RBI Coin Deposit Rule: With the discontinuation of the two thousand rupee notes, people are depositing them in banks. Each bank has its own set of rules for depositing these notes.
Additionally, the Reserve Bank of India (RBI) has issued guidelines regarding this matter. If you intend to deposit coins in the bank, there are specific rules that you need to be aware of. Let’s find out how many coins you can deposit at once.
In the Indian market, coins of one, two, five, ten, and twenty rupees are currently in circulation. However, due to the widespread availability of digital payment options, the usage of these coins has decreased. Many individuals now prefer using UPI for payments up to Rs. 10 or Rs. 20. Consequently, the circulation of coins has reduced in the market.
Up to what denomination coins can be issued?
The Reserve Bank of India (RBI) is responsible for issuing coins, with denominations of up to Rs. 1000, under the Coinage Act 2011. The government determines the number of coins minted by the RBI each year, as well as their price and design. The current designs of the coins in circulation have also been decided by the government.
What is the limit of depositing coins in the bank?
When it comes to depositing coins in the bank, there is no specific limit set by the RBI. This means that you can deposit any number of coins in the bank. Banks are authorized to accept coins of any amount from customers. As per RBI guidelines, you can visit the bank and deposit coins of any value into your account. However, it is important to ensure that the coins are valid currency.