RBI Rules: If banks refuse to accept mutilated notes, then know the rules of RBI...

Many times you come across damaged notes in some form or the other. Sometimes this happens by putting it inside a wad of notes, and sometimes by taking payment from someone in a hurry. Now no one takes such notes from you. Any vegetable seller, auto driver, bus driver, or milkman flatly refuses to accept such notes from you. Now in such a situation, you are left with only one option, that is, going to the bank and depositing the notes. Know what rules RBI has set for banks in this regard.

Bank will exchange bad notes
Often in the market, if the note is mutilated or damaged, no shopkeeper will accept it. Because of this, you accumulate a lot of such bad notes. You can easily exchange such notes by going to the bank. The bank exchanges your bad notes except under certain conditions. A circular has also been issued by the Reserve Bank of India (RBI Bank) in this regard.

The bank will not refuse to exchange notes
According to RBI Bank Rules, you can easily exchange your notes by going to your nearest bank or RBI office. However, the bank cannot deny this clearly. There is a fixed note limit for this. One person can exchange a maximum of 20 notes at a time. But its value should not exceed Rs 5000. So the bank will pay it immediately. If more than this amount is exchanged, the bank receives it and the money is transferred to your account. The bank takes a little more time to exchange notes worth more than Rs 50,000.

Bad notes were taken out from the ATM
It has been seen many times that some bank ATMs dispense bad notes. If something similar has happened to you too, what should you do? You will have to go to that bank which has an ATM. You will have to explain the entire matter in writing to the bank branch. Along with this, an ATM slip will also have to be shown. If the slip is not issued from the ATM, then the details of the SMS received on the mobile will have to be given. Only after this, your notes can be easily changed.

How much will you get back on torn notes?
You get money back according to how torn your note is. For example, if a Rs 2000 note has an area of 88 square centimeters, you will get its full value. At the same time, if the area is 44 square centimeters, you will get half the money. Similarly, if 78 square centimeters of a torn Rs 200 note is safe, you get the full money and if 39 square centimeters is safe, you get half the money.

If no one listens, get help from here
Banks always look at the condition of torn notes. If a note is deliberately torn, or burnt completely, it cannot be replaced. Such notes have to be deposited in the RBI office itself. To get more information related to note exchange, you can give a missed call to the RBI helpline number 14440.

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