Where to exchange torn or old notes?

Torn Currency Notes: Often we come across a torn, broken or very old note in our wallet or at home. Shopkeepers in the market refuse to accept such notes, due to which they become useless. If you also have such notes and are worried that this money has become useless now, then there is no need to panic. The Reserve Bank of India (RBI) has made some simple rules for exchanging such notes, and every bank is obliged to provide this facility.

Today we will find out where and how you can exchange these torn notes, and most importantly, whether you will get your full money back or not.

Where can torn notes be exchanged?

As per RBI rules, you can exchange any torn, old or damaged note by visiting any bank branch near you. Apart from this, you can also exchange these notes at RBI's regional offices. For this, you do not need to have an account with that bank. No bank can refuse to provide you this service.

What is the process to exchange notes? – Torn Currency Notes

The process of exchanging notes at the bank is very simple. You just have to follow the following steps:

1. First of all, go to any bank near you.
2. There you may be asked to fill out a small form to exchange notes, in which you have to provide details such as how many notes you have and their total value.
3. While exchanging notes, you may be required to show your identity proof such as Aadhar card, PAN card or election card.
4. The bank officer will check the condition of your notes and determine their value as per RBI regulations.

Will you get the full money back? Know the RBI rule

Now the most important question – will you get the full amount back for the torn note? The answer to this depends on the condition of the note.

• When will you get your full money back: If the note is slightly torn or has broken into two pieces but no part is missing, you will usually get your full money back.
• When will the money be cut: If the note is badly torn, has broken into many pieces, or has a significant part of it (such as the number panel) missing, then its value may be devalued or it may not be exchanged as per RBI rules.

Additionally, banks exchange notes for cash up to a limit of ₹5,000 at a time. If the amount is more than this, the bank can deposit the amount in your bank account.

What to do if the bank refuses to exchange the note?

If a bank refuses to exchange your notes, there is no need to panic.

• First of all, meet the bank manager to find out the reason and tell him about the RBI guidelines.
• You can also try another bank branch, as sometimes there may be slightly different understandings of the rules.
• If your problem is still not resolved, you can file a complaint by visiting the official website of the Reserve Bank of India (RBI) or contacting their helpline.