The following are the main point of RBI to consider. RBI advises the bank to accept the coins of every denomination. … Any non-compliance in this regard shall be viewed as a violation of instructions issued by the Reserve Bank of India.
Are coins accepted in banks?
RBI has not prescribed any limit for coin deposits by customers with banks. Banks are free to accept any amount of coins from their customers.
How can I exchange coins for cash in India?
The RBI Offices, where Issue Department is functioning, offer the facility to members of the public to exchange their notes including soiled and mutilated notes and coins including uncurrent or worn out coins. The Bank is committed to provide exchange facility free of cost at its counters during business hours.
What can I do with a lot of coins in India?
Managing storage of coins
The RBI says In order to obviate the problems of storage of coins at the branches, coins may be remitted to the currency chests as per the existing procedure. The stock in the currency chest should be utilised for the purpose of re-circulation.
Which banks are accepting 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.
Where can I change my coins for free?
- 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. …
Can a bank refuse to accept coins?
There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise.
How can I sell my Indian coins?
Step 1: Visit the official website Olx.com which allows the buyers and sellers to trade directly. Step 2: Register yourself as a seller on the website. Step 3: Click and upload a photo of the coin on the website. Step 4: Buyers who are interested will contact you.
How do I exchange coins for cash?
To wrap up, here are six ways you can turn change into cash:
- Take Your Coins to the Bank.
- Roll Them Yourself.
- Use a Coin Counting Machine.
- Hire Someone to Roll Them.
- Buy a Coin Separator.
- Buy Stuff with Them.
Which Indian coins are valuable?
Given below are the 7 priciest coins of India.
- Jahangir ‘Wine Cup’ Gold Mohur ( USD 220,000 ) …
- Jahangir ‘Zodiac’ Gold Mohur ( USD 150,000 ) …
- Akbar ‘Ram-Siya’ silver half Rupee coin (USD 140,000) …
- Nur Jahan Gold Mohur with Jahangir ( USD 90,000 ) …
- Kanishka Buddha coin ( USD 125,000 )
Is 1 rupee small coin banned?
Whereas nothing like this. No coin is closed. If any person and shopkeeper refuse to take coins, it is an insult to Indian currency. This can lead to legal action against him.
Can I deposit coins at post office?
Bank notes must be grouped by denomination and you can pay in up to £250 of coin per deposit – your account manager can provide you with coin bags. When paying in coin, coins below £1 must be in full bags: 50p and 20p: £10 bag, 10p and 5p: £5 bag, 2p and 1p: £1 bag.
Can I deposit 10 RS coin in bank?
Banks are reportedly turning away customers who want to deposit money in Rs 10 coins despite the RBI’s clear instructions to accept them as the coins are legal tender. “If a bank refuses Rs 10 coins, customers can lodge a complaint with the RBI,“ a RBI official said.