How to exchange Old 500rs 1000rs in Syndicate Bank – How to get new currency

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How to exchange old 500 Rs. and 1000 Rs. notes when person’s bank account is in Syndicate Bank.

My Bank account is in Syndicate Bank, steps on how to exchange?

Following steps should be followed to exchange old notes of denomination of 500 and 1000 in Syndicate Bank as per the dates and deadlines mentioned by government. Along with exchange of notes, withdrawal upto certain amount and deposit can be done in Syndicate Bank account.

  1. Depositing
  • Citizens will have 50 days to deposit notes of Rs 500 & Rs 1000 in any Bank or Post office.
  • During the 50 day period, i.e. from 10 Nov to 30 Dec, there will be no limit on the deposits.
  • However, a withdrawal limit of Rs 10,000 per day and Rs 20,000 per week will be applicable.
  • The withdrawal limit will be gradually increased in a few days.
  • Those unable to deposit notes by Dec 30 for some reason, can change them till March 31, 2017 by furnishing ID proof with RBI
  1. Exchanging
  • Citizens will have 50 days to exchange notes of Rs 500 & Rs 1000 in any Bank, Head Post office or Sub-Post office after furnishing ID card.
  • A limit of Rs 4,000 is applicable on exchanging notes till Nov 24.
  • The limit on exchange of notes will be increased post Nov 24.

Do check and confirm with your local Syndicate Bank branch or your preferred Syndicate Bank branch for actual procedure, steps to be followed and documents to carry. Also check out with your bank if you can deposit to someone else account, exchange on behalf of someone and what all formalities are required.

Syndicate Bank would be able to assist you better.

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