Heading to a Bank/ATM for Cash? Here are things to Know

Keep these points in mind while heading towards ATMs and banks:

• Old Rs.500 & Rs.1000 notes haven’t completely been flushed out from the ATMs. Be patient.
• If you have an SBI (SBI share price -2.61%) account, there’s some relief. SBI’s cash deposit machines have begun accepting up to Rs.50,000.
• ATMs shall only dispense Rs.100 notes, some shall have Rs.50 notes. SBI chief Arundhati Bhattacharya said that it will take 10 days for the ATM operations to normalize.
• The old notes can be utilised for paying taxes and penalties for central and state governments and paying fees.
• Surcharge on use of the ATMs beyond five free transactions has been waived.

How to get rid of old Rs.500 and Rs.1,000 notes?

You can do that in any branch of your bank or of any other bank, or any post office. The old notes of 500 and 1,000 amounting to 4,000 can be exchanged for denominations of 100 and 50 till 31st December, 2016.

Do you have to go to your bank branch only?

For exchange up to Rs.4,000 you may go to any bank branch with a valid ID proof. However, for over 4,000 rupees exchanges, you may there where you have an account or any other branch of the same bank. You will have to submit a valid ID proof and account details needed for electronic fund transfer to your account in case you want to go to a bank where you do not have an account.

Can you send someone on your behalf?

You should personally visit. It is preferable. You may also send your representative with a written authorization and his valid ID proof.

What do you produce as ID proof?

Aadhaar card/Voter ID/Ration card/Passport/PAN card can be carried with a photocopy. Also, you have to fill up a declaration form that will be verified.

What to do in case you don’t have a bank account?

You can use your relative or friend’s bank account, if they have one, provided he/she gives you permission in writing that must be produced in the bank along with valid ID proof.

What you need to do for withdrawals?

Withdrawals can be done at bank counters and post offices. The limit per day is Rs.10,000. There is a weekly limit, of Rs.20,000, including ATM withdrawals, up to 24th Nov, 2016. You need a cheque or a withdrawal slip for the above process. At the ATMs however, the withdrawal limit is Rs.2,000 per day till 18th Nov and Rs.4,000 per day from 19th Nov onwards till further information.

Please don’t rush to the banks, they will remain open late and also on Sunday.