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RBI Guidelines Coin Deposit Rules: What is the limit for depositing coins in the bank? What are the guidelines of RBI

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New Delhi. We use coins while making small purchases. Coins are an important part of transactions in our lives. Have you ever wondered how many coins we can deposit in the bank at a time? The Reserve Bank of India (RBI) has made a rule regarding coins. Let’s know what are the rules of coins in the guidelines of RBI?

Presently coins of one, two, five, ten and twenty rupees are used for transactions in the market. Now people find it more convenient to make digital payments. This allows us to see fewer coins.

Who issues coins?

The Reserve Bank of India is responsible for issuing any currency or coin in the country. At present, coins of one rupee, two rupees, five rupees, ten rupees and twenty rupees are issued in the country. Coins up to Rs 1000 are issued under the Coinage Act 2011.

How many coins can be deposited in the bank?

Till now RBI has not fixed any limit for this. This means that you can deposit any amount in the form of coins. Banks are free to accept any amount of coin from their customers. The bank cannot refuse the customer. As per RBI guidelines, you can deposit coins without any hesitation. Banks will accept all coins as legal tender.

How many coins are made in a year?

The government decides how many coins the Reserve Bank will count in a year. Apart from this, it is also the responsibility of the government to prepare coins of denomination and its design. Generally we can say that the government has decided the design of the coins that we are using now.

Can’t refuse to accept bank coins?

You can deposit coins of any denomination in your bank account. There is no limit on depositing coins. Suppose you have coins worth one lakh rupees, then you can deposit those coins in the bank. If a bank refuses to accept coins, you can complain about it.

In which bank can I deposit coins?

You can deposit coins by visiting any bank, as per the guidelines of the Reserve Bank of India. No bank can reject the coins. Coins can be deposited in all public or private banks.