Deposit of Specified Banknotes (SBN) in Small Savings Schemes
1. Please refer to RBI 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.
2. RBI advises 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.
Source: RBI Circular DCM (Plg) No.1351/10.27.00/2016-17 dated November 23, 2016.