Wednesday, November 23, 2016

deposit old banknotes in small savings schemes


November 23, 2016

The Chairman / Managing Director/Chief Executive Officer,
Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural Banks /
Urban Co-operative Banks / State Co-operative Banks

Dear Sir,

Deposit of specified banknotes (SBN) in Small Savings Schemes

Please refer to our circular DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 on Withdrawal of Legal Tender Character of existing Rs. 500/- and Rs. 1000/- Bank Notes.

We advise that Government of India has decided that subscribers of Small Savings Schemes may not be allowed to deposit SBNs in Small Savings Schemes. Banks are, therefore, advised not to accept SBNs for deposits in Small Saving Schemes with immediate effect.

Please acknowledge receipt.
Yours faithfully,

(P Vijaya Kumar)
Chief General Manager

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