It often happens that while withdrawing money from ATM or taking open money from someone, we get a note torn, wearing or glue. Shopkeepers refuse to take such notes and we feel helpless. But there is no need to panic, as the Reserve Bank of India (RBI) has made rules to replace torn, old and bad notes. Torn or bad notes are no longer a headache. If you are aware and know the rules of RBI, no bank can refuse to change your note.
What to do if there is a torn note?
If you have a note that has exploded, or bad for some reason, you can change it by going to any bank. According to RBI rules, if the number, signature and other important things of the note are clearly visible, then the bank will have to change that note.
What are the rules for replacing notes in the bank?
Up to 20 notes or up to Rs 5,000
If you want to change 20 notes in a day or up to a total of up to Rs 5,000, the bank will not take any charge and replace the note immediately.
More than 20 notes or on amount of more than Rs 5,000
In such cases, the bank will take a receipt by taking your notes and after some time the money will be deposited in your account. Some bank service charges can also be charged on this.
Which notes can refuse to change the bank?
The bank can reject the notes that are torn, burnt or added to glue/tape.
If the notes are fake, the bank will not change it.
Not much tampering notes are also changed.
Can people without bank accounts also change notes?
Yes, it is not necessary for you to have an account with that bank. Any person can go to any bank and get the torn notes changed.
What to do if the bank refuses to change the note?
First talk to Branch Manager and show RBI rules.
If the matter is still not made, then complain in the customer care of the bank.
You can also file a complaint online by visiting the RBI website.
If you want, you can also contact the nearest RBI office.
What is the definition of bad notes?
According to the RBI, the notes that have been torn, burnt, worn out or are in two pieces – if their identity information (eg number, signature of the governor) is clear, they are changeable.
Keep in mind these important things
If the note is added to glue or tape, the bank may refuse to change.
ID can ask for proof when changing notes of more than Rs 50,000.
According to the bank’s rules, a higher amount may be charged.
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