According to RBI regulations, customers should receive the full amount in exchange for a torn or damaged note received from an ATM. Therefore, there’s no need to panic. If you ever receive a torn or damaged note from an ATM, the bank will issue you a new note for the full amount.
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ATM damaged note: Has it ever happened to you that you withdrew money from an ATM and a torn or chipped note came out? While ATMs typically dispense notes that are clean and in perfect condition, sometimes the machine dispenses notes that are torn, shredded, or in poor condition. In such cases, the first question that comes to mind is: will these notes be accepted? Or will they need to be exchanged? And if so, how?
Don’t panic. The RBI has a clear rule in place for such cases, making it very easy to exchange a damaged note from an ATM. Learn the correct method for exchanging such a note so you don’t waste a single rupee.
Will a torn note from an ATM be accepted?
If the note is severely torn or the numbers are unclear, shopkeepers may refuse to accept such notes. However, let us be clear: every torn note from an ATM is the bank’s responsibility.
The good news is that if the note is from an ATM, you won’t be deducted a single rupee. It’s the bank’s responsibility to refund you the same amount. You just need to complete a simple process. RBI regulations require customers to receive the full amount in exchange for torn or damaged notes from an ATM. So, there’s no need to panic.
How to exchange torn ATM notes at the bank?
First, keep the note safe.
Then go to the branch of the bank from which the note was withdrawn.
At the branch, inform the bank that the note came from an ATM.
If you have a transaction receipt, bring it with you.
But even if you don’t, it’s okay. Your record is maintained 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 may then issue a new note immediately, or provide a receipt and exchange it within a few days.
What if the note is severely torn?
If the note is severely torn, in two pieces, or severely damaged, you can still exchange it at the bank.
RBI rules state that banks categorize such notes as “damaged” or “mutilated” and issue new notes based on their number and condition.
Keep these things in mind when exchanging notes:
The note should not be counterfeit.
The number should be visible.
If there are two halves, bring both.
Do not carry the note with tape.
Is there any charge for exchanging torn notes?
No…exchanging torn or mutilated notes is a completely free service. No bank should charge you for this. If you ever receive a torn or mutilated note from an ATM, the bank will issue you a new note for the full amount.
