A torn or damaged 500 rupee note came out of an ATM; you can exchange it here.

Note Exchange Rules: If you receive a torn or damaged 500 rupee note from an ATM, don't panic. The bank is responsible for exchanging it without any fee. You can easily exchange it using this method.

Sometimes, when withdrawing money from an ATM, a torn, chipped, or edge-damaged 500 rupee note comes out. This creates problems for people. The immediate question is whether the note will be accepted or whether it will need to be exchanged. How do you exchange such notes?

If you go to withdraw money from an ATM and find a torn or torn note, there's no need to panic. RBI rules state that every damaged note dispensed from an ATM is the bank's responsibility. This means not a single rupee is lost.

The bank must exchange the note. You just need to know the correct method to ensure your money is safe. Shopkeepers often refuse to accept it if the note is slightly torn, has a damaged edge, or is slightly chipped.

If you receive a torn or mutilated note from an ATM, you'll receive its full value. You just need to follow a simple process. The RBI says customers will be refunded the full value of a damaged note.

So, instead of panicking, keep the note safe and take it to the bank. The exchange process is simple. Go to the branch of the bank whose ATM you received the note. Inform them that the note came from the ATM. If you have the transaction receipt, bring it with you. If you don't, it's fine. Your record is maintained in the bank's system.

The employee will check the note and, if it's genuine, will refund you the same amount. If the note is severely torn, in two pieces, or in very poor condition, you can still exchange it at the bank. Just make sure the note is genuine, and the number is clearly visible. It's not advisable to take notes pasted with tape.

The bank may issue a new note immediately or return it within a few days. Many people think the bank will charge a fee for exchanging a torn note, but this is not the case. This process is completely free. The bank replaces the damaged note with a new one, free of charge.