How to Exchange Rs 2000 Notes in Bank: Last Date To Exchange, Daily Deposit Limit?

The Rs. 2000 note, introduced in 2016 after demonetisation, was officially withdrawn from circulation as per RBI’s Clean Note Policy. The Reserve Bank of India set 7 October 2023 as the 2000 note exchange last date for banks. After this deadline, the 2000 note exchange facility is available only at 19 RBI Issue Offices subject to relevant RBI or Government regulations (up to a limit of Rs.20,000 at a time).

Understanding how to exchange 2000 note is important for those still holding the denomination. This guide explains the updated exchange rules, deposit limits, and locations.

Total Rs.2000 notes deposited with banks

​As of April 1, 2025, the Reserve Bank of India (RBI) reported that approximately 98.21% of the Rs.2,000 denomination bank notes withdrawn from circulation have been returned to the banking system. This amounts to about Rs.6,366 crore still in public circulation. The total value of Rs.2,000 notes in circulation has decreased from Rs.3.56 lakh crore on May 19, 2023, to Rs.6,366 crore as of April 1, 2025 .​

Total Rs.2000 notes printed by RBI

Around 89% of the Rs.2000 denomination notes were issued before March 2017. ​The total value of Rs.2,000 banknotes in circulation has declined from Rs.3.56 lakh crore as on May 19, 2023, to Rs.6,366 crore as on April 1, 2025. ​It has been observed that Rs.2000 denomination currency is not commonly used for transactions. Further, the banknotes in other denominations continue to be adequate for meeting the currency requirements of the public.

Deposit limit of Rs.2000 notes

People can deposit Rs.2000 banknotes at the bank where they have an account. The RBI has stated that there is no deposit limit for Rs.2000 notes. But, the general KYC and other cash deposit statutory norms will apply. When a person deposits Rs.2000 notes in a Basic Savings Bank Deposit (BSBD) or Jan Dhan account, the usual limits will apply.

In this regard, Canara Bank has informed that they are giving a 100% waiver on cash remittance charges on Rs.2,000 denomination notes deposits. This applies to savings and current accounts.

As per Bule 114B of the Income Tax Rules, it is mandatory for an individual to quote the PAN number when the cash deposit in a single day with a  post office or bank exceeds Rs.50,000. Thus, if a person wants to deposit Rs.2000 banknotes amounting to more than Rs.50,000 in a single day, he/she must quote the PAN number. Quoting the PAN is not mandatory when the amount deposited is below Rs.50,000 in a day. 

Last day to deposit Rs.2000 note 

The RBI had stated that people could approach the any bank or post office to deposit or exchange their Rs.2000 notes from 23 May 2023. The last date for the deposit or exchange of Rs.2000 notes was 30 September 2023, which was extended to 7 October 2023. 

Can Rs.2000 notes be deposited in CDM?

People can exchange Rs.2000 note denominations at the local Cash Deposit Machines (CDMs) at their convenience.

RBI guidelines for Rs.2,000 note exchange

After 7 October 2023

The facility for exchanging Rs.2000 notes has been available at 19 RBI Issue Offices up to a limit of Rs.20,000 at a time. However, exchange is subject to relevant RBI or Government regulations, submission of valid identity proof documents and due diligence as provided by the RBI. 

Before 7 October 2023

People who had an account in a bank coulc visit their bank branch where they have an account and provide their account details to streamline and exchange Rs.2000 notes. The RBI guidelines state that there was no requirement for a requisition slip or ID proof for exchanging Rs.2000 notes. 

The RBI had also stated that even a non-account holder could exchange Rs.2000 banknotes at any bank branch without any ID proof. However, there is a limit on the exchange of Rs.2000 banknotes. A person could exchange Rs.2000 banknotes up to a limit of Rs.20,000 at a time. The exchange facility of Rs.2000 notes was free of cost.

How to exchange Rs.2000 note in the bank?

People could also exchange Rs.2000 banknotes at any nearest bank branch from 23 May 2023 within 7 October 2023. For exchange of Rs.2000 notes before 7 October 2023, the RBI provided clear instruction that exchange of Rs.2000 notes could be done across the counter without insisting on a request slip or ID proof since these notes continue to be legal tender. However, certain public sector banks have adopted a different strategy. 

Certain public sector banks had issued guidelines for the exchange Rs.2000 banknotes from non-account holders to submit identity proof mandatorily. Below is a list of a few banks that had issued instructions regarding ID proof for exchanging Rs.2000 notes by 7 October 2023.

Since RBI had announced the withdrawal of Rs.2000 banknotes, all persons having Rs.2000 banknotes must opt for Rs.2,000 note exchange as per the current rules. 

Exchange/deposit Rs.2000 banknotes after 7 October

Public can exchange or deposit Rs.2000 banknotes at 19 Regional Offices of RBI having Issue Departments (RBI Issue Offices) after 8 October 2023. People can tender Rs.2000 banknotes for credit to their bank accounts at the 19 RBI Issue Offices in India. 

The 19 RBI Issue Offices are situated in Ahmedabad, Belapur, Bangalore, Bhubaneswar, Bhopal, Chennai, Chandigarh, Hyderabad, Guwahati, Jammu, Jaipur, Kolkata, Kanpur, Mumbai, Lucknow, Patna, New Delhi, Nagpur and Thiruvananthapuram.

However, the credit or Rs.2000 note exchange is subjected to relevant RBI, submission of valid identity proof documents, government regulations and due diligence as deemed by the RBI. 

RBI Form for 2000 Note Exchange

For Rs.2,000 note exchange at RBI Issue Offices, individuals must fill out the RBI Rs.2,000 Note Exchange Form (PDF) provided by the RBI. It includes your personal details, number and value of Rs.2,000 notes, bank account info for credit, a declaration about KYC compliance, and documents like ID proof and bank statement.

Final Word

The withdrawal of the Rs. 2000 note reflects the RBI’s move towards cleaner, lower-denomination currency circulation. While the 2000 note exchange last date at banks was 7 October 2023, individuals can still deposit or exchange these notes at 19 designated RBI Issue Offices. Knowing how to exchange 2000 note under the current RBI guidelines ensures a smooth and compliant process. It is essential to stay updated on 2000 note exchange rules, limits, and documentation to avoid any inconvenience.