Rules and procedure for depositing 500 and 1000 note into banks
If you have considerable amount of cash at home, there’s no need to panic just yet, especially if it’s hard-earned money and well accounted for.
How to Deposit if you are having a Bank Account
- Make sure our KYC is complete – The amount that can be deposited in one-go into the account depends on your KYC compliance with the bank. If the KYC is complete, there is no limit on the quantity and value of older notes that you can put into your account.
- However, in accounts where the compliance with KYC norms is incomplete, a maximum of Rs 50,000 can be deposited.
Depositing in a bank where you don’t have an account
- The older notes can be deposited into any new bank account in accordance with the standard banking procedure, with a valid ID proof.
In both the above instances, the older notes can be deposited till Friday, December 30, 2016.
If Depositing in a third-party account
- The older notes can even be deposited into a third-party account. This, however, is subject to a specific authorization by the account holder. Here also, one needs a valid ID proof.
- In case you don’t have an account, you can even ask your relative, friend with an account to deposit cash into their account. In that case, the account holder (relative/friend) gives you the permission in writing. While exchanging, you should provide the bank with the evidence of permission given by the account holder and your valid ID proof.
- In case individuals are unable to deposit the cash-in-hand into the banks by December 30, an opportunity will be given to them to do so at specified offices of the Reserve Bank of India (RBI). They will be required to carry necessary documentations with them, as specified by the RBI.