How do I return a damaged note from ATM?

According to the rules of RBI, if you ever get torn notes from the ATM, then you can easily replace them with the bank. The bank does not have the right of refusal. For this, you have to go to the bank from whose ATM you have withdrawn money.

How do I exchange mutilated notes?

As per RBI, a mutilated note is a note of which a portion is missing or which is composed of more than two pieces. Mutilated notes may be presented at any of the bank branches. The notes so presented shall be accepted, exchanged and adjudicated in accordance with Reserve Bank of India (Note Refund) Rules, 2009.

What to do if ATM gives you ripped money?

You can use your cash as is if a corner is missing. If it’s ripped into two pieces, tape them back together and take the bill to a bank, where they will make sure the serial numbers on both sides of the note match and give you a new one.

Can we exchange damaged notes to the bank?

The Reserve Bank of India rule also states that if the currency notes are torn into several pieces, they can be used and even if any part of the torn note is missing, it can be replaced. Normal mutilated notes can be exchanged at any of the bank branch counters or any RBI office.

Have we display information regarding exchange of soiled and mutilated notes?

All bank branches are required to display at their branch premises, at a prominent place, a board indicating the availability of note and coin exchange facility with the legend, “SOILED/MUTILATED NOTES AND COINS ARE ACCEPTED AND EXCHANGED HERE” for information of general public.

How many mutilated notes can be exchanged?

Process for exchange of soiled/ mutilated/ imperfect notes Notes presented in small number: Where the number of notes presented by a person is up to 20 pieces with a maximum value of Rs. 5000 per day, banks should exchange them over the counter, free of charge.

Are banks required to accept mutilated currency?

You might have “mutilated” money. The Federal Reserve does not accept deposits of mutilated currency from banks. In this case, special examination is required by pros at the Bureau of Engraving and Printing (BEP) before any exchange is made.

How do you sell mutilated money to the Federal Reserve?

Mutilated currency must be sent directly to the BEP’s Mutilated Currency Division (Off-site), with a letter stating the estimated value of the currency and an explanation of how the currency became mutilated, to the correct address below based on the shipping method.

Where can I exchange torn money in the Philippines?

MANILA, Philippines – The public may now exchange damaged currency notes and coins at local banks, as lenders are now required to accept them for referral to the Bangko Sentral ng Pilipinas (BSP) plant in Quezon City under a new central bank circular.

Do post office take damaged notes?

Deposits with coin – old or new – sent with small deposits only. Notes that are defaced, ripped, tatty or tainted with sensitive waste (blood, vomit, urine or faeces) should be isolated and the envelope marked with notice of the contents. Actually, this should not be tolerated at all, and should be returned or refused.

What is the size of a damaged Rs 500 note?

Rs 500: The new Rs 500 note with an area of 99 sq cm was introduced after note ban. If you have a damaged Rs 500 note, the minimum area required for the full refund is 80 sq cm and for half payment is 40 sq cm.

What is the area required to return a Rs 50 note?

To get the full value refund, you must return the note with a minimum intact area of 39 square centimetre. Rs 50: Area of the new Rs 50 note is 89.10 square centimetre. The minimum area required to get the full payment is 72 sq cm. If you return the note with the area of 36 sq cm, the bank will return only half the amount.

What are the regulations for exchange of ₹ 200 and 2000 notes?

However, until recently, there was no clarity on regulations for exchanging the new denominations of ₹ 200 and ₹ 2,000 notes. Earlier this month, the Reserve Bank of India (RBI) put out a gazette notification, extending the existing currency exchange rules for other denominations to new denominations of ₹ 200 and ₹ 2,000 notes as well.

Can I exchange more than 20 rupees notes at a time?

However, if you are looking to exchange more than 20 notes, or notes worth ₹ 5,000 or more, and the bank is unable to give you a refund immediately, the teller can accept them against a receipt, and credit the value to you within 30 days. They can also levy a service charge on the exchange in this case.