Withdrawal, deposits and ATMs: Know how to deal with currency overhaul at banks

As banks are open on Thursday and people make a beeline at bank's counter to exchange notes of Rs 500 and Rs 1000, after the PM Narendra Modi announced demonetization of Rs 500 and Rs 1000 on Tuesday, learn how you can deposit or withdraw old currency from banks. 

To ensure that customers face no trouble in exchanging, the Reserve Bank of India has also directed both private and public sector banks to remain open for longer working hours. 

For Cash Deposits:

• If you are depositing currency by self, then no documents are required. 
• If you are depositing via 3rd party, then documents required are: Authority letter; 3rd party ID; address proof; and (Annexure) Formate given by the bank.

For Cash Withdrawal: 

The cash withdraw has been capped at Rs.10000/- per day and 20000/- per week.

Means of withdrawal 

•  Cheque
• Authority letter if send bearer. And bearer's iD proof.

To change the currency ID and address proof are mandatory. A cap of amount Rs 4000 per person has been made by the government till November 24.