If you are planning to deposit your entire cash holding of Rs 2,000 denomination notes in your bank account, then watch out for service charges. The Reserve Bank of India (RBI) has clarified that the exchange of notes will be free of cost. However, deposits into bank accounts would be governed by the usual/normal rules, the central bank stated. Let’s find out about the daily limit, charges, and other details.
The majority of banks levy service charges for cash transactions (deposits and withdrawals) done by a customer if a specified amount is crossed within a month. As of now, it appears that these charges will apply even in case of a deposit of Rs 2000 notes.
On May 19, 2023, the Reserve Bank of India (RBI) notified the withdrawal of the 2,000 rupee note from circulation. However, the existing notes will continue to be legal tender, as per RBI’s notification. The central bank has advised the public to deposit Rs 2,000 banknotes into their bank accounts or exchange them for other denomination notes at bank branches. RBI has specified certain rules and guidelines for deposits and exchange of Rs 2,000 banknotes in bank branches. Further, you may have to pay a service charge too. Let’s find out about the daily limit, charges, and other details of depositing Rs 2,000 banknotes.
What do you need to know about depositing the existing Rs 2,000 notes?
The deposit of Rs 2,000 banknotes has already started as per the normal banking practice, bank branches told ET Wealth Online. You can deposit your existing Rs 2,000 denomination notes in any of the bank branches till September 30, 2023.
“Deposit of Rs 2,000 banknotes into accounts maintained with all banks can be made in the usual manner, that is, without restrictions and subject to compliance with extant Know Your Customer (KYC) norms and other applicable Statutory requirements,” RBI said earlier.