ATM Rule: According to RBI rules, a bank cannot refuse to change torn notes from an ATM. If a bank refuses to do so, a fine can be imposed on it. There is no long process in a bank to change notes. You can change them in minutes.
Many times, torn notes come out while withdrawing money from an ATM. After this, people start getting worried. A question arises in people’s mind that what to do now? If you give torn notes to a shopkeeper, then in such a situation, he refuses to take them. If such an incident happens to you too, then do not worry. Torn notes can be easily changed. According to the Reserve Bank of India (RBI), if torn notes come out of an ATM, then one should panic. It can be easily changed.
According to RBI rules, if torn notes come out of an ATM, then a bank cannot refuse to change them. There is no long process in a bank to change notes. Notes can be changed in minutes. You should take the torn note taken out from the ATM to the bank, the bank to which your ATM is linked. You will have to write an application in the bank. In which you will have to write the date, time of withdrawal of money and the name of the ATM from which you withdrew it.
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Where can you change notes
You can easily change the note by going to your nearest bank branch or Reserve Bank of India office. Banks cannot refuse this. However, a limit has been fixed for this. According to RBI rules, a person can get a maximum of 20 notes exchanged at a time. Also, their value should not exceed Rs 5000. According to the Reserve Bank of India (RBI), a bad note is one that has become damaged due to regular use. This also includes those notes. Which have been torn into two pieces. No important information written in them has been damaged or disappeared. All these notes can be exchanged at any government bank, private bank, currency chest branch of banks or any office of Reserve Bank of India. There is no need to fill any form to do this.
SBI’s rule
The country’s largest bank, State Bank of India (SBI), says that the quality of notes in the bank is checked with state-of-the-art note setting machines. After this check, the chances of getting torn or damaged notes are negligible. Despite this, if a customer gets torn notes from the ATM, he can go to any branch of the bank and exchange them.
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