K Nellai Ibrahim and S Sarbuddin were arrested on a complaint from the manager of the State Bank of India branch at Erwadi, they said.
Ibrahim had mixed five fake notes while claiming to deposit Rs 20,000 and Sarbuddin included one counterfeit along with 14 genuine notes, police said.
Later 30 fake notes of Rs 1,000 denomination were also seized from them.
Police were investigating about the source of the fake notes from them.
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