Can I deposit a coin in any SBI branch?
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Answered Dec 26 · Upvoted by Shubham Jain, Junior Associate at State Bank of India (2016-present) and Pranav Mandora, former Junior Associate at State Bank of India (2016-2017)
Customers may deposit coins at any branch of SBI. However, coins are accepted as per extant instructions of RBI vide Master circular RBI/2017–18/3 DCM(NE)No.G - 1/08.07.18/2017–18 dated. 03.07.2017 and in terms of Section 6 (1) of Indian Coinage Act, 2011, the coins issued under the authority of section 4 shall be a legal tender in payment or on the account, in case of:-
i). a coin of any denomination not lower than one rupee, for any sum, not exceeding one thousand rupees;
ii) a half-rupee coin, for any sum not exceeding ten rupees. Provided that the coin/s have not been defaced and has not lost weight so as to be less than such weight as may be prescribed in its case.
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