ATMs usually dispense clean and intact notes. But sometimes torn notes also come out. What to do at that time? How to exchange torn notes? RBI has clear rules in such cases. Know the correct procedure for exchanging torn notes coming out of an ATM.
Will torn notes be accepted from an ATM?
If the note is torn a lot or the numbers on the note are unclear, then the shopkeepers do not want to accept it. Therefore, if torn notes come out of an ATM, it is the responsibility of the concerned bank to exchange all of them.
If the note comes out of the ATM, then not a single rupee will be deducted from you. The bank is responsible for returning the same amount of money. You just have to complete a simple process. As per RBI rules, customers will get full money in exchange for torn or damaged notes from an ATM. So, there is no reason to panic.
How to exchange torn ATM notes at the bank?
– Go to the branch of the bank from which the note was withdrawn.
– If you have the transaction receipt, keep it with you.
– However, if you do not have it, there is no problem. Your record is in the bank’s system.
– The bank employee will check the condition of the note.
– The note must be genuine and the number must be clearly visible.
– The bank will then issue a new note. Or, it may issue a receipt. On showing which, the amount equivalent to the torn note will be given within a few days.
What if the note is torn more?
– If the note is torn into two pieces, or severely damaged, you can still exchange it at the bank.
– As per RBI rules, banks categorize such notes as “damaged” or “defaced” and issue new notes based on their number and condition.
Keep these things in mind while exchanging notes:
– The note should not be counterfeit in any way.
– The number should be visible.
– If the note is torn in two, deposit both the pieces in the bank.
– Do not tape the note together.
Is there any charge for exchanging torn notes?
No, exchanging torn or mutilated notes is a completely free service. No bank will charge you for it. If you ever receive a torn or mutilated note from an ATM, the bank will give you a new note for the full amount.