Only deposits, no exchange-say banks

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The government's sudden decision to restrict over the counter exchange of demonetised notes came as a shocker not just to the common man but to bankers across the country. The move, however, has not affected deposits of demonetised notes.

[Also Read: No more over the counter currency exchange- Here is what you should do]

Private and state run banks alike are accepting demonetised Rs 500 and Rs 1,000 notes as usual and will continue accepting deposits in the same till December 30. The undertaking that customers are expected to fill out while depositing in old notes continues to be the same. “"The move has brought some respite to bankers since exchange was the biggest challenge we faced. Things are back to normal and deposits will not be affected. We have only been instructed to stop exchange. People are welcome to deposit and withdraw immediately”", Vasanth Rai, President of a Bankers Union told OneIndia.


Apart from the undertaking banks, as per government norms, expect a self-attested photo copy of government issued ID proof. Aadhar cards that are linked to the customer's account or PAN card used while opening the account with the bank is most preferred. The copy is to be dated, the amount deposited written down and signed by the customer.

Banks will accept deposits to a customer's direct account or into another individual's account as long as valid ID of both, the depositor and the beneficiary are produced.

OneIndia News

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