How to exchange ₹2000 notes in a bank: A step-by-step guide
3 min read . Updated: 20 May 2023, 05:18 PM IST
PremiumThe RBI mentioned that people can approach their nearest bank branches and deposit and/or exchange their ₹2000 banknotes.
The Reserve Bank of India (RBI) on Friday announced that it will withdraw India's highest denomination currency ₹2000. Notably, the ₹2000 was introduced in 2016 after the demonetization drive. People of India have been asked to deposit or exchange these notes by 30 September, 2023. It is to noted that ₹2000 will remain legal tender even after the stipulated deadline in September.
The RBI mentioned that people can approach their nearest bank branches and deposit and/or exchange their ₹2000 banknotes.
“The facility for deposit into accounts and exchange for ₹2000 banknotes will be available at all banks until September 30, 2023. The facility for exchange will be available also at the 19 Regional Offices (ROs) of RBI having Issue Departments1 until September 30, 2023." the RBI's official statement noted.
Step-by-step guide to exchange ₹2000 notes in bank
Step 1: Reach your bank
A member of the public can reach their nearest branch of any bank from 23 May, 2023 to deposit or exchange their ₹2000 notes.
If you have an account with this branch or bank, provide you account details for streamlining the deposition, exchange process.
Step 2: Fill ‘Request Slip’ for exchange
Upon confirming the process, the bank will provide you with a request slip to be duly filled in order to facilitate the exchange process of ₹2000 notes.
In the request slip,
-One should fill the ‘Tenderer’ name should be filled in capital letters.
-Then the member should fill up their Unique Identification Number of the accepted identity proof, original of which will have to be presented during the exchange transaction.
NOTE: Accepted identity proof includes-One of the six OVDs like Aadhaar Card, Driving License, Voter ID Card, Passport, NREGA Card and Population Register
-After filling up identification details, the member should fill in the details of ₹2000 note that they will submit for exchange.
This will include-
Denomination-In this case it will be ₹2000
No of Pieces-In this box specify the number of ₹2000 notes you are submitting for exchange
Value- Calculate the total amount the member is exchanging (Max limit ₹20,000 at a time) and write the total value
-Once the details of the exchange are filled in, the member should proceed to sign the form
- Following this, the member will also have to mention the Place (where you are filing for exchange) and date (the exact date when you are filing for the exchange)
Step 3: Submit the form
Once done, the member should submit the form along with their ₹2000 notes to get them exchanged from the nearest bank.
A Twitter user shared what he is calling the ‘request slip’ to exchange ₹2000 notes from banks.
However, Mint could not independently verify the authenticity of this information.
EXCHANGE/ DEPOSIT LIMITS
-One should know that members of the public can exchange ₹2000 banknotes up to to a limit of ₹20,000/- at a time
-For deposit, members of the public can deposit ₹2000 notes without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory / regulatory requirements
EXCHANGE/ DEPOSIT DATES
-The RBI has said that people can start approaching the banks to deposit or exchange their ₹2000 notes from 23 May, 2023
-The RBI also said that the last date for the process shall be 30 September, 2023
EXCHANGE/ DEPOSIT FEES
The RBI has said that exchange facility shall be provided free of cost.
EXCHANGE FOR NON-ACCOUNT HOLDERS
The RBI has said that a non-account holder also can exchange ₹2000 banknotes up to a limit of ₹20,000/- at a time at any bank branch.