The Reserve Bank of India last week announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks.
While the RBI has not made the presentation of a valid ID or filling of deposit forms mandatory, there were complaints from some places that banks were demanding customers to submit identity cards as proof.
Some banks exchanged notes by making an electronic entry, few others asked customers to pen down their name and mobile number in a register without giving any identity proof.
As per the RBI guidelines issued on Friday, a person can exchange up to a limit of Rs 20,000 at a time. There were reports that initially some branches insisted on filling a form but later discontinued the practice after receiving instructions from their head office.
Rs 2,000 Note Exchange In Banks
State Bank of India, the country’s biggest bank, in an official memo to its branches that no form or identity proof would be required while exchanging or depositing Rs 2,000 notes.
PNB said that no Aadhaar Card or official verified documents (OVD) required for exchange of the currency. Also, customers don’t have to fill any form for the same. The clarification came after old forms circulated online seeking additional personal information for exchanging Rs 2,000 currency notes.
Private banks like Kotak and HSBC said they are asking for form/ID Proof for non-account holders.
Axis Bank, Standard Chartered, Yes Bank, Canara Bank and Bank of India said they are not mandating any form or ID proof.
Bank of Baroda has said they don’t require any form but need ID proof for non-account holders.
ICICI and HDFC have said they require all customers to fill out forms, but ID proof is needed only for non-account holders.
In its communications to customers, HDFC Bank said, “We want to update you on the Rs 2000 banknotes issued by the Reserve Bank of India (RBI). Please note the following:
- Legal Tender Assurance: The Rs 2,000 banknote will remain legal tender. You can use it for all your transactions and receive it as a form of payment.
- Hassle-free Deposits: You can conveniently deposit any quantity of Rs 2000 banknotes into your HDFC Bank account at any branch until September 30, 2023.
- Easy Exchange: We offer a hassle-free exchange service at any HDFC Bank branch from May 23, 2023 onwards until September 30, 2023, allowing you to get your Rs 2,000 banknotes exchanged with a per day limit of Rs. 20,000.”
Rs 2,000 Note Deposit In Banks
Customers must carry PAN Card/Number for depositing Rs 2,000 notes for more than Rs 50,000 amount deposit in the account
The Rs 2,000 notes constitute around 10.8% of total currency in circulation or Rs 3.6 lakh crore. The notes can be exchanged or deposited till September 30, 2023.
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