How to Exchange Rs 2000 Notes in Bank: Last Date To Exchange, Daily Deposit Limit?
Latest Update: The last date to exchange Rs.2000 notes with banks is extended to 7 October 2023. After 7 October 2023, Rs.2000 notes can be deposited or exchanged only at 19 RBI Issue Offices subject to relevant RBI or Government regulations.
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May 2023, the Reserve Bank of India (RBI) announced that Rs.2000 note, India's highest denomination currency, will be withdrawn from 30 September 2023.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 extended the last date to exchange or deposit Rs.2000 notes to 7 October 2023 from 30 September 2023. The RBI stated that withdrawing Rs.2000 was due to its ‘Clean Note Policy’.
However, Rs.2000 will still remain legal tender after 7 October 2023. The RBI stated that people could visit their nearest bank branches and deposit or exchange their Rs.2000 banknotes by 7 October 2023. From 8 October, people can exchange or deposit Rs.2000 at 19 RBI Issue Offices up to a limit of Rs.20,000 at a time.
Total Rs.2000 notes deposited with banks
As of April 1, 2025, the Reserve Bank of India (RBI) reported that approximately 98.21% of the ₹2,000 denomination bank notes withdrawn from circulation have been returned to the banking system. This amounts to about ₹6,366 crore still in public circulation. The total value of ₹2,000 notes in circulation has decreased from ₹3.56 lakh crore on May 19, 2023, to ₹6,366 crore as of April 1, 2025 .
Total Rs.2000 notes printed by RBI
Around 89% of the Rs.2000 denomination notes were issued before March 2017. The total value of ₹2,000 banknotes in circulation has declined from ₹3.56 lakh crore as on May 19, 2023, to ₹6,366 crore as on April 1, 2025. 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 any bank or post office to deposit or exchange their Rs.2000 notes from 23 May 2023. The last date for the deposit or exchange of Rs.2000 notes was 30 September 2023, which is extended to 7 October 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
After 7 October 2023
The facility for exchanging Rs.2000 notes is available at 19 RBI Issue Offices up to a limit of Rs.20,000 at a time. However, exchange will be subject to relevant RBI or Government regulations, submission of valid identity proof documents and due diligence as provided by the RBI.
Before 7 October 2023
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?
People can also exchange Rs.2000 banknotes at any nearest bank branch from 23 May 2023 within 7 October 2023. For exchange of Rs.2000 notes before 7 October 2023, the RBI provided clear instruction that exchange of Rs.2000 notes can be done across the counter without insisting on a request slip or ID proof since these notes continue to be legal tender. However, 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 by 7 October 2023.
Bank Name | ID Proof Required | Form Required | Notes |
State Bank of India | No | No | No ID or requisition slip needed for exchange up to ₹20,000. |
Punjab National Bank | No | No | No ID or requisition slip needed for exchange up to ₹20,000. |
Indian Bank | Yes (for non-account holders) | Not specified | Non-account holders must submit ID (Aadhaar, DL, PAN). |
HDFC Bank | Yes (only for non-customers) | Yes | Customers: no ID, must mention account number. Non-customers: ID + form. |
ICICI Bank | Yes (only for non-customers) | Yes (cash deposit slip for non-customers) | Customers: no form or ID. Non-customers: ID + mobile number + slip. |
Kotak Mahindra Bank | Yes (only for non-customers) | Yes | Customers: form + CRN & account number. Non-customers: ID + form. |
Since RBI has announced the withdrawal of Rs.2000 banknotes, all persons having Rs.2000 banknotes must deposit them in their bank accounts by 7 October 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.
Exchange/deposit Rs.2000 banknotes after 7 October
Public can exchange or deposit Rs.2000 banknotes at 19 Regional Offices of RBI having Issue Departments (RBI Issue Offices) after 8 October 2023. People can tender Rs.2000 banknotes for credit to their bank accounts at the 19 RBI Issue Offices in India.
The 19 RBI Issue Offices are situated in Ahmedabad, Belapur, Bangalore, Bhubaneswar, Bhopal, Chennai, Chandigarh, Hyderabad, Guwahati, Jammu, Jaipur, Kolkata, Kanpur, Mumbai, Lucknow, Patna, New Delhi, Nagpur and Thiruvananthapuram.
However, the credit or exchange is subjected to relevant RBI, submission of valid identity proof documents, government regulations and due diligence as deemed by the RBI.
RBI Form for 2000 Note Exchange
To exchange ₹2,000 notes at RBI Issue Offices, individuals must fill out the RBI ₹2,000 Note Exchange Form (PDF) provided by the RBI. It includes your personal details, number and value of ₹2,000 notes, bank account info for credit, a declaration about KYC compliance, and documents like ID proof and bank statement.
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