2000 NotesImage Credit source: File Photo
If you are planning to deposit Rs 2,000 notes in your bank account, then first of all know about the service charge for depositing notes. The Reserve Bank of India (RBI) has made it clear that there will be no charge on the transactions of notes in the bank. But, most banks levy service charges for cash transactions (deposits and withdrawals) done by a customer. As of now it appears that these charges may be applicable in case of deposit of Rs.2000 notes as well.
The Reserve Bank of India (RBI) had announced the withdrawal of the Rs 2,000 note from circulation on May 19, 2023. But at present, these notes will remain as valid currency. The central bank has advised the public to deposit Rs 2,000 notes in their bank accounts or exchange them for notes of other denominations at bank branches. RBI has set some rules and guidelines for depositing and exchanging Rs 2,000 notes in bank branches. Apart from this, you may also have to pay service charge.
keep these things in mind
At present, you need to know some important things about depositing Rs 2,000 notes. According to sources, bank branches have started depositing Rs 2,000 notes as per the normal banking process. You can deposit your existing Rs 2,000 notes at any bank branch till September 30, 2023. The RBI had earlier said that Rs 2,000 notes can be deposited in accounts of all banks in the usual way.
It is to be noted by all common people in the country that if your bank charges service charge for cash transactions above a certain limit, then you will have to pay the applicable service charge for depositing your existing Rs 2,000 currency notes in savings accounts with banks. Payment may be required.
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sbi service charge
According to the State Bank of India (SBI) website, three cash deposit transactions are free in a month in a regular savings account (including Surabhi savings account). Beyond this limit, the bank will charge Rs 50 + GST per deposit. These rules are not applicable for alternate channel transactions as per the Bank’s website. According to the SBI website, there is no restriction on cash deposits at non-home branches for savings bank accounts. But service charges will still be applicable.
hdfc bank service charge
HDFC Bank allows four free transactions per month including deposits and withdrawals by self and third parties. Beyond the prescribed limit, the bank charges Rs 150 per transaction. You can deposit up to Rs.2 lakh per month. In addition, you will have to pay Rs.5 per thousand or part thereof, subject to a minimum of Rs.150 + applicable taxes, as per the bank’s website. The limit for third-party cash transactions has been fixed at Rs 25,000 per day. For card-based deposits, a limit of Rs 1 lakh per transaction has been prescribed for savings accounts. The daily limit for savings accounts has been fixed at Rs 2 lakh.
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ICICI Bank Service Charge
ICICI Bank allows four free cash transactions including deposits and withdrawals per month. Apart from this, the bank will charge Rs 150 per transaction. You are allowed to deposit up to Rs 1 lakh in your savings account free of cost in a month. Beyond the free limit, the bank will levy a service charge of Rs 5 per Rs 1,000 per month or Rs 150, according to ICICI Bank’s website.
Kotak Mahindra Bank Service Charge
Kotak Mahindra Bank allows five free transactions or up to Rs 3 lakh, including withdrawals and deposits. Once you cross this limit, you will have to pay a service charge of Rs 4.5 per Rs 1000 or a minimum of Rs 150, according to the bank’s website. These charges will be applicable for cash transactions at branch or cash deposit machines. Similarly, other banks may also charge a certain service charge for depositing money in your account.