing cheques issued to the third party will have to be replaced with new cheques before 28th February 2022. Any cheque with old MICR codes presented after the aforementioned date will not be honoured.
New cheque books (with new MICR code) have been available since 1st November 2021. Customers can apply for a new cheque book by visiting their branch, calling customer care at 1860 267 4567 or through the internet/mobile banking channels.