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RBI rules for damaged notes: If you also have mutilated or damaged notes, then you do not need to worry at all. Now you will get full money in exchange for this note. Let us know how you can get your note changed.
That is, now you will not need to run the Damage Note at a discount with a lower price. Actually we are saying this because RBI has made some rules to change this tape pasted note. Let us know that according to bank rules, how you can change these notes and how you can get full money back. That is, how can you make this tape sticking note valid.
RBI rules on mutilated notes
RBI says that old and torn notes can be easily replaced and for this the bank does not charge you any fee. But, if the note is badly burnt or has been broken into many pieces, then such note will not be exchanged. According to the circular of the Reserve Bank, there is a fixed limit for replacing your mutilated notes.
For example, a person can change a maximum of 20 notes at a time, but their total value should not exceed Rs 5,000. At the same time, badly burnt, mutilated notes cannot be exchanged in the bank, because they can be deposited only in the issue office of RBI.
According to the Reserve Bank, if a bad or fake note comes out from the ATM, then it is the responsibility of the bank. If there is any kind of defect in the note, then it should be examined by the employees of the bank. If the serial number, watermark of Mahatma Gandhi and the oath of the Governor are visible on the note, then the bank will have to change the note in any case.
The more torn the note, the more it costs
It depends on the condition of your note and note value whether you will get full money back or not. In case of slightly mutilated note, full money is received, but if the note is more torn then you will get some percentage of the money back.
For example, if you have a note of 2000 rupees, whose 88 square centimeter part will give you its full value. On the other hand, if the share is 44 square centimetres, half the amount will be given. Similarly, if 78 square centimeters of a torn note of Rs 200 is safe, then full money will be available, but only half the money will be available on 39 square centimeters.
Second example – If the largest piece of a note with a value of less than Rs.50 is more than 50 percent of the normal note, then on exchange of this note, its full value will be received. If the largest piece of a note with a value of more than Rs 50 is 80 percent or more than the normal note, then you will get the full price for the exchange of this note.
How to replace torn note received from ATM?
To replace the mutilated notes that came out of the ATM, you have to go to the bank from whose ATM the notes came out. You will have to write an application after going there. In which you will have to write the information about the date, time and place from where the money was withdrawn.
After this, along with the application, the transaction related slip from the ATM will also have to be attached. If the slip has not been issued, then the details of the transaction received on the mobile will have to be given. After this your notes will be changed by the bank immediately.