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Can we deposit 50 paise coins in bank?

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Can we deposit 50 paise coins in bank?

Coins of All Denominations are Legal Tender – RBI do not readily accept 25 paise and 50 paise coins on the plea that these coins are no more legal tender or they are not accepted by bank branches.

Is 50 paise coin still valid?

MUMBAI: The Reserve Bank of India (RBI) has said that all coins of denomination 50 paise and above are legal tender irrespective of design and should be accepted. Presently, coins of 50 paise, Re 1, Rs 2, Rs 5 and Rs 10 denomination of various sizes, theme and design are in circulation,” it said.

Will banks accept coins for deposit?

Consumers can turn in their coins for cash at banks, which will give them their full value. Banks do not charge a fee to their customers when they deposit coins, but many require that the coins be rolled in wrappers. Check your bank’s policy. Some credit unions and community banks still have coin-counting machines.

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What is the value of 50 paise coin now?

Collectors of old notes and coins are willing to pay exorbitant prices to obtain old coins issued by the Reserve Bank of India (RBI). An old 50 paise coin, for example, is currently selling online for up to Rs 1 lakh.

Are coins legal tender?

The coins issued by Government of India under Section 6 of The Coinage Act, 2011, shall be legal tender in payment or on account provided that a coin has not been defaced and has not lost weight so as to be less than such weight as may be prescribed in its case.

When was 20paise banned?

Series IV 1988 Onwards In Series IV, 5 paisa and 20 paisa coins were discontinued though they continued to be minted in Series III till 1994 and 1997 respectively.

Where can I deposit coins?

Chains

  • Local bank or credit union. Your local bank or credit union branch may let you exchange coins for cash via coin-counting machines, letting you to roll your own coins, or take coins in another way.
  • QuikTrip.
  • Safeway.
  • Walmart.
  • Target.
  • Lowe’s.
  • Home Depot.
  • CVS.
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Which banks take coins?

Currently there are a few banks that we know of that will take your coins:

  • Citibank (requires coin rolls and some fees may vary)
  • Community Savings Banks (requirements vary)
  • US Bank (no rolls but current customers only)
  • Bank of America (requires coin rolls)
  • First County Bank.
  • Western Credit Union.
  • Peoples United.

Is 50 paise coin rare?

Since these 50 paise coins are rare in circulation now they are very valuable for collectors, who do not mind to shell out a good amount of money to own the rare coins. The rare coin attracted 37 bids during the auction on eBay.

Is it illegal to sell old coins?

It’s not illegal as far as I’ve checked. All legal tender (coins of 50 paise, 1 Re, 2 Rs, 5 Rs, 10 Rs) cannot be melted or knowingly damaged. haven’t been able to find any law regarding selling them. Even commemorative coins are sold by RBI at a higher-than-face-value rate at its sale counters.

What is the RBI doing about non-acceptance of coins by banks?

However, the RBI continues to receive complaints about non-acceptance of coins by bank branches, causing considerable inconvenience to the public at large, the RBI said in a notification.

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What is the RBI note refund rule 2009?

Reserve Bank of India (Note Refund) Rules, 2009 – Delegation of powers (a) In terms of Section 28 read with Section 58 (2) of Reserve Bank of India Act, 1934, no person is entitled as a right to recover from the Government of India or RBI the value of any lost, stolen, mutilated or imperfect currency note of the GOI or banknote.

Is 50 paise coin legal tender in India?

“The Reserve Bank appeals to members of the public not to give credence to such rumours and continue to accept these coins as legal tender in all their transactions without any hesitation,” it said in a release. Currently, coins of 50 paise, ₹ 1, ₹ 2, ₹ 5 and ₹ 10 denomination of various sizes, theme and design are in circulation.

How many types of coins are there in India?

Currently, coins of 50 paise, ₹ 1, ₹ 2, ₹ 5 and ₹ 10 denomination of various sizes, theme and design are in circulation. Separately, the RBI also asked all banks not to turn away customers who come to exchange coins at their branches.

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