As per RBI guidelines, you can exchange up to Rs 20,000 (10 notes) from a bank in a day. Along with this, there are some rules regarding depositing money in the bank account. RBI has asked banks to comply with banking deposit norms. Meanwhile, people will not have to fill any form or show identity card to exchange pink notes. The country’s largest bank – State Bank of India (SBI) issued a circular in this regard.
Bank account deposit rules
The central bank has set a daily limit of Rs 20,000 for people to exchange notes. There is no fixed limit for depositing money in the account so you can deposit as much money as you want in your account, but subject to banking rules. That is, you have to follow the rules made by RBI to deposit cash in the bank account.
How much cash can be deposited in a day?
As per RBI guidelines you can exchange up to 20000 i.e. 10 notes of Rs 2000 per day, but this limit does not apply to bank account deposits. RBI has not fixed any limit for depositing money in the account. In such a situation it is important to understand here that as per RBI rules if you deposit a large amount of cash in your bank account, you may be asked about the source of the money.
Reserve Bank Rules
As per RBI rules, you can deposit cash in your account up to Rs 50,000 in a day and Rs 20 lakh in a year. And you have to show PAN and Aadhaar card if you deposit more than this cash in the account. Besides, you will not be able to withdraw more than the fixed limit. As per RBI guidelines, no person can deposit or withdraw Rs 50,000 in a day and Rs 20 lakh in a year without showing the PAN-Aadhaar card.
After this limit you need to show both the documents to fund your account. Even after depositing the Rs 2,000 note in your bank account, you have to follow this rule. That is, you can easily deposit 24 notes of Rs 2000 in one day without any documents, but as soon as the limit is Rs 50,000 or more, you have to provide PAN card or Aadhaar card while depositing notes.
Complete this condition of KYC!
On the other hand, you need to fulfill the KYC norms to deposit Rs 2000 notes into the bank account without any hurdles. If there is no KYC of the bank account you may face problems.