Rs 2,000 note deposit rules: These banks do not levy any service charges

Rs 2,000 note deposit rules: These banks do not levy any service charges

Many banks have set certain rules around deposits and exchanges of Rs 2000 banknotes. The Reserve Bank of India (RBI) announced the withdrawal of the 2,000 rupee note from circulation on May 19, 2023. According to the statement from the RBI, notes will continue to be legal tender. The central bank urged the public to deposit Rs 2,000 banknotes into their accounts or exchange them for other denominations.

Banks usually levy service charges for cash transactions on deposits and withdrawals done by a customer if a specified amount is crossed within a month. In the case of Rs 2000 banknote deposits, as of now, it appears that it depends on the bank to whether it would levy service charges or not. For instance, Canara Bank and ICICI Bank have said that they will not charge customers for depositing Rs 2000 banknotes in their branches.

Customers can deposit Rs 2000 at any bank branch, or bank’s cash deposit machine. Senior citizens, on the other hand, can use the bank’s doorstep banking services to make deposits. There is no upper limit on deposits. “For deposit, you can deposit the Rs 2,000 denomination banknotes into your account in the usual manner, without any restrictions, and subject to existing KYC norms,” the bank said in an email to its customers.

“ICICI Bank will not levy any charges for handling the Rs2,000 denomination banknotes until September 30, 2023, for its individual savings account customers,” it added.

“We have made special arrangements at our branches for Senior Citizens and specially-abled individuals to reduce their inconvenience during the exchange or deposit process,” the bank added.

“You can use our Cash Deposit Machines available at our select branches and ATMs to deposit Rs 2,000 denomination banknotes 24×7,” the private sector lender said.

Canara Bank
Canara Bank announced a 100 per cent waiver on cash remittance charges on deposits of Rs 2,000 denomination notes in current and savings accounts. Canara Bank in its official Twitter account stated: “Also 100% waiver on Cash Remittance charges when you deposit Rs. 2000 denomination notes.”

Punjab National Bank
Punjab National Bank (PNB) is not asking for any ID proof or official documents for exchanging Rs 2000 notes.

According to the official Twitter account of ANI: “No Aaadhar Card, No official verified documents (OVD) required, no need to fill any form is the current instruction to all the branches of Punjab National Bank (PNB): Clarify PNB officials to ANI after old forms circulated online seeking additional personal information for exchanging Rs 2000 currencyNote.”

HDFC Bank via mail informed its customers that they can deposit any quantity of Rs 2,000 banknotes into their HDFC Bank account at any branch until September 30, 2023.

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Author: Shirley