bank bill vs banknote

bank bill and banknote both are nouns.

Word	Noun	Adjective	Verb	Adverb
bank bill	Yes	No	No	No
banknote	Yes	No	No	No

As nouns, bank bill and banknote are synonyms defined as:

bank bill and banknote: a piece of paper money (especially one issued by a central bank)

Other synonyms of bank bill include bank note, banker's bill, bill, Federal Reserve note, government note, greenback, note.

bank bill (noun)	banknote (noun)
a piece of paper money (especially one issued by a central bank)	a piece of paper money (especially one issued by a central bank)