Can bank refuse to accept torn notes?
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Can bank refuse to accept torn notes?
This is because the Reserve Bank of India (RBI) has made it mandatory that every bank should accept soiled, mutilated and any damaged currency note, whether the person is a customer of that bank or not, and that too, without charging any fee.
Will a bank accept torn money?
Banks can exchange some mangled money for customers. Typically, badly soiled, dirty, defaced, disintegrated and torn bills can be exchanged through your local bank if more than half of the original note remains. These notes would be exchanged through your bank and processed by the Federal Reserve Bank.
Do private banks accept damaged notes?
notes are as under. Soiled notes are those which have become dirty and slightly cut. All these notes can be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the Reserve Bank of India. There is no need to fill any form for doing this.
Who can accept old notes?
Chemists, Archaeological Survey of India monuments counters, LPG distributors and railway caterers will also be accepting payments in Rs 500 and Rs 1,000 notes. All banks will remain open on this Saturday and Sunday to facilitate exchange and deposit of old notes.
How do you fix torn money?
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. As long as three-quarters of a bill are intact, you can exchange it for a whole bill.
How do I exchange torn money?
If it is damaged but not mutilated and you do not want to use that currency for any reason, you can exchange that money at your local bank. Money that has been mutilated or extensively damaged beyond repair or use should be submitted to the US Bureau of Engraving and Printing or the US Mint.
Can banks refuse damaged money?
A bank does not have to accept a ripped bill if it’s too badly mutilated or there’s not enough left of the original. The bank does have to evaluate your damaged currency to see whether it can be replaced.
Can we exchange torn notes in 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.
How do you fix torn bank notes?
You can walk into any bank branch, even if you are not a customer of that bank, to get your damaged notes exchanged. You can also approach RBI directly through one of its regional offices to seek a refund.