Depositing 500, 1000 Rupee notes to NRI bank account : Common Questions


Most NRI’s prefer to keep small amounts of Indian currency to meet their immediate expenses when they arrive in India. For the convenience of storage it is natural that these will be higher denominations like 500 and 1000 rupee notes, which unfortunately are no longer considered legal tender by Indian Government.

However there is no need to panic now, especially if the amount is reasonable and is well accounted for.

In our earlier post, we discussed what are the options for NRIs to exchange or deposit this money.

  • To simplify the options, NRIs abroad need to either carry the cash to India or send with someone else to deposit in their NRO accounts.
  • If you haven’t read it, here is the detailed article which gained over 4 lakh page views and was shared by around 30,000 readers in few days.

However, as per RBI & Customs guidelines, one person can carry only Rs 25,000 worth of cash to India. You can read more about those rules here.

In this scenario, lots of people have questions about how to deposit in the bank account back home. So here are the answers to frequently asked questions :

1. How much time do I have to exchange / deposit the notes?

The OHD (Old High Denomination) banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till 30 December 2016. You can also deposit these in your bank accounts during this period.

After that date, the banknotes can only be exchanged at selected RBI offices till 31 March 2017. Many people are optimistic that the RBI might extend this deadline. However it is yet to be confirmed.

“For those who are incapable to exchange their 500 and 1000 Notes or deposit the same in their bank accounts on or before December 30, 2016, an opportunity will be given to them to do so at specified RBI offices on later dates along with required documentation as may be specified by the Reserve Bank of India,” Ministry of Finance has said in a press release.

2. Can we deposit OHD notes in international branches outside India?

Deposit of INR cash in the overseas branches / representative offices of Indian banks is not permitted.

3. I am right now not in India, what should I do?

If you have OHD banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account.

The person so authorised has to come to the bank branch with the OHD banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Passport, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)

4. I am an NRI. In which account can I deposit the cash?

Cash can be deposited only in the NRO account. It cannot be deposited in the NRE account.

(To know the difference between NRE and NRO accounts, read this article).

5. I am an NRI/ PIO. I have only a NRE account. I do not have a NRO account. Can I deposit my cash in the NRE account?

You cannot deposit INR cash in the NRE account. You will need to make a request for opening of a NRO account in the same customer Id through the Internet banking logged in section or by calling customer care or placing a request at the branch in India.

The account will be opened soon after which you or your authorised representative may deposit the cash in the NRO account

6. I am an NRI/ PIO. I had withdrawn cash from the NRE account for utilization while on my visit in India. Can I deposit the cash back into the NRE account?

No, the INR cash needs to be deposited in the NRO account

7. Will the change in the withdrawal limits at ATMs in India affect the withdrawal limit of foreign currency from an ATM at an overseas location?

No, it will not affect foreign currency withdrawals. The change in withdrawal limits is applicable only to INR withdrawals from ATMs in India.

The international debit card will continue to work at overseas ATMs for foreign currency cash withdrawal. There will be no change in the withdrawal limits in case of foreign currency withdrawal from an ATM located outside India.

8. I have a mandate holder in the NRO account. My mandate holder in India will be visiting the branch to deposit the cash? Do I require to provide another authorization request for acceptance of the cash?

No, since the representative visiting the branch is the existing mandate holder to the non-resident account no separate authorisation request is required

9. I have taken an OD facility against my NRE/ NRO/ FCNR FD. Can I deposit the Cash in the Overdraft account?

No, the cash cannot be deposited to the overdraft account. It needs to be deposited to a Non Resident Ordinary SB account

10. The customer is an NRI/PIO and is overseas. He has sent an authorized representative / mandate holder to deposit cash. The account is due for Re-KYC. Can the branch accept the cash?

The branch in India can accept the cash up to a maximum limit of Rs 50,000 without Re-KYC. The representative should produce authority letter and his / her valid identity proof while tendering the notes.

Post completion of Re-KYC in the account the cash may be deposited by the authorised representative/ mandate holder without any limit. To complete Re-KYC the customer may submit documents through internet banking.

11. Do I require PAN / Form 60 of the account holder to be submitted for cash deposits in NRO accounts?

PAN / Form 60 will be required for cash deposits of value over ₹ 50,000 in the NRO account. You can update PAN in the NRO account through your internet banking or by calling our 24 x 7 customer care.

12. Can I use cash to create a NRO FD?

No, you cannot use INR cash to create an NRO FD. You will need to deposit the cash in the NRO account, post which you may place a request for NRO FD creation through phone internet banking/ phone banking/ mobile banking/ branch.

- Published on 13 November 2016 - By Aneesh V / - Courtesy : ICICI Bank, RBI


  1. Mohammad Khalid on


  2. It’s so Ridiculous that Our P.M. Has only allowed 25000 Rs for NRI’s till June 2017 because it costs at least a 1 lake Rupees on Return ticket to come to India just to deposit or exchange old Rupee notes . That doesn’t make sense . He should have allowed at least 1 lakh rupees limit or more for the NRI to use or deposit their hard earned money.

  3. Santokh Singh Dhaliwal on

    I am a Malaysian of Indian origin. I left India about a week before the announcement to invalidate 500 & 1000 rupees notes. I had kept about 60,000 rupees because I with my family had scheduled to return to India in end January 2017 or early February 2017. I now should reach India on January 26th 2017. Where could I, in Hyderabad, change my old Indian rupee notes to new Indian currency notes. My visits to India have been purely of a religious nature, noting my age I wish to visit Sikh Gurdwaras in India. Please assist me. Saat Sri Akal


    Sir, I am an NRI and outside India from September 17, 2016 till now. I have cash at my residence in India and the home is locked. How can I deposit this old currency notes in my NRO account through RBI. I cannot get customs certificate because I am not carrying cash while travelling to India.

  5. The Indian govt has decided that all the Indian currency owned by people of Indian origin but who hold foreign passports is illegal. So, if you hold a usa/uk etc. passport but are of Indian origin, they think your money is black money and you are a thief. If you want to send a message, make sure you do not invest in India. Don’t buy gold, land, stocks, or send money to India. Write about it on social media so the issue gets attention. If you don’t send a message, do not expect to be treated differently.

  6. Can someone tell how much time RBI will take to refund our money back into NRo account, as i have deposited my old notes in RBI on 20 jan and given all informations as required by them, but its almost 1 full month that i have not received the money nor any communication from RBI

  7. Nerella Vidyanand. VIJAYAWADA A.P on

    I am a NRI on i am in india and having declareration form. Etc., should i go in person to RBI, or can i send any person on behalf of me, because i am in another state where RBI is not present for exchange. Please guide me.

  8. Rashvin Kaur Rekhraj on

    I’m a Malaysian and I’m an OCI holder. I still have a large sum of the old Indian notes but I came back to India on January 15th and I was busy since I’m a student so I did not go to RBI. How do I exchange the money? I have read a lot online but I’m still clueless. I asked for the customer declaration form at the airport when I came back from Malaysia but they disagreed in giving me. Really in need of great help. Appreciate it. Thank you!

  9. As an NRI, I returned to India for a family wedding in January 2017 with 15,000 rupees in 500 notes and stood in the queue to declare the notes at Delhi Airport. I noticed the guy in front of me at the counter was screaming and shouting as his 10,000 rupees were confiscated by the agent at the desk – no reason given. I decided not to declare my notes and walked out of the airport.

    I had hoped that wedding would have been postponed, but the family had already paid too much money out so the wedding went ahead. In my three weeks in India, I would have spend around 3 lakhs, but had to survive on just 70,000 rupees as I could only withdraw more than 24,000 rupees in any one week from my bank account.

    So who lost out?? INDIA lost out to me spending my hard earned money in India. Businesses are suffering as tourists cannot spend their money. I came back with most of the money I took with me and my NRI Bank accoungt is intact as I was unable to spend it . I now read that had I gone to an RBI Branch that it would have been a wasted journey and you may never get your money back anyway as I have heard that old notes are being confiscated if your paperwork is not in order.

    India is India – just feel for the poor and the needy. Shame about all of this, but funnily the rich and the well to do in India haven’t complained one bit -wonder why!!

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