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Note Deposit Charges: Big Update! Service charges may apply for depositing amounts exceeding the limit

2000 Rupees Note Deposit Rule: Following the Reserve Bank of India’s decision to withdraw 2000 rupee notes, the process of depositing and exchanging these notes has commenced in all banks across the country starting today. If you are planning to visit the bank to change all your 2000 rupee notes, it is essential to be aware of the bank service charges.

The Reserve Bank of India has clarified that there will be no charges for exchanging the notes. This means that the notes will be replaced or deposited without any cost. However, the process of depositing money into your account will continue in the usual and existing manner. Therefore, it is important to understand the daily limit, charges, and other relevant information related to the process.

Service Charges on Deposits and Withdrawals by Banks

Many major banks impose service charges on cash transactions, particularly when the monthly specified limit is exceeded. Similar rules may also apply to the deposit of 2000 rupee notes, where exceeding the specified limit may incur additional charges.

Things to Know Before Depositing Notes in the Bank

If you plan to deposit 2000 rupee notes, there are a few things you should know. According to a report by ET, these notes will be deposited through the regular banking system. In simple terms, depositing 2000 rupee notes will follow the same process as depositing other currencies, and the same rules will apply. Note that you can deposit 2000 rupee notes until September 30.

Service Charges Imposed by Different Banks

If your bank applies service charges to deposits and withdrawals, you will be subject to these charges when exchanging 2000 rupee notes.

SBI Bank: Three cash deposit transactions are free per month. Beyond this, the bank charges Rs 50 + GST per deposit. Cash deposits through debit card via a third party incur an additional charge of Rs 22 + GST.

HDFC Bank: This bank offers four free transactions per month. If you exceed this limit, a service charge of Rs 150 + GST will be applied. Transactions can be made up to Rs 2 lakh per month, with a limit of Rs 25,000 for third-party transactions. The daily limit for savings accounts is Rs 2 lakh.

ICICI Bank: Four free transactions are allowed per month, with free transactions up to Rs 1 lakh. If the limit is exceeded, a fee of Rs 150 + GST will be charged. The deposit limit for third-party transactions is Rs 25,000.

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