Old Rs 500/1000 notes can be deposited in post office saving a/c

November 23, 2016 19:15

People can deposit the now- invalid Rs 500 and Rs 1000 denomination currency notes in their Post Office savings accounts, the finance ministry said today.

The ministry had yesterday said that Rs 500 and 1,000 rupee notes cannot be used for making deposits in small savings schemes.

"...the deposits into Post Office Savings Account are excluded from the bar imposed (on deposits of invalid notes in small saving schemes," it said while clarifying the yesterday's statement.

A post office savings account offers interest of 4 per cent per annum on individual or joint accounts. Such accounts can be opened with an amount as low as Rs 20.

Minimum balance to be maintained in a non-cheque facility account is Rs 50.

Cheque facility is available if an account is opened with Rs 500 and for this purpose minimum balance of Rs 500 in an account is to be maintained.

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.

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