Additional measures for convenience of bank customers

Port Blair, Nov. 15

   With a view to widen the existing facilities to exchange/ deposit the specified bank notes and withdraw cash from their accounts, the following additional measures so that member public enjoy as much convenience as possible in availing the facility.

   The limit for exchange of Specified Bank Notes, over the counter has been increased from the existing Rs.4000/- to Rs.4500. The weekly limit of Rs.20000/- for withdrawal from bank accounts has been increased to Rs.24000 and the daily limit of Rs.10000/- per day stands withdrawn.

   Arrangements will be made for separate queues for senior citizens and divyang (disabled) persons. Similarly, separate queues should also be arranged for those who come to exchange Specified Bank Note (Rs.500/- and Rs.1000/-) for cash and those who come to deposit into bank accounts.

   In this regard, it has been decided that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks' ATMs as well as at other banks' ATMs, irrespective of the number of transactions during the month.

   This waiver is applicable on transactions done at ATMs from November 10, 2016 till December 30, 2016, subject to review.

  The Reserve Bank assures members of the public that enough cash in small denominations is also available at the Reserve Bank and banks. The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it.

   The current account holders (applicable to Current Accounts which are operational for last three months or more) are allowed to withdraw up to Rs.50000 in a week. Such tenders will be disbursed predominantly in Rs.2000 denomination only. 

  The customers use separate pay-in-slips for depositing specified bank notes and other legal tender bank notes.(If a depositor has a mixed bunch of SBN and legal tender notes, he has to segregate them and submit two separate Pay-in slips.

  The last date for submission of the annual life certificate for the government pensioners which is to be submitted in November every year has been extended upto January 15, 2017, a communication from the Lead District Manager, SBI said here today.