Heading to bank or atm

Here are a few things you should know.

1) Old Rs 500 & Rs 1000 notes are yet to be
fully flushed out from ATMs. Process of
reconfiguring the machines still on. So your
patience will be tested.

2) ATMs will only dispense Rs 100 notes, some
will have Rs 50 notes. it will take 10 days for ATM operations to normalise.

3) If you have an SBI account, there's some relief. SBI's cash deposit machines have started accepting up to Rs 50,000 from Thursday midnight.

4) Surcharge on use of ATMs beyond 5 free transactions has been waived.

5) The old notes can be used for paying fees, taxes and penalties for central and state governments, including municipal and local bodies.

How should I get rid of my old Rs 500 and Rs 1,000 notes?
You can do that by visiting any branch of your own bank or that of any other bank, or any post office. Old notes of 500 and 1,000 amounting to 4,000 can be exchanged for denominations of 50 and 100 till December 31.

What do I submit as ID proof?
Aadhaar card, voter ID, ration card, passport, PAN.

Don't forget to carry a photocopy. You need fo fill up a declaration form which will then be verified.

What if I don't have a bank account?
If your relative or friend has a bank account, you can use that, provided the account holder gives you permission in writing, which must be produced to the bank. Also, you need identity proof.

This is what you need to do for withdrawals
a) You can do it at bank counters, post offices
b) The limit is 10,000 per day. There is a weekly limit, of 20,000, including ATM withdrawals, up to Nov 24, 2016

c) You need cheque or withdrawal slip. At ATMs, the withdrawal limit is 2,000 per day till November 18 and 4,000 per day from November 19 onwards till
further notice.

Don't rush to the banks, they will remain open tomorrow and on Sunday. All major banks say they will work till late to meet demand.

Need I go to my bank branch only?
For exchange up to 4,000 you may go to any bank branch with valid ID proof. For exchange over 4,000, which will be credited to bank account only, you may go to the branch where you have an account or any other branch of the same bank. In case, you want to go to a bank where you don't have an account, you will have to submit valid ID proof and account details required for electronic
fund transfer to your account.

Can I send my representative?
Personal visit is preferable. You may also send your representative with written authorisation. The representative should produce authority letter and his/her valid ID proof. more  

View all 30 comments Below 30 comments
As of now, the instructions of Govt. r that the exchange upto Rs.4,000/- a day against ID is upto 24th Novr. 2016 while for remitting to the account (with no such limit) is upto 30th December 2016 ( not upto 31st Decr. 2016 as stated above. This needs to be corrected. Of course these dates may be reviewed by the Govt. based on circumstances n necessity. more  
Thanks Shikhaji. more  
Ms Shika jain has been a regular member of these Net Groups and I have found some very useful inputs and inititiations from her. I MAY NOT KNOW HER PERSONALLY BUT I HAVE SEEN GOOD SENSE IN MANY OF HER POSTINGS. Now, I am surprised to find the postings of Mr Ramchandran Nair who seems to have a special dislike for Ms jain. Mr Nair should relax and allow members to share their experiences. After all, most of the observations of Ms Jain were very informative. Relax Mr Nair....!!.. more  
Useful information, though more and more is trickling through like drops from a leaking roof in winter. more  
Post a Comment

Related Posts


      Dear Parvati, Thanks and regards for your concern about the vulgar ads. Today, it is not only the matter of IPL but you open any channel and you will find these things everywhere.The extreme ...

    • Vulgar ads during IPL

      I don’t understand why this asci and consumer affairs ministry are such big failures in regulating vulgar and surrogate ads. Children are watching IPL matches and these models in l...

      By Parvati Sharma
    • Ola uber have become autod

      Why should I pay an extra 100-150 bucks for a cab when they're just like autos, without ACs because drivers won't turn them on? Seriously, what's the incentive to choose cabs anymore?

      By Anshu Saxena
    • Fire the advertising association

      See the kind of ads that are being given in news papers. The advertising association in India fails to act as usual as 90% advertisers dont care about them. Govt regulator needs to get really activ...

      By Sobhita D
    • Go air needs to be booked for violating DGCA order.

      Instead of giving cash refund for cancelled flights Go Air is issuing credit notes despite DGCA order. Passengers want money back not their lame credit notes.

      By Dipali Yadav
    • Shameless celebrities of India

      Money perhaps is most important in life.Amitabh Bacchan had once said he is canceling his contract yet we still see him everyday on the screen. No offence meant to any of these personalities but it...

      By Krishnan Venkatachalam
    • Shameless celebrities of India

      It has come down to Sunil Gawaskar and Virendra Sehwag now advertising for Kamla pasand after we raised hell about Shahrukh, Akshay Kumar, Ajay Dewgan and Amitabh Bachchan. And consumer...

      By Mala Sehgal
    • Surrogate and Inappropriate advertising

      Front page of newspaper yday advertising pan masala and gutka. With areca nut being a proven carcinogen and a psychoactive compound. Will our authorities please do something and save the lives of ...

      By Ruchika L Maheshwari
    • Are competitive coaching institutes misleading students

      And parents. See attached, all the top institutes claiming that the same topper students studied at their institute. Parents and students looking at 1 ad at a time get misled.

      By Sneha Goyal
    • Loot in India on iphones

      IPhone 14 Pro max price in Official Apple store, in Thailand is 45k bhat = INR 1.07 lakh. Price in India = 1.4L. Difference of 33k will cover return air-fare. Why do you ...

      By Ruchika L Maheshwari
    • Mahindra Car Manufacturing defects issues

      I am a customer of Mahindra Scorpio N Vehicle and it is having Manufacturing defects from Day 1, Company dealers are doing trail and error and problem is not solved yet. They are spoiling vehicle w...

      By GIRISH M R
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)