FAQs on Withdrawal of Rs. 500 and Rs. 1000 bank notes

By | November 11, 2016

After the declaration of recent demonetization scheme for Rs 500 & Rs 1000 currency notes, there has been many miss understandings created in our society and a panic has triggered. But let me tell you that this is just a panic as none of your honest & hard earned money is not going to waste.

Yes, your hard earned money has just changed the color and denomination and you have to get new notes from the bank or post office. The problem will be for them who have accumulated money without paying income tax and now they have no way out rather declaring the money to Govt and paying tax & 200% penalty together.

Must Know FAQs on Withdrawal of Rs. 500 and Rs. 1000 bank notes

Anyway, for tax payers or honest earning people, here are few basic things you should know about this scheme to plan your next action and perception. Just go to a bank and exchange old currencies easily, its that much simple only/. But remember the below points and also share with your peers.

Cash exchange limits: You can exchange up to Rs. 4000 of the specified bank notes (Rs. 500 & Rs. 1000) at any of our branches till 30th December 2016. Please carry any of the following valid Identification (ID) proof with you – Aadhaar Card, PAN Card, Driving License, Voter’s ID Card, Passport or NREGA Card.

Cash withdrawal from branches: You can withdraw up to Rs. 10,000 per account in a day subject to a maximum of Rs. 20,000 per account in a week at any of the Bank branches. This includes withdrawals at ATMs also.

Cash deposit: There is no limit on the amount of money you can deposit in your KYC compliant bank account.

Cash withdrawal from ATM: From 11th November onward, ATMs will dispense up to Rs 2000 per day per card. The ATM cash withdrawal limit per card per day will be increased to Rs. 4000 from 19th November onward.

No charges on ATM withdrawals: All ATM cash withdrawals using your Bank Debit Cards at any Bank ATMs will be free until 30th Dec 2016. Almost every bank has applied this rules now.

Extended banking hours especially for you: Our branches will remain open on Saturday, 12th November and Sunday, 13th November to service our customers.

Be safe: Please deposit only your own money in your account. DO NOT let anyone else use your account to deposit money. Be careful, DO NOT fall prey to any false promises / schemes offering to help you deposit the specified bank notes (Rs. 500 & Rs. 1000).

Continued access to payments: Transfer money and make payments using NEFT / RTGS / IMPS / UPI through Bank Net Banking or Mobile Banking.

Shop easily without cash: Shop and pay for all your purchases using Bank Credit Cards, Debit Cards, Net banking, PayZapp App or Chillr App. For your benefit, the limits for payments on your Debit Card have been increased*. You can also check your eligibility and increase your Credit Card limits through Net Banking or Phone Banking instantly.

For more information, just check out the article written on de-monetisation scheme. I got this useful message form my HDFC bank newsletter and I am sure you will also get from your respective banks as awareness spreading. The rules should not vary from bank to bank as this things are happening due to Govt of India circular only to make this Surgical Strike against Black Money drive success. But still, please check with your banks for any change in terms. 🙂

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