Updated By: LatestGKGS Desk
Reserve Bank of India takes back deposit limit of 5000 for KYC
Reserve Bank of India takes back deposit limit of Rs.5000 for KYC compliant accounts
Reserve Bank of India which earlier issued a notification regarding restriction of Rs.5000 has withdrawn this restriction for KYC complaint accounts.
Reserve Bank of India issues a notification that the accounts that are linked with Know Your Customer (KYC) complaint do not possess any restriction on the deposit of money.
KYC Compliant accounts are also free from rule to deposit in one-go
It means that KYC compliant accounts can deposit money more than Rs.5000 and there is no restriction in the limit to be deposited.
The reserve Bank of India also declares that one-time deposit rule also does not apply to KYC Complaint accounts.
Earlier, RBI issued a notification that ones who have old notes to deposit in one-go in whatever amount they have.
RBI also earlier issued a notification that the people depositing more than 5000 should answer the banks as to where they got money from.
