When an individual deposits a 2000 rupee bill in a basic savings deposit account or a Jandhan account, the normal limit applies.
The 2000 rupee bills are increasing. September 30 is the last day. Ordinary people can deposit or exchange bills at the bank. However, the Centre has stated that Rs. 2,000 bills will continue to be legal tender even after September 30.
How many 2,000 rupee bills have been printed by the Reserve Bank? The Reserve Bank has stated that 89% of the 2,000 rupee bills were issued before 2017. The total value of bills in circulation is Rs. 6.73 lakh crore (as of March 31, 2018). 3.62 billion rupees on the market today
The Reserve Bank has observed that Rs. 2,000 bills are not being used for general transactions. In addition, there are sufficient banknotes of other denominations on the market. The government has therefore decided to withdraw the 2000 rupee bills.
2000 banknote deposit limit: ordinary people can deposit 2000 rupee banknotes in their bank accounts. There is no limit to banknote deposits, said the Central Bank. However, normal KYC and other cash deposit rules will apply. Canara Bank said it does not charge a cash remittance fee for the deposit of Rs. 2,000 bills. This applies to both savings and current accounts.
In other words, when a person deposits a 2,000 rupee bill in a basic savings account or a Jandhan account, the normal limit applies.
Under income tax rules, it is compulsory to present the PAN card if the cash deposit exceeds 50,000 rupees in one day at a post office or bank. Similarly, if someone deposits 50,000 rupees in a 2000-rupee bill in one day, they must also give their PAN number.
Last day to deposit 2,000 rupee bills: The Reserve Bank has declared that Rs. 2,000 bills can be deposited at banks or post offices from May 23. The deadline is September 30, 2023.
How to exchange 2000 rupee banknotes at banks: The Reserve Bank has stated that citizens can exchange 2000 rupee banknotes by visiting any bank branch from May 23. No application slip or ID is required.
However, some public banks have made it compulsory to show proof of identity. These include SBI, Punjab National Bank, Indian Bank, HDFC, ICICI and Kotak Mahindra Bank.