RBI asked banks not to use demonetised notes for small savings schemes

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Mumbai: Apex bank of India today asked all banks not to accept demonetized currency notes of Rs 500 and Rs 1,000 for deposit in the small savings schemes, with immediate effect.




The Reserve Bank of India (RBI) said in an official notification, “Government of India has decided that subscribers may not be allowed to deposit demonetised currency in small savings schemes.

The notification mentioned, banks are, therefore, advised not to accept the old Rs 500 and Rs 1,000 notes for deposits in small saving schemes with immediate effect.”




The small savings schemes include Public Provident Fund (PPF), Post Office Saving Schemes, National Savings Certificates (NSC), Senior Citizen Savings Scheme (SCSS) Account and Kisan Vikas Patra (KVP) among others.

On November 8th, the government has announced demonetisation of Rs 500 and Rs 1,000 notes with immediate effects from midnight.

The government has given exception to the use of old notes at places like government hospitals, petrol pumps, metro ticket counters and for payment of utility bills till November 24th.