How To Exchange 500 & 1000 Rupee at Indian Banks Legally

So, unless you were living under a rock or gone trekking in the Himalayas you would’ve already heard about the big story. India has “voided” out all 500 and 1000 Rs notes in circulation causing a panic attack among Indians everywhere. If you are traveling and outside India, worry not, check out this updated post on how you can get your Rupees converted outside India. NRIs don’t have any official word from India Govt. as of now. For those in India, things are no less different. But here’s how you can convert all your 500 and 1000 Rupees legally.

How to get 500 & 1000 Rupees exchanged at Indian banks

1. Grab your ID – Driver’s license, Aadhar card etc.

2. Take the money you have (in 500 and 1000 Rupee note) to the nearest bank or post office.

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3. If you already have a bank account (savings or otherwise), ask them to deposit your money in to the account.

4. Get equivalent amount in new denominations when ready (should be rolling out today/tomorrow in India)

5. If you don’t have a bank account, no worries. Just give the amount and get the equivalent amount traded in new denominations.

Now, let’s take a look at some popular questions.

How much money can I exchange via bank?

Up to 4000 in cash. Rest will be deposited in your account and can be withdrawn later or transaction done via cheque, electronic transfer etc (All non cash transactions)

When can I get my money from the bank?

Pretty much then and there.

What documents should I provide to the bank for converting notes?

Any valid government ID. For example, Passport, Aadhar card, Driver’s license etc.

Which banks can I exchange my old 500 and 1000 Rupee notes?

You can exchange your cash at all issue offices of RBI and branches of commercial banks/Regional Rural Banks/ Urban Cooperative Banks (UCBs)/State Co-op banks or at any Head Post Office or Sub-Post Offices through out India.

Can I deposit my cash into my friends or relative’s bank account?

Yes, absolutely. Your friend/relative has to provide a proof in writing that they are allowing you to deposit money in their bank.

Can I get ash against cheque from bank?

Yes, you can but there is a daily limit of Rs.10,000 and weekly limit of Rs.20,000.

What if I have cash more than Rs.4,000 – how do I exchange it for new notes?

Unfortunately a person can only exchange an amount of Rs.4,000 in cash in exchange of old notes of 500 and 1000. Beyond that you will need other modes of transaction.

 

About the author

Mani Karthik

Hi, Mani Karthik here. Having lived in USA, India & Middle East, and worked for big MNC's to startups, I have a lot to share with you. My aim is to help people, by sharing everything I've learned in life. This blog is read today, by more than 200K people world over! I'm basically from Kochi, Kerala and spend my time between Los Angeles and India. Here's my full story. Connect with me on FacebookInstagram, Twitter or WhatsApp (+001-408-489-4785). :)

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