Many people don't know what to do when they get torn and mutilated notes from the ATM. Know what to do. Know what to do if you get torn currency notes from ATM machine. If this ever happens to you, don't panic. Defaced notes can be replaced easily. There is no lengthy process at the bank to exchange notes. Change in minutes. Take the torn note from the ATM to the bank to which the ATM is attached. You have to go there and write an application. In this you have to mention the date of withdrawal, time of withdrawal and from which ATM you have withdrawn the money. A copy of the ticket issued from the ATM should also be attached with the application. If the ticket is not issued, the details of the transaction received on the mobile should be provided.
Once you give all the details to the bank, the other notes will be transferred immediately. In april 2017, the RBI in one of its guidelines said that a bank cannot refuse to exchange mutilated or soiled notes. All the banks will exchange the mutilated and dirty notes of the people in every branch and this will be done with all the customers. Regarding the mutilated notes, the country's largest bank, bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>state bank of india (SBI), said that the quality of the notes in the bank is checked through sophisticated note sorting machines. Due to this the chance of getting mutilated/torn or damaged notes is very less. However, if the customer obtains such notes from an ATM, they can be exchanged at any branch of the bank. In July 2016, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india had announced in a circular that if banks refused to exchange the faulty notes, a fine of Rs 10,000 would be levied and this would apply to all branches of all banks. According to the RBI, the bank is solely responsible for removing invalid or fake notes from the ATM. There is no agency to insert the notes in the ATM.
If there is any defect in the note, it should be verified by the bank employee. If the serial number, Gandhiji's watermark and Governor's pledge are visible on the note, the bank should exchange the note. RBI issues circulars from time to time regarding mutilated notes. You can easily exchange such notes at any bank branch or RBI office. As per RBI rules, one can exchange a maximum of 20 notes at a time.
The total maximum value of these notes should not exceed Rs.5,000. However, notes are not exchangeable under certain circumstances. As per bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india rules, notes cannot be replaced if badly burnt or torn into pieces. Such notes can be deposited only at the issuing office of RBI.
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