Rs 2,000 Note withdrawal: after RBI's announcement here's what the banks are saying on exchange & deposit

The Reserve Bank of India on Friday had announced the withdrawal of Rs 2,000 note from circulation. The deposit It has given time till 30th September to deposit the currency in banks. RBI has also issued guidelines for the banks and has advised the banks to make necessary arrangements for the exchange.

The banks have also issued clarifications regarding the process for exchanging Rs 2,000 notes.

The public sector bank State Bank of India has said that the currency can be exchanged without obtaining any requisition slip. It has also said that no identity proof is required to exchange the notes. However, service charges may apply for deposits. SBI allows 3 deposits in a month in a regular savings account. Beyond this a service charge of 50+GST per deposit will apply.

Similarly, Punjab National Bank has also said that no Aadhar card or any other verified document would be needed to exchange the Rs 2,000 notes. After old circulars seeking additional information circulated online, the bank has clarified that there is no need for customers to fill any forms as part of the process.

Private lender HDFC bank has informed its customers that they can deposit any number of Rs 2,000 note in any branch till 30th September. The currency can be exchanged upto Rs 20,000 per day. The bank had also assured the customers that the note will still remain as a legal tendor in its mail. HDFC allows 4 free deposits and withdrawals per month beyond which Rs 150 will be applicable per transaction.

Meanwhile, ICICI bank has said that non-customers of the bank will have to provide ID proof to exchange the currency, reported India Today. As per the report, people with no account in ICICI bank will have to fill a form along with the ID proofs. This, as the bank has to submit the transaction details to the RBI. The bank gives 4 free deposit and withdrawal per month, beyond which Rs 150 will be applicable per transaction. In a month a customer can deposit upto one lakh. Beyond this Rs 5 will apply per Rs 1,000 or Rs 150, which ever is higher.

RBI has said that a deposit of more than Rs 50,000 will require Pan card details