Rs.2000 notes in your wallet? Exchange or deposit them at IDFC FIRST Bank

The Rs.2000 denomination banknote was introduced under Section 24(1) of the RBI Act, 1934 mainly to meet the urgent currency requirements of the economy after the Rs.500 and Rs.1000 banknotes were withdrawn from legal tender in November 2016. Soon after meeting this objective and after banknotes in other denominations became more readily available, the printing of Rs.2000 banknotes was stopped in 2018-19. Now, in accordance with the "Clean Note Policy" of the Reserve Bank of India, the Rs.2000 denomination banknotes will be withdrawn from circulation, though they will continue to be legal tender.

Read on to understand what this means for you and how IDFC FIRST Bank can help replace your old currency without breaking a sweat.

What should you do about the notes you own?
 

The RBI has issued directives for individuals owning Rs.2000 banknotes. According to the circular, you have two options –

• Deposit the notes in your bank account or
• Exchange the notes for currencies in other denominations up to Rs.20,000 at a time

What are the limits on deposit and note exchange?
 

There's no limit if you are depositing the banknotes into your account.

In the case of an exchange, however, there is a limit. According to the RBI direction, you can exchange notes up to Rs.20,000 at a time.

Where can you deposit and exchange the notes?
 

Deposits can be made into your savings bank account or current account.

In addition, you can exchange Rs.2000 notes up to Rs.20,000 at a time at any bank's branch, whether you are a customer or not.

The exchange facility is also available through business correspondents. However, in such cases, the limit is restricted to Rs.4000 per day per account holder.

Furthermore, the note exchange facility for other denominations in India is also available at the RBI's Regional Offices with Issue Departments. Currently, 19 RBI offices will facilitate the exchange.

When does the deposit/exchange facility start?
 

You can start depositing your Rs.2000 notes immediately into your account until 30 September 2023. The facility for exchanging them starts from 23 May 2023 and ends on 30 September 2023.

How can IDFC FIRST Bank help?
 

IDFC FIRST Bank supports the RBI policy of withdrawing Rs.2000 banknotes from circulation. As such, it has taken steps to allow its customers a smooth transition to currency in other denominations. Here's how we can help –

• Deposit Rs.2000 banknotes at any of our wide network of bank branches
• Exchange your notes in currencies of smaller denominations up to Rs.20,000 at a time
• Unlimited cash deposits free of charge at any branch across India, with our zero-fee banking promise on Savings Accounts
• Special privileges for seniors, women, and people with disabilities to ensure minimum inconvenience to them

If you have Rs.2000 notes, it’s advisable that you deposit or exchange them. IDFC FIRST Bank is committed to ensuring convenience to its customers at every step, while facilitating the RBI's latest directives. So go ahead, visit your nearest branch to deposit or exchange your Rs.2000 notes right away!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.