Note Exchange: You can also get torn notes exchanged from the bank, know the complete process
Many times you find torn notes of Rs 500 and Rs 200. Torn notes are available in the market or at ATMs, or children even tear many notes at home. In such a situation, when you go to get it exchanged, no one in the market exchanges the note and if someone does exchange it, he asks for a huge commission. In such a situation, you can get your notes exchanged directly from RBI or from any bank. So let us know its process.
Complete process of exchanging notes from bank
RBI has given directions to exchange mutilated, rotten or old damaged currency notes. Banks have to give new notes to people in exchange for such notes. You do not need to open a bank account to exchange old notes. You can exchange old notes by visiting any bank branch on working days.
Let us tell you that rules have been made related to the valuation of any old note for exchange. You can exchange old notes worth up to Rs 5,000 from any bank in a day without any enquiry. At the same time, in a day you can exchange maximum 20 old notes from any bank branch.