RBI damaged note exchange: Don't worry if you get mutilated or dirty notes from an ATM, you can follow these easy steps to exchange. While withdrawing money from an ATM, sometimes mutilated or dirty notes may come out. According to RBI guidelines, such notes can be easily exchanged in the bank. For this, you will have to go to any public bank branch, private bank branch, currency chest branch or RBI office and fill out an application form.

In the application form, you will have to enter the date, time of withdrawal and the name of the ATM from which you have withdrawn the money. Additionally, you will also have to enter the number of mutilated or soiled notes. After filling out the application form, you will have to give the mutilated or soiled notes to the bank officer. The bank officer will check the notes and if the notes are found replaceable, you will get new notes.

To exchange mutilated or soiled notes at an ATM, follow these steps:

  • Go to the branch of the bank from whose ATM you have withdrawn money.
  • Take and fill out an application form from the bank officer.
  • Fill in all the information asked in the application form carefully.
  • Enter the number of mutilated or soiled notes in the application form.
  • Give the application form and mutilated or soiled notes to the bank officer.
  • The bank officer will check the notes and if the notes are found replaceable, you will get new notes.

Pay attention while changing notes:

If you are a businessman or your notes have become dirty due to personal use, then there is no charge in any type of bank for replacing mutilated or dirty notes. You can exchange money for free. Badly burnt, damaged or mutilated notes can be exchanged only at the Corporate Office of RBI.

As per RBI note refund rules, if the total number of pieces in the note is 50% or more of the original portion of the note, the note will be fully exchanged. At the same time, if the total portion of pieces of the note is less than 50% of the original portion of the note, then the note will be partially exchanged.

For example, if a Rs 100 note is broken into two pieces, and each piece is 25% of the original portion of the note, the note will be fractionally exchanged. Each piece will be priced at Rs 25, so the total refund value will be Rs 50.

There is a fixed limit for exchanging notes

According to the rules of the Reserve Bank of India (RBI), a person can exchange only 20 notes at a time. Also, the value of these notes should not exceed Rs 5000.

As per RBI note refund rules, if a person wants to exchange more than 20 notes at a time, he or she has to contact the regional office of RBI. Badly burnt, mutilated notes cannot be replaced. Such notes are sent to the Note Research and Design Wing (NRDD) of RBI. NRDD examines the notes and if the notes are found fungible, they are exchanged for new notes.

For more information on RBI note refund rules, you can visit the RBI website www.rbi.org.in.

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