Get your torn Rs 200 or Rs 500 note exchanged from the bank without paying huge commission, this is the easiest way

Many times it happens that you get a mutilated, rotten or taped note from somewhere. Even if it is a big note of Rs 200 or Rs 500, then there will be more tension. You do not need to exchange such notes from the market at huge commission. Rather, you can exchange it from any bank branch.

Shubham sold his goods and in return the businessman in front handed him cash payment. In his haste, he did not look and later found out that he had accidentally received two torn notes of Rs 500. Now what should he do? He incurred a loss of Rs 1000 in a payment of Rs 5000. Shubham thought that he would get the notes exchanged from the market later on commission, but he was shocked to hear the commission rate. Finally one of his friends helped him and Shubham was able to get those notes exchanged from the bank. Let us tell you how…?

Many times, torn or taped notes also come out of the ATM. Or you too may get stuck in a situation like Shubham. Then you do not need to pay huge commission to get the mutilated or old notes replaced, rather you can get them replaced by going to any bank branch. Its process is also very easy.

Complete process of exchanging notes from bank

The Reserve Bank of India has given instructions to all the banks of the country to exchange worn out, mutilated, rotten or old damaged currency notes. Banks have to give new notes to the general public in exchange for such notes. For this now they do not need to go to RBI office. You do not need to open a bank account to exchange old notes. A common man can exchange old notes by visiting any bank branch on working days. Rules have been made regarding the valuation of a torn old note for exchange. Here you have been told the complete process of getting mutilated notes exchanged from any bank branch.

If your torn old note is of Rs 50 or less, and if it has been broken into two pieces. Then you get the full value of the note in exchange.

If your torn old note is worth more than Rs 50. If any one piece of the note is 80 percent or more of the entire note, then you will get the full value of the note.

If a piece of torn note is less than 80 percent but 40 percent or more. Then you will get refunded an amount equal to half the value of the note. If the largest single piece is less than 40 percent, your note will not be exchanged.

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.

After valuation of the bank notes, they give you fresh cash amount in exchange of your torn notes without any inquiry.

If you exchange torn old notes of more than this amount from any bank branch, then that money is deposited in your account. Whereas if the exchange value of old notes is more than Rs 50,000, then you have to provide PAN card details.