DEMONETISATION NEWS – ​ 500/1,000 notes not valid for deposits in small saving schemes –

The finance ministry today said 500 and 1,000 rupee notes cannot be used for making deposits in small savings schemes. “The matter was examined in the ministry and it has been decided that 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,” the ministry said. Small saving schemes include Post Office deposits public provident fund and Sukanya Samriddhi. Interest rate on these schemes range between 7.3-8.5 per cent.