Torn or damaged currency? Here’s how to replace old rupee notes in India

Receiving damaged notes during transactions is common. Handling damaged rupee notes can be irritating and lead to financial loss. However, as per RBI rules, banks must exchange damaged notes. Learn how to exchange old or damaged notes without losing money.

As per RBI rules, banks must exchange damaged notes. Visit your nearest bank branch to exchange them; the bank cannot refuse this service. You can also visit an RBI office. However, there are limitations. An individual can exchange up to 20 notes worth Rs 5,000 at once.

If you submit more notes or exceed the limit, the bank may reject your request. Receiving damaged notes from ATMs is common. If you receive a torn note from an ATM, immediately lodge a written complaint with the bank.

Providing proof like the ATM receipt or bank SMS is advisable. The bank must exchange the damaged notes after verifying the details. If the bank fails to do so, complain to the RBI helpline for resolution.

Knowing these rules can prevent financial loss. Whether visiting a bank or handling ATM issues, exchanging old or torn notes becomes easier.