Where To Exchange Damaged Currency Note RBI Bank Rule


Where To Exchange Damaged Currency Note RBI Bank Rule

Torn Note Exchange || Cut Note Exchange || Mutilated Note Exchange Rule || Imperfect Note ||RBI Note Refund Rule || Damage Not Exchange In Bank Rule || RBI Guidelines To Note Exchange || Note Exchange Rule

You Have Mutilated or Written Notes, Then You Can Change here with Full Price

If your notes are torn due to some reason or are washed in water then do not panic, you can change it here in full price. Because this is general thing which can be happened with any one due to any reason. But for this reserve Bank of India has set some condition for that also. So let’s get familiar with them also. Yes, the RBI has kept some conditions for this. According to this, you will get the full cost of such notes when working.

Damaged Notes Can Be Used – Different Ways

There are the ways with which we can use torn currency notes. These ways are:

) Visit The Local Bank And Get New Currency Notes

The first way that can be normally used is that visit to the nearest bank and request them to exchange the torn notes with the new notes. In this way they can send notes further to RBI in this way the mutilated or damaged notes can be used.  The condition is that the number of the note should not be mutilated. If any bank does not accept damaged or mutilated notes. Then they should be fined of Rs. 10,000

) Notes In Two Pieces

There are different rules for the different notes. These rules are decided by RBI.  The person who have more than 50% of the note and if the notes of Rs. 5, Rs. 10 and Rs. 20. Then the person gets full compensation.  If the note of Rs. 50 and you has 65% of the notes then you will get half of the money as compensation.

) Donations

If you does not want to get compensation for the money or if you don’t want to go through all the procedures like banks lines. You can donate the money in the temple, NGO or in any hospital in order to help people. And it will be for betterment of the people. It is also an easy method.

What You Have To Do For Changing Such Notes

You can change this note by visiting the bank. If you does not have bank an account, then also your notes will be changed. No branch of any bank can refuse to change your notes. If any bank refuses to change the bad note then the bank will be fined with a penalty of Rs. 10,000.

If you have two or more pieces of five, ten or twenty notes, then on fifty percent of the money pieces you will get full money. But you will get nothing piece is less than fifty percent.

Extra Charges On Currency Note Exchange

Bank officials say that if one used to change more than twenty notes or Rs.5, 000 in a day, then it will be charged.

More Condition For Torn Note Exchange

If Gandhi Ji’s Watermark and Governor’s pledge and serial number are visible on the note, then the bank has to change the note. If not doing so, the penalty will be imposed on the bank.

So be careful while going to exchange torn or damaged currency note in the bank. Because sometimes bank official refused to change note due to many reason. If you aware of the rule then no one can deny you while going to exchange currency.

Money Exchange

Sometime branches give many excuses while making exchange and try not to do the customer task. But this is each and every one right which must be taken through any way.


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