Can I deposit coins in bank in India?

Legally no banks, or shopkeeper, traders can refuse to accept the RBI authorized coins or bank notes. The only condition of the refusal of the bank currency is some kind of mutilation to the currency which may be due to the over usage of the currency or it’s a fake currency but, for many people, that’s not the case.

Do banks accept coins for deposit?

Banks do not charge a fee to their customers when they deposit coins, but many require that the coins be rolled in wrappers. Some banks like Wells Fargo will exchange rolled coins for noncustomers without a fee. … Some credit unions and community banks still have coin-counting machines.

How many coins can be deposited in bank?

RBI issued a circular in July, limiting per-day deposits of coins not lower than Rs 1 denomination to Rs 1,000, and Rs 10 for 50p coins. Earlier, banks would accept 10 per cent of total deposits in the form of coin. After the note ban, a spike in the number of coins in circulation has led to their oversupply.

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How do I deposit coins into my bank account?

Take the coins into your bank or credit union’s lobby. Give the rolled coins to the teller to count, along with your deposit slip. Most banks and credit unions will not accept coin deposits via the drive-thru, so you’ll need to go inside to complete the transaction.

Can I deposit 5 rupees coin in bank?

Banks should not refuse to accept coins of all denominations from customers and any non-compliance may result into penal action, the Reserve Bank said today.

Where can I deposit coins for free?

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.

Can bank refuse to deposit coins?

Legally no banks, or shopkeeper, traders can refuse to accept the RBI authorized coins or bank notes. The only condition of the refusal of the bank currency is some kind of mutilation to the currency which may be due to the over usage of the currency or it’s a fake currency but, for many people, that’s not the case.

Which Bank will 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)

Is there a limit on paying in coins?

Amazingly the British Coinage Act (1971) states that 1p and 2p coins are only legal tender up to the value of 20 pence. However, you can use more coins if the person you’re paying is willing to accept them.

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What is the maximum limit to accept payment in coins?

Coin of any denomination not lower than one rupee shall be legal tender for any sum not exceeding one thousand rupees. Fifty paise (half rupee) coin shall be legal tender for any sum not exceeding ten rupees.

Can you deposit coins at an ATM?

In some cases, you’ll just have to go inside your bank and deposit with a teller. For example, if you’re making a deposit of coins, the bank may have specific requirements (and ATMs don’t have the ability to accept coins).

How much does Coinstar keep?

Coinstar’s fee is currently set at 11.9 percent of the value of the coins you’re exchanging. Basically: That’s nearly $12 for every $100 in coins you feed to the machine. You’d have to guess how much change you have accumulated to calculate the Coinstar fee.

Can I change my coins at the post office?

A Post Office spokesperson, said: “Post Offices are not required to change notes for coins to customers, however, branches can do so at their own discretion. “A branch may be reluctant to provide change as they want to ensure they have enough for their own tills.

Magic India