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Know how to exchange bad and mutilated notes from the bank, know its complete process here

If you also have a torn note sticking with tape and all the merchants are refusing to take it, then you can go to the bank to get it changed and take the correct note instead.

It often happens that if you get a torn note stuck with tape from somewhere, then it becomes a problem for you. If the shopkeepers refuse to take it, then you also try to run it in different ways. But, have you ever wondered what are the rules of the Reserve Bank of India regarding these taped notes. Also, according to the bank rules, what should be done with these notes and how can it be made a valid note.




The answer is that rules have been made by the RBI regarding these notes and you can get such notes changed by going to the bank. You can get old and torn notes exchanged in the bank. Even many crumpled notes can be changed and those notes which are not complete, the bank changes them according to their share and returns the money. In such a situation, if you have torn old notes, then it is necessary for you to know these rules of the bank.

What are the rules of the bank?

According to the Exchange Currency Note Rules of the Reserve Bank of India (RBI) for the year 2017, if you get mutilated notes from ATMs, then you can easily get them replaced. According to the guideline, no government bank (PSBs) can refuse to exchange notes. Banks cannot refuse to accept such notes.

How can notes be exchanged?

Even if a note is torn into several pieces, it can be carried in the bank. Even if any part of the torn note is missing, it can be exchanged. Notes which are completely torn, completely cut or the entire note is burnt, then it can be exchanged only in the issue office of RBI. By the way, normal torn notes can be converted by filling a form in the currency chest of a government bank, private bank or the issue office of RBI.

Do you get full money back?

Whether you will get the full amount of the note or not, it depends on the condition of your note and the note value. In the case of a normal mutilated note, you get full money, but if the note is torn more then you will get some percentage of the money back. If the largest piece of a note of less than Rs 50 value is more than 50 per cent of the normal note, then on exchange of this note, its full value will be found. If the largest piece of a note with a value of more than Rs 50 is 80 percent or more than the normal note, then you will get the full value on exchange of this note.




If the largest piece of a note with a value of more than 50 rupees is between 40 to 80 percent of the normal note, then you will get half the value of that note. If there are two pieces of the same note with a value of more than Rs 50 and these two pieces are up to 40 percent of the normal note, then you will get the value equal to the full value of the note. Half price is not available on exchange of Rs 1, Rs 2, Rs 5, Rs 10 and Rs 20 notes.

When will you not get the money?

If the largest piece of a note with a value of less than Rs 50 is less than 50 percent of the normal note, then no value will be available on the exchange of this note. If the largest piece of a note with a value of more than Rs 50 is less than 40 percent of the normal note, then no value will be available even after the exchange of this note.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ praveshmaurya24@gmail.com
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