Has your ATM dispensed torn notes? Need not worry. Your money is safe.
You can easily replace the torn notes received from ATMs while withdrawing money.
The Reserve bank of India (RBI) has issued guidelines for replacement of any torn notes dispensed by ATMs.
You can contact the bank to exchange the torn note.
You will have to fill a form giving details of time, date and ATM, from where the withdrawal has been made.
Withdrawal slip also needs to be submitted along with the form.
If the ATMs did not provide any withdrawal slip, the message sent to your mobile phone number mentioning the withdrawal has to be attached.
Also read: New To Paying Taxes? Here’s How An Income Tax Calculator Can Help
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.
RBI has said that all branches of banks across the country are mandated to provide the following customer services to the people so that there is no need for them to approach the RBI Regional Offices for this purpose:
- Issuing fresh / good quality notes and coins of all denominations on demand.
- Exchanging soiled / mutilated / defective notes (Small Finance Banks and Payment Banks may exchange mutilated and defective notes at their option).
- Accepting coins and notes either for transactions or exchange.