₹500, ₹1k not valid for deposits under small savings schemes
The Finance Ministry on Tuesday said that old ₹500 and ₹1,000 notes cannot be used for making deposits in small savings schemes. This comes after several banks sought clarification on the issue following the demonetisation of high-denomination notes, reports said. Small savings schemes include Post Office deposits, public provident fund (PPF) deposits, and Sukanya Samriddhi schemes.