Old Currency can be deposited in Small Savings A/c with Post Office, not Banks

Gov. clarifies that Old Currency Notes of Rs. 500 & 1000 can be deposited in Small Savings Accounts maintained with Post Offices, not Banks

Old currency notes of Rs. 500 & 1000 can’t be deposited in Small Savings Accounts by the Subscribers, however as per Govt. clarification this restriction does not apply to post office small saving accounts.

MoF had clarified Banks that old currency notes of Rs. 500 & 1000 can’t be deposited in Small Savings Accounts by the Subscribers. Accordingly RBI has instructed PSU Banks, Co-operative Banks and Regional Rural Banks to not to accept such deposits in small saving accounts.

GOI Notification dt. 22 Nov. 2016

RBI Notification dt. 23 Nov. 2016

However, in respect of Post Office Deposits like, KVP, NSC, SCSS, MIS, Recurring Deposits, PPF, Sukanya Samriddhi Account, etc., Govt. has clarified that subscribers can continue to deposit old currency notes of Rs. 500 and Rs. 1,000 in small savings account maintained with Post Office.

GOI Clarification dt. 23 Nov. 2016

Therefore these scrapped notes may now be deposited in Savings Bank Account, Current Account, Cash Credit Account, Overdraft Account, etc. which  have been specifically notified by the RBI with regard to demonetization of old currency notes of high denomination (i.e. Rs. 500 and Rs. 1000) and/ or in small savings account with Post Office.

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