Rs.500/Rs.1000 notes not valid for small saving schemes
Posted on: 23/Nov/2016 1:12:38 PM
The finance ministry has announced that the demonetized 500 and 1000 rupees notes cannot be deposited in the savings bank accounts of the post offices.
While demonetized currency notes are valid for medical bills in hospitals, metro and railway bookings and payments at petrol pumps, the government has ruled them out from used as deposits in saving schemes.
Old currency notes of Rs 500 and Rs 1000 will not be allowed to make deposits in small savings schemes,
Small saving schemes include Post Office deposits public provident fund (PPF) and Sukanya Samriddhi. Interest rate on these schemes ranges between 7.3-8.5 percent.
