The Reserve Bank of India (RBI) recently announced the withdrawal of Rs 2000 currency notes from circulation while still considering them legal tender. If you possess Rs 2000 notes, you have until September 30, 2023, to deposit them in your bank account or exchange them for other denominations at a bank branch.
So, what is the exchange limit for Rs 2000 notes at a bank branch? Starting from May 23, 2023, all banks will allow the exchange of Rs 2000 banknotes up to a maximum of Rs 20,000 at a time. This means you can exchange up to 10 notes of Rs 2000. The limit is in place to minimize disturbance to the public, ensure operational convenience, and avoid interference with regular banking operations.
The RBI has stated that the facility for exchange of Rs 2000 banknotes will be provided to the public in the same manner as before. However, it's important to note that the process may vary depending on the bank. Let's take a look at what some banks have stated regarding the exchange of Rs 2000 notes.
Punjab National Bank
According to a representative from Punjab National Bank, no government-issued identification documents, such as an Aadhaar card, are required for exchanging Rs 2000 notes at their bank branches.
State Bank of India (SBI)
SBI has informed its branches that the public can exchange Rs 2000 currency notes up to a maximum of Rs 20,000 at a time without needing a requisition slip. However, other banks may require you to fill a requisition slip, so it's advisable to check with the specific bank you visit for exchange.
HDFC Bank
HDFC Bank offers a hassle-free exchange service at any of its branches, allowing you to exchange your Rs 2000 banknotes with a per-day limit of Rs 20,000. This service is available from May 23, 2023, until September 30, 2023.
Remember, the facility for deposit and exchange of Rs 2000 banknotes will be available at all banks and the 19 Regional Offices (ROs) of RBI until September 30, 2023. There is no limit on depositing Rs 2000 banknotes into a bank account, provided you comply with the Know Your Customer (KYC) norms and other applicable requirements.
You can also exchange Rs 2000 banknotes through Business Correspondents (BCs) with a limit of Rs 4000 per day for an account holder.
Ensure you make the necessary exchanges before the deadline and familiarize yourself with the process followed by your respective bank. Don't miss the opportunity to exchange your Rs 2000 notes smoothly and without hassle.