Is Your Currency Note Torn? Here’s How RBI Can Help You Replace It
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When it comes to money, it's essential for daily life. However, torn or damaged notes can be a hassle, as they are often rejected by shopkeepers, leaving you unable to use them for transactions. Instead of discarding such notes as useless, it's important to know that you can exchange them at any bank. Here's a step-by-step guide on how to replace your torn currency notes according to RBI rules.
1. Visit the Bank Where You Withdrew the Notes
If you received torn notes from an ATM, visit the bank that operates that particular ATM. This is the first step in the process.
2. Submit a Written Application
Once at the bank, you will need to submit a written application requesting the exchange of your torn notes. The application must include the following details:
3. Submit the Torn Notes
Along with the application, you must provide the damaged notes for exchange. If everything is in order, the bank will process your request and provide you with new notes of the same denomination.
4. Exchange Limits
You can exchange up to 20 torn notes at a time, but there’s a limit: the total value of the notes being exchanged cannot exceed ₹5,000.
5. What If the Bank Refuses?
If the bank denies your request for an exchange, you have the right to file a complaint with the Reserve Bank of India (RBI), the banking regulator.
6. When Torn Notes Can't Be Exchanged
Not all damaged notes are eligible for exchange. Notes that are burnt, mutilated beyond recognition, or excessively damaged cannot be replaced at the bank.
By following these simple steps, you can easily replace torn currency notes without hassle, ensuring you can continue using your money as needed.
1. Visit the Bank Where You Withdrew the Notes
If you received torn notes from an ATM, visit the bank that operates that particular ATM. This is the first step in the process.
2. Submit a Written Application
Once at the bank, you will need to submit a written application requesting the exchange of your torn notes. The application must include the following details:
- Date, time, and location of the ATM from which you withdrew the money.
- The ATM receipt (if available) or transaction details from the SMS alert received on your phone.
3. Submit the Torn Notes
Along with the application, you must provide the damaged notes for exchange. If everything is in order, the bank will process your request and provide you with new notes of the same denomination.
4. Exchange Limits
You can exchange up to 20 torn notes at a time, but there’s a limit: the total value of the notes being exchanged cannot exceed ₹5,000.
5. What If the Bank Refuses?
If the bank denies your request for an exchange, you have the right to file a complaint with the Reserve Bank of India (RBI), the banking regulator.
6. When Torn Notes Can't Be Exchanged
Not all damaged notes are eligible for exchange. Notes that are burnt, mutilated beyond recognition, or excessively damaged cannot be replaced at the bank.
By following these simple steps, you can easily replace torn currency notes without hassle, ensuring you can continue using your money as needed.
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