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  • Demonetised notes can be deposited in PO saving a/c: FinMin

    Published on November 24, 2016

    finNew Delhi: Finance Ministry has said, people can deposit the now-invalid Rs 500 and Rs 1000 denomination currency notes in their Post Office savings accounts as deposits into these accounts are excluded from the bar imposed on deposits of invalid notes in small saving schemes.

    After the demonetisation announcement on November 8, the ministry had received references from banks on whether the invalid high denomination currency notes can be deposited in accounts opened under small saving schemes.

    To this, the Finance Ministry said that subscribers of small savings schemes “may not be allowed to deposit old currency note of Rs 500 and Rs 1,000 in small saving schemes”. Small saving schemes include Post Office schemes, Public Provident Fund (PPF) and Sukanya Samriddhi.

    Earlier in the day, the RBI through a notification had asked banks not to accept the defunct currency notes for deposits in Small Saving Schemes with immediate effect.