The Reserve Bank of India (RBI) has made rules regarding torn notes. According to the rules, these can be exchanged in any public sector bank. Some conditions are also fixed for exchanging torn notes. But, it is not necessary that if you go to exchange a 100 rupee note, you will get only 100 rupees in return. You may also get a few rupees less in return.
Why does the bank take back torn notes?
RBI has issued guidelines regarding the exchange of such torn notes. According to this, all such notes which are not in a condition to be circulated in the market right now, are withdrawn from circulation and new notes are introduced in the market in their place.
Will there be a fee for exchange?
According to RBI rules, if you have a torn note, you can easily get it exchanged from the bank or RBI office. However, whether the bank will charge you any fee for exchanging the note or not depends on how torn the note is.
How many notes can be exchanged at a time?
According to RBI, only 20 notes can be exchanged at a time. Their maximum value should not exceed Rs 5000. The bank will make the payment immediately at the counter. If notes of more than this value are exchanged, the bank receives it and puts the money in your account. The bank may take a little more time to exchange notes of more than Rs 50,000.
Which notes do banks exchange?
The bank can take back all kinds of torn or dirty notes from you, but keep in mind that all the necessary features of the note should be present. If a note is completely damaged or burnt, the bank will not take back such notes. The bank also checks whether any note has been damaged intentionally or not.
What will happen if the note is damaged too much?
Notes that are badly burnt or stuck together can also be exchanged. Normal banks refuse to exchange such notes. In such a case, it should be exchanged from the RBI office. Here these notes are treated differently. You can get money for this. However, you may have to pay some fee.
The bank can never refuse to change your torn notes. The bank will return money according to the part of the torn note you have. Many times notes get torn by mistake or even old or worn out notes get torn. In such a situation, the bank easily replaces these notes.
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The bank can never refuse to change your torn notes. The bank will return money according to the part of the torn note you have. Many times notes get torn by mistake or even old or worn out notes get torn. In such a situation, the bank easily replaces these notes.
You will get full money in exchange of 1-20 rupees
According to RBI rules, there is no provision of giving half the amount in notes of 1 rupee to 20 rupees, full payment is made for these notes. At the same time, some fee may have to be paid for changing 50-500 rupees notes.
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