Got soiled, taped or torn Rs 10, Rs 50, Rs 100, Rs 200, Rs 500 bank notes? How to exchange them at any bank branch
Bank of India (RBI) has mandated every bank in India to provide a facility for the exchange of soiled/mutilated/damaged currency notes in lieu of fresh notes. But there are various rules about determining the value of such notes and how the fresh notes are to be disbursed to the tenderer of such soiled notes.
“All branches of banks in all parts of the country are mandated to provide the following customer services, more actively and vigorously to the members of the public so that there is no need for them to approach RBI Regional Offices for this purpose: (i) Issuing fresh/good quality notes and coins of all denominations, (ii) Exchanging soiled/mutilated / defective notes, and…..,” said the RBI in a Master Direction dated April 3, 2023, and updated on May 15, 2023.
Here’s how to exchange soiled/mutilated currency notes at bank branches:
According to Prashant Joshi, Managing Director & Head- Consumer Banking Group, DBS Bank India, an individual “does not need to open an account to facilitate the exchange of the soiled/mutilated, etc notes; they can visit any of their nearest bank branches and utilise this service on all working days.”
“A currency note is called a mutilated note when a portion of it is either missing or the note is composed of more than two pieces,” says Sivaraman K, General Manager & Head — Banking Operations Group, South Indian Bank.
However, the value of such soiled/mutilated notes would be determined as per rules specified by the RBI and a bank’s own internal policy too in certain cases like large value of exchange, etc. According to Joshi, “The value of the settlement is contingent upon the note's quality and may result in full, half, or no value based on its condition.”
The RBI Note Refund Rules also
