Power of 3! Dena Bank, Vijaya Bank and BoB: All customer queries answered - This is what will happen to your account
While BoB will see no changes in its operation, however, it would be Dena Bank and Vijaya Bank who will see new set of business and operations.
India’s largest merger has come into effect, with Dena Bank and Vijaya Bank merging with Bank of Baroda from April 01 onward. Following the merger, share price of Bank of Baroda has risen by over 4% after touching an intraday high of Rs 134.40 per piece on Sensex in early hours of Monday’s trading session. However, at around 1213 hours, the share price was trading at Rs 133.75 per piece up by 3.84% on the index. The banks have notified that, the amalgamation is to deepen relationship with customers by offering range of products & services, enhanced network of branches, ATMs and a different banking experience. The synergy is aimed at creating a contemporary banking entity that’s truly Indian at Heart and Global in scale. However, there are still various queries that need immediate answers. While BoB will see no changes in its operations, it would be Dena Bank and Vijaya Bank who will see new set of business and operations.
However, if you are Dena Bank and Vijaya Bank customers and are worried about your bank account with them, then do not worry for now there will be no changes in your way of carrying financial transactions. But both the bank do not rule out the possibilities of changes to take place ahead, and has mentioned that accordingly customers will be notified.
Here’s a list of answers for your queries following the Bank of Baroda, Dena Bank and Vijaya Bank merger.
1. Both Dena and Vijaya Bank have notified that, existing account number, IFSC code, MICR code and other identifiers of account and branch will continue, till a change is notified and announced.
2. It will be advised by both the banks to whether your account must be closed following the merger. For now one can continue to carry their financial operation as it is with their existing account.
3. Your existing ATM card, cheque book can be used at any of Bank of Baroda, Dena Bank and Vijaya Bank branches. Until further notice.
4. For now there are no changes in location of branches. If BoB branches will get merged with Dena Bank and Vijaya Bank it will be communicated with customers in advance.
5. If branches are getting merged, then your bank lockers will be allocated with new branch.
6. There will be no immediate changes in any terms & conditions of existing credit facilities like home loan, personal loan and vehicle loan. However, now Dena and Vijaya’s terms and conditions will be governed by BoB post merger. Thereby, any changes in the terms & conditions shall be informed in advance and consent shall be obtained prior to effecting the changed terms & condition.
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7. Currently, there will be no charges applied by BoB on NEFT, RTGS carried by Dena and Vijaya bank customers. If any levied, the branch will refund/reverse the charges to your account.
8. If you plan to do any cash or cheque deposit, then you will have to visit branches of parent bank only which is Bank of Baroda.
9. You can use the ATMs of any of the 3 banks, no ATM transaction charges will be levied. Customers of Dena and Vijaya Bank can access basic services like cash withdrawal, balance enquiry, mini statement and pin change at BoB ATMs.
10. From April 01, all debit and credit card issued will be from Bank of Baroda branding for both Dena Bank and Vijaya Bank.
11. As of now, there are no changes in a customer’s recurring and fixed deposits interest rates, but any future changes in interest rates will be displayed on Bank's website as well as in branch premises with advance notice.
12. For now, the merger does not look to pin down new charges on various customer services.
13. In case of investors, your existing shares will be converted: 402- Equity shares of Rs. 2/- each of BOB for every -1000- equity shares of Rs.10/ - each of Vijaya Bank and 110- Equity shares of Rs. 2/- each of BOB for every -1000- equity shares of Rs.10/ - each of Dena Bank.
14. In case of digital transactions like Mobile Banking, Internet Banking, UPI, BBPS, BHIM and Prepaid Cards - currently there are no changes and customers can continue following their transactions in all three banks. All applications of the banks will continue to be functional to service the customers.
Hence, if you have above mentioned queries in regards to Bank of Baroda, Dena Bank and Vijaya Bank merger, then do visit their branches and have a one-on-one interaction. The above guidelines have been conveyed by Dena and Vijaya Bank to customers.
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