Step-by-step guide to exchange or deposit Rs 2,000 notes in bank

Step 2: Banks will then provide the request slip, which must be filled by the customer. This will require basic details such as the ‘Tenderer’ name and information on the denomination such as the number of pieces and value. The customers will also have to mention the place and date of exchange.

Step 3: Customers can sign and submit the form along with their Rs 2000 notes to get them exchanged from the nearest bank.

Notably, deposits can be made without restrictions and are subject to existing instructions and applicable statutory provisions. Individuals have the option to exchange Rs 2,000 banknotes for other denominations up to a limit of Rs 20,000 at a time at any bank, beginning May 23, 2023, RBI said.

In a communication to the chief general manager of all its local head offices, the State Bank of India (SBI) informed that the facility of exchange of Rs 2,000 notes by the public up to a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip. With regard to the deposit of such notes in own account, RBI has not specified any limit but it will be subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory requirements.

"Further, no identity proof is required to be submitted by the tenderer at the time of exchange," the communication dated May 20 said.

The move comes amid concerns about the highest denomination notes being used to hoard black money. The RBI had stopped printing Rs 2,000 notes in 2018-19 and the notes were rarely in circulation.