Bank Tips- Has your note torn into four pieces, know how to change it and what are the rules of RBI.

A common problem that troubles all of us is the tearing of notes, which happens accidentally, such as by getting wet in water, by children snatching, etc. This is a common problem that we all face. But if it slips out of the ATM, then what can you do? The problem becomes even more frustrating when we try to use these torn notes in the market, but the shopkeeper refuses to accept them. So don't worry, RBI will change your torn note, know its complete rule-

Go to the bank from where you withdrew money:

To change the torn notes, you first have to go to the bank from where the ATM withdrew them. This is the main step to start the process.

Submit the application:

You have to write an application to the bank. In your application, include the required details such as the date, time and the location of the ATM from where you withdrew the money. You will also need to provide a transaction slip issued during withdrawal.

Provide torn notes:

Along with your application and transaction details, you will need to submit the damaged notes for exchange. You will receive the same value in new notes after the bank verifies everything.

Exchange limits:

You can exchange a maximum of 20 torn notes at a time, and the total value of these notes should not exceed Rs 5,000.

What if the bank refuses to exchange?:

If the bank refuses to exchange your torn notes, you have the right to file a complaint with the Reserve Bank of India (RBI).

Disclaimer: This content has been sourced and edited from [Samacharnama].