Demonitised notes can be deposited in Post Office Savings Accounts
Posted on: 24/Nov/2016 6:13:28 PM
The Finance Ministry has said that people can deposit the invalid Rs. 500 and Rs. 1000 denomination currency notes in their Post Office savings accounts.
In an official statement, the Ministry said, 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.
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.
The Ministry also said, 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.
