Things to know before you head to an ATM or Bank for cash

1) Old Rs 500 & Rs 1000 notes are yet to be fully flushed out from ATMs. Process of reconfiguring the machines still on. So your patience will be tested.

2) ATMs will only dispense Rs 100 notes, some will have Rs 50 notes. Hang in there, SBI chief Arundhati Bhattacharya says it will take 10 days for ATM operations to normalise.

3) If you have an SBI account, there's some relief. SBI's cash deposit machines have started accepting up to Rs 50,000 from Thursday midnight.

4) Surcharge on use of ATMs beyond 5 free transactions has been waived.

5) The old notes can be used for paying fees, taxes and penalties for central and state governments, including municipal and local bodies.

Here are some questions that might be cropping your mind

How should I get rid of my old Rs 500 and Rs 1,000 notes?

You can do that by visiting any branch of your own bank or that of any other bank, or any post office. Old notes of 500 and 1,000 amounting to 4,000 can be exchanged for denominations of 50 and 100 till December 31.

What do I submit as ID proof?

Aadhaar card, voter ID, ration card, passport, PAN. Don't forget to carry a photocopy. You need fo fill up a declaration form which will then be verified.

What if I don't have a bank account?
If your relative or friend has a bank account, you can use that, provided the account holder gives you permission in writing, which must be produced to the bank. Also, you need identity proof.


a) You can do it at bank counters, post offices

b) The limit is 10,000 per day. There is a weekly limit, of 20,000, including ATM withdrawals, up to Nov 24, 2016

c) You need cheque or withdrawal slip. At ATMs, the withdrawal limit is 2,000 per day till November 18 and 4,000 per day from November 19 onwards till further notice.

Don't rush to the banks, they will remain open tomorrow and on Sunday. All major banks say they will work till late to meet demand.

Need I go to my bank branch only?

For exchange up to 4,000 you may go to any bank branch with valid ID proof. For exchange over 4,000, which will be credited to bank account only, you may go to the branch where you have an account or any other branch of the same bank. In case, you want to go to a bank where you don't have an account, you will have to submit valid ID proof and account details required for electronic fund transfer to your account.

Can I send my representative?

Personal visit is preferable. You may also send your representative with written authorisation. The representative should produce authority letter and his/her valid ID proof.


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