Rs 2,000 Note Exchange Made Simpler: SBI, PNB And HDFC Bank Make Rules Easier

Rs 2,000 note exchange rules: 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 While the withdrawn Rs 2,000 rupee notes can either be deposited in bank accounts or exchange for other currency, banks have been advised to make necessary arrangements for exchange.

Public sector banks like State Bank of India (SBI) and Punjab National Bank (PNB) and leading private lender, HDFC Bank, have issued clarifications regarding the Rs 2,000 exchange rules.

Also Read: Rs 2,000 Note Exchange Or Deposit: Before Going To Bank, Know These Key Things

Rs 2,000 note exchange process

PNB clarified 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.

Rs 2,000 note exchange SBI

Earlier, SBI has also issued a statement saying that the facility of exchange of Rs 2,000 denomination bank notes upto a limit of Rs 20,000 at a time, will be allowed without obtaining any requisition slip.

Further, SBI said that no identity proof is required to be submitted by the tenderer at the time of exchange.

Rs 2,000 note exchange HDFC Bank

Meanwhile, in its communications to customers informing the public to start depositing the Rs 2000 notes, 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 ₹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.”

Moreover, the Reserve Bank on Monday also advised banks to provide shade from the sun and water to customers waiting to exchange or deposit Rs 2,000 notes.

It can be noted that during the note ban in 2016, there were allegations of customers dying while waiting in queues to exchange bank notes.

Following Friday’s announcement of withdrawing Rs 2,000 notes, the notes continue to be legal tender unlike demonetisation exercise, there were concerns about customers facing inconvenience, especially given the summer being at peak.

RBI had stopped printing of fresh Rs 2,000 notes from 2018-19. About 89 per cent of the Rs 2,000 notes were issued prior to March 2017.