Rs 2000 note withdrawn: Where and how can you deposit or exchange your notes? What are deposit limit and exchange fees? When is the last date? — All queries answered

In a big decision, the Reserve Bank Of India (RBI) announced on Friday that Rs 2,000 currency notes will cease to be circulated. However, the big decision on the Rs 2,000 currency note doesn’t mean that the Rs 2000 currency notes will cease to be valid tender. The central bank issued a notification clarifying what needs to be done by the masses who have the currency note with them.

1. Is Rs 2000 now illegal? Can I transact with it?

The central bank has clarified that people can continue to use Rs 2000 banknotes for their transactions and also receive them in payment, as the note still has its legal tender status. 

2. Where to deposit Rs 2000 notes?

Individuals have been advised to deposit and/or exchange these banknotes in any commercial bank branch on or before September 30, 2023. “The exchange facility will also be available at the 19 Regional Offices (ROs)  of RBI having Issue Departments until September 30, 2023,” the RBI mentioned in its release.

3. How to deposit of Rs 2000 banknotes?

RBI clarified in its notification that deposits into bank accounts can be made without restrictions subject to compliance with the existing Know Your Customer (KYC) norms and other applicable statutory/regulatory requirements.

Individuals can also reach out to banks without having an account in the bank and proceed with the exchange process, the RBI clarified. “A non-account holder also can exchange Rs 2000 banknotes up to a limit of Rs 20,000/- at a time at any bank branch,” RBI mentioned in its statement. 

4) What are the exchange fees for depositing or exchanging Rs 2000 notes? 

There will be no exchange fee for the same. Individuals can avail of the exchange facility from May 23, 2023, and the window will be open till September 30, 2023.

5) What is the limit on the amount for exchange? How many Rs 2000 notes can I exchange?

RBI has set a limit for the exchange of the notes, the public can exchange Rs 2000 banknotes upto to a limit of Rs 20,000/- at a time and that could be done through business correspondents (BCs) up to a limit of Rs 4000/- per day for an account holder.

6) Are there any special provisions for senior citizens?

RBI has instructed to make arrangements to reduce inconvenience to senior citizens, persons with disabilities, etc., seeking to exchange/deposit. The central bank has also stated that in case any individual faces any challenge during the deposit, they can also lodge complaints for the same.

7) Where can I file a complaint regarding the deposit or exchange of Rs 2000 notes?

“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 of 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 (cms.rbi.org.in),” added the bank in its release.