On May 19, 2023, the 2,000 rupee note will no longer be in use, according to a central bank of India (RBI) statement. The currencies will still be valid forms of payment, the RBI said in its announcement. The people was asked by the central bank to swap or transfer Rs 2,000 notes into their bank accounts. The depositing and exchanging of Rs 2000 notes is governed by procedures that several institutions have established. When a consumer makes deposits or withdrawals in cash that exceed a certain threshold within a given month, bankers typically impose a service fee. Currently, it seems that the bank’s decision to impose service fees or not in the case of withdrawals made using Rs 2000 banknotes. As an illustration, Canara Bank & ICICI Bank have stated that they won’t charge clients for putting Rs 2000 currencies at their facilities.
ICICI Bank
Any bank office or money machine accepts deposits of up to Rs 2000 from customers. On the contrary hand, senior persons can access the bank's personal Financial transactions services to make withdrawals. Deposits have no maximum amount. In a message sent to its customers, the bank stated, "For deposit, you can put the Rs two thousand denominations currencies into your bank account in the normal way, according to current KYC standards, and without any limitations." Until the last day of September 2023, "ICICI Bank will not charge any costs for processing the Rs2,000 currency notes for its own private deposit account clients," it was said. For elderly individuals and people with special needs, the bank said, "We have established special accommodations at our branches to reduce their discomfort throughout the transfer or withdrawal processes."
The private sector lender said, "You can deposit Rs 2,000 denomination bills 24 hours a day using our Money Transfer Devices accessible at certain locations and ATMs.
Punjab National Bank
PNB does not require any official documentation or ID verification in order to exchange notes of Rs 2000. The current order to every branch of Punjab National Bank (PNB) is that without Aaadhar Card, no government-issued verified papers (OVD), and no need to fill out any forms are necessary. PNB officials should clarify to Reporters after outdated documents appeared online requesting more personal data to exchange Rs 2000 currency.
Canera Bank
On deposits of notes with a face value of Rs 2,000 or less in savings and current accounts, Canara Bank has announced a full remission of cash transfer fees. On the bank's official Twitter account, Canara Bank announced: "Also completely exemption on Cash Transfer expenses once you deposited Rs. 2000 currency notes."
HDFC Bank
Consumers of HDFC Bank were notified through email that till September 30, 2023, they could transfer any number of Rs 2,000 notes in their HDFC Bank accounts through any branch.
State Bank of India
The biggest PSU the financial institution in India, the State Bank of India, said that as of May 21, 2023, it would permit clients to swap Rs 2000 notes for a maximum of twenty thousand rupees without a request sheet.
According to a directive from the nation's largest lender, anyone can swap bank notes with a face value of Rs. 2000 with no needing an authorization slip as long as they don't go above the maximum of twenty thousand rupees at once.
Kotak Mahindra Bank
Based to press sources, Kotak Mahindra Bank has clarified that in the event that non-account owners choose to exchange Rs 2,000 notes, they will need to provide a paperwork or Identification evidence.
Also read - What could be the impact on Indian economy through withdraw 2000 notes ?