Yes, you can deposit the old Rs 500 and Rs 1000 notes (Specified Bank Notes or SBNs) into your NRO account at any of our India branches
Please ensure that the following documentation is in place at the time of the deposit –
(b) PAN Card. If you do not have a PAN card, please submit Form 60 along with documentation pertaining to FATCA and CRS
(c) Declaration confirming that your address on our bank records has not undergone any change or the address on your passport is your permanent address
If you have SBNs in India, you may authorize a representative to deposit the notes in your NRO account till December 30, 2016
Your representative will have to furnish the above documentation pertaining to your account along with the following:
(a) Authorization letter for the representative to deposit cash on your behalf
(b) Identity proof of your representative. This may be PAN Card, Driver's License, Voter's ID Card, Passport, Aadhaar Card or NREGA Card
If you are unable to exchange/deposit your SBNs before December 30, 2016, you will be able to do so at specified offices of the RBI on later dates along with necessary documentation as may be specified by RBI
If you are unable to travel to India before December 30, 2016, specified bank notes can be deposited in your NRO account by an authorized representative along with the above mentioned documentation requirements*
You cannot deposit the Specified Bank Notes into your NRE account
A mandate holder or a joint holder in India for an NRO account does not require a separate authorization letter. However he/she will be required to carry all other documentation (mentioned in Question 2)
In order to deposit amounts greater than Rs 50,000, KYC details must be updated on your account in accordance with RBI requirements.
For more information on the demonetization scheme, please click here.
*Any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveller coming from and going to Pakistan and Bangladesh, and visiting India may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs 25,000 while entering only through an airport.