Exchange Old 500 & 1000 Rs Notes for New Indian Currency Note: Almost everyone in India is currently looking for the option to exchange his old 500 and 1000 rupees currency notes. The stock of old notes arises because of the ban on high-value demonition by Indian Govt. Here we are with complete guide when you can deposit and withdraw the money in order to exchange currency.
How to deposit old notesNew 500, 2000 Note Features, Dimensions, Identification
You can deposit old 500 and 1000 rupees notes at any branch of any bank from 10th of November. All the banks will be open for depositing the money only initially. Later services for withdrawal will be added. You can deposit the old notes at any branch till 30th of December and after that, you can change the currency from RBI specified offices.
So you have time till 30th December to exchange the 500 and 1000 rupees notes from any of bank around the country, while you can exchange the currency from any RBI specified branch from 31st Dec to 31st March.
See: Pictures of New 500 and 2000 rupees
How to withdraw new 500 and 2000 rupees notes
You can withdraw the new currency at any branch from tomorrow onwards. The bank shall remain open for the whole day. From the traditional method of Cheque or Withdrawal slip, the limit is 10000 per day and 20000 per week for the next one week.
One can also withdraw new currency from any ATM around his house. The limit from ATM is 2000 Rs. per day for next 7 days, limit shall be increased to 4000 Rs. after one week. There is no weekly capping on the withdrawal limits from the Automatic Teller Machines.
In total you can withdraw 34000 rupees from each bank account you have, this week
- 2000*7 = 14000 rs from ATM
- 20000 from Bank’s branch
There are no practical limits for withdrawal after 18th of November, people are advised to deposit all the cash in next 7 days so that you can withdraw rest of the money by the end of the week.
For depositing more than 50000 rs in one go, you will need a PAN card attached to your account.