Rs 500, Rs 1,000 notes can be deposited in post office savings accounts

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

People can deposit the invalid Rs 500 and Rs 1,000 banknotes in their post office savings accounts, the finance ministry said on Wednesday.

On Wednesday govt clarified that Post Office Saving Schemes was excluded from the list of small savings schemes where the scrapped notes can’t be used. (AP)

On Tuesday, they had said, the notes cannot be used for making deposits in small savings schemes. They include Public Provident Fund (PPF), Post Office Saving Schemes, National Savings Certificates (NSC), Senior Citizen Savings Scheme (SCSS) and Kisan Vikas Patra (KVP) among others.

On Wednesday govt clarified that Post Office Saving Schemes was excluded from the list.

“...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 Wednesday’s statement.

A Post Office Savings Account offers interest of 4% 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.