As the Reserve Bank of India (RBI) has made the decision to withdraw Rs 2000 denomination currency notes from circulation, these notes will gradually phase out. However, individuals who possess Rs 2000 notes will have the opportunity to either exchange them at any bank or deposit them into their personal accounts starting from May 23, 2023. This facility will remain available until September 30, 2023. Let’s explore how you can deposit or exchange your Rs 2000 notes within this timeframe.
How to exchange or deposit Rs 2000 notes?
Starting from May 23, you have the option to visit any bank and exchange up to 10 Rs 2000 notes at a time for currency notes of different denominations. This exchange facility will remain open until September 30.
Starting from May 23, 2023, an additional option to exchange Rs 2000 notes is available at the 19 Regional Offices (ROs) of RBI that have Issue Departments.
Moreover, you have the opportunity to exchange Rs 2000 notes through Business Correspondents (BCs), with a daily limit of Rs 4000 per account holder.
For depositing Rs 2000 notes, you can visit your bank and deposit the money into your personal account. There is no specific deposit limit, but the standard KYC (Know Your Customer) and other existing statutory norms for cash deposits will be applicable.
“Deposit into bank accounts can be made without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory/regulatory requirements,” the RBI said.
For the deposit of Rs 2000 notes into a Jan Dhan account or Basic Savings Bank Deposit (BSBD) Account, the regular limits prescribed by the RBI will be applicable.
The exchange facility will be provided free of cost, the RBI said.
RBI said, “For redress of grievance in case of deficiency of service, the complainant / aggrieved customer may first approach the concerned bank. If the bank does not respond within a period of 30 days after lodging the complaint or if the complainant is not satisfied with the response/resolution given by the bank, the complainant can lodge the complaint under the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of RBI.”