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Can torn notes be exchanged at the bank? Know what the rules are


Cash is an important part of our daily routine and sometimes we suddenly need cash. People often withdraw money from the bank or ATM, but many times the notes we get are torn or damaged. Similarly, notes kept at home for a long time can also be damaged. When you try to use these damaged notes at the store, they may refuse to use them, which may cause inconvenience to you.

It is important to know that you can change damaged or torn notes by going to the bank. The Reserve Bank of India (RBI) has issued guidelines on how to handle and change such notes. You can do it like this:

Banks cannot refuse

In 2017, RBI issued a guideline stating that if a person withdraws money from an ATM and gets torn or damaged notes, the bank will have to change these notes. Banks cannot refuse to change them. If your bank refuses, you can file a complaint with the RBI. However, there is a limit to the number of notes you can exchange at one time.

How to exchange notes

1. If you withdraw money from an ATM and get damaged notes, you will have to go to the same bank whose ATM you used. Follow these steps:

2. Visit the bank: Visit the branch of the bank from where you withdrew the money.

3. Fill out the form: Request an application form and provide all the required information, such as:

  • The ATM you withdrew money from
  • The date of the transaction
  • The location of the ATM
  • The amount withdrawn

4. Attach proof of transaction: Attach a copy of the transaction slip or transaction message to the application form.

5. Submit the form: Submit the filled form to the bank along with the damaged notes.

Important points to remember

As per RBI guidelines, notes can be exchanged only if they are in relatively good condition. The watermark, serial number, and the signature of the RBI governor must be visible, and none of these parts should be torn.

  • Exchange limit: You cannot exchange more than Rs 5,000 notes at a time.
  • Extremely damaged notes: If the note is severely damaged, it cannot be exchanged.

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