How to Exchange Rs 2000 Notes in Bank: Last Date To Exchange, Daily Deposit Limit?

By Mayashree Acharya


Updated on: Jun 9th, 2023


9 min read

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The government introduced Rs.2000 in 2016 after the demonetisation drive. On 19 May 2023, the Reserve Bank of India (RBI) announced that Rs.2000 note, India's highest denomination currency, will be withdrawn from 30 September 2023. The RBI stated that withdrawing Rs.2000 was due to its ‘Clean Note Policy’. 

Rs 2000 note

However, Rs.2000 will still remain legal tender after 30 September 2023. The RBI stated that people could visit their nearest bank branches and deposit or exchange their Rs.2000 banknotes by 30 September 2023. 

Total Rs.2000 notes printed by RBI

Around 89% of the Rs.2000 denomination notes were issued before March 2017. The total value of Rs.2000 banknotes in circulation has declined from Rs.6.73 lakh crore constituting 37.3% of notes in circulation (as on 31 March 2018), to Rs.3.62 lakh crore constituting only 10.8% of notes in circulation (as on 31 March 2023). It has been observed that Rs.2000 denomination currency is not commonly used for transactions. Further, the banknotes in other denominations continue to be adequate for meeting the currency requirements of the public.

Deposit limit of Rs.2000 notes

People can deposit Rs.2000 banknotes at the bank where they have an account. The RBI has stated that there is no deposit limit for Rs.2000 notes. But, the general KYC and other cash deposit statutory norms will apply. When a person deposits Rs.2000 notes in a Basic Savings Bank Deposit (BSBD) or Jan Dhan account, the usual limits will apply.

In this regard, Canara Bank has informed that they are giving a 100% waiver on cash remittance charges on Rs.2,000 denomination notes deposits. This applies to savings and current accounts.

As per Bule 114B of the Income Tax Rules, it is mandatory for an individual to quote the PAN number when the cash deposit in a single day with a  post office or bank exceeds Rs.50,000. Thus, if a person wants to deposit Rs.2000 banknotes amounting to more than Rs.50,000 in a single day, he/she must quote the PAN number. Quoting the PAN is not mandatory when the amount deposited is below Rs.50,000 in a day. 

Last day to deposit Rs.2000 note 

The RBI has stated that people can approach the banks or post offices to deposit or exchange their Rs.2000 notes from 23 May 2023. The last date for the deposit or exchange of Rs.2000 notes is 30 September 2023

Can Rs.2000 notes be deposited in CDM?

People can exchange Rs.2000 note denominations at the local Cash Deposit Machines (CDMs) at their convenience.

RBI guidelines for Rs.2,000 note exchange

People who have an account in a bank can visit their bank branch where they have an account and provide their account details to streamline and exchange Rs.2000 notes. The RBI guidelines state that there is no requirement for a requisition slip or ID proof for exchanging Rs.2000 notes

The RBI has also stated that even a non-account holder can exchange Rs.2000 banknotes at any bank branch without any ID proof. However, there is a limit on the exchange of Rs.2000 banknotes. A person can exchange Rs.2000 banknotes up to a limit of Rs.20,000 at a time. The exchange facility of Rs.2000 notes is free of cost.

How to exchange Rs.2000 note in the bank?

The facility for exchanging Rs.2000 notes is available at 19 Regional Offices (ROs) of RBI having issue departments till 30 September 2023. People can also exchange Rs.2000 banknotes at any nearest bank branch from 23 May 2023. 

Though the RBI instruction is clear that the exchange of Rs.2000 notes across the counter should be provided without insisting on a request slip or ID proof since these notes continue to be legal tender, certain public sector banks have adopted a different strategy. 

Certain public sector banks have issued guidelines for the exchange Rs.2000 banknotes from non-account holders to submit identity proof mandatorily. Below is a list of a few banks that have issued instructions regarding ID proof for exchanging Rs.2000 notes.

State Bank of India (SBI)

The State Bank of India (SBI) has made it clear that the public is not required to give or show any ID proof or fill up a requisition slip for exchanging Rs.2000 notes up to the RBI exchange limit of Rs.20,000 at a time in any SBI branch.

Punjab National Bank

Punjab National Bank (PNB) informed that any branch of PNB will not demand ID proof or ask to fill up a requisition slip to exchange Rs.2000 notes up to the RBI exchange limit of Rs.20,000 at a time.

Indian Bank 

Indian Bank is asking non-account holders to submit ID proof, such as an Aadhaar card, driving license or PAN card, to exchange Rs.2000 notes. 


HDFC Bank requires all customers and non-customers to fill out a form to exchange Rs.2000 notes. Customers need not show ID proof but must mention their customer ID or bank account number on the form. Non-customers must show ID while submitting the form to exchange Rs.2000 notes.


ICICI Bank requires non-customers to fill out a cash deposit slip and provide ID proof along with their mobile number to exchange Rs.2000 notes. However, customers need not fill out any form or show ID proof to exchange Rs.2000 notes.

Kotak Mahindra Bank

Kotak Mahindra Bank requires customers and non-customers to fill out a form to exchange Rs.2000 banknotes. Customers need not show ID proof but must provide their CRN and account number on the form. Non-customers must show ID while submitting the form to exchange Rs.2000 notes.

Since RBI has announced the withdrawal of Rs.2000 banknotes, all persons having Rs.2000 banknotes must deposit them in their bank accounts by 30 September 2023. They can also get them exchanged at any bank branch without any ID proof up to a limit of Rs.20,000 at a time.

The RBI stated that 50% of Rs.2000 notes in circulation had been returned to banks within 20 days of the withdrawal announcement. The value of the notes that have been returned is Rs.1.8 lakh crore as of 8 June 2023. The RBI Governor Shaktikanta Das said that 85% of Rs.2,000 notes have returned as bank deposits. 

Frequently Asked Questions

How many Rs.2000 notes can be deposited in a bank?

The RBI has stated that there is no deposit limit for Rs.2000 notes. Thus, an individual can deposit any number of Rs.2000 notes in their accounts. The respective bank rules for deposit will apply.

Does Rs.2000 note have a chip?

No. There is no chip in Rs.2000 notes.

Why is Rs.2000 note banned in India?

The RBI introduced Rs.2000 note in November 2016 to meet the currency requirement of the economy. The printing of Rs.2000 was stopped in 2018-19 once the notes of other denominations were available in adequate quantities. Currently, these notes are at the end of their estimated lifespan of 4-5 years, and it is no longer commonly used for transactions. Thus, in pursuance of the 'Clean Note Policy', the RBI decided to withdraw the Rs.2000 denomination banknotes from circulation from 30 September 2023.

What is the RBI's ‘Clean Note Policy’?

The RBI's 'Clean Note Policy' seeks to give the public good-quality currency notes and coins with better security features, while soiled notes are withdrawn from circulation. The RBI had decided to withdraw all banknotes issued before 2005 from circulation since they had fewer security features compared to banknotes printed after 2005. However, the banknotes issued before 2005 continued to be legal tender. The RBI has instructed banks to give only clean and good-quality notes to the public, avoiding recycling worn-out notes they received.

What will happen to Rs.2000 notes after 30 September 2023?

The RBI has not yet clarified the status of Rs.2000 notes after 30 September 2023. However, it has instructed all banks to receive deposits of Rs.2000 notes and exchange Rs.2000 notes even for non-customers.

About the Author

I am an advocate by profession and have a keen interest in writing. I write articles in various categories, from legal, business, personal finance, and investments to government schemes. I put words in a simplified manner and write easy-to-understand articles. Read more


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