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Types of Damaged Notes

Procedure To Exchange Notes

1. At Any Bank Branch

1. Soiled notes: Up to 20 pieces or value up to ₹5,000 → exchanged immediately, free of charge.
2. Larger numbers/value → bank accepts, gives receipt, credits value later (may charge service fee).
3. No form required. Even non-customers can use this.

2. At Currency Chest Branches

1. For mutilated or imperfect notes (missing parts, multiple pieces).
2. If 5 pieces or less then 5, branch may pay immediately. If unable, they send to linked currency chest.
3. If there are 5 pieces or more, if the value exceeds ₹5,000, approach the currency chest directly or send them by insured post.
4. Refund credited within 30 days.

3. At RBI Issue Offices

1. For severely damaged notes (burnt, brittle, charred, inseparably stuck).
2. Banks are not obliged to accept these, so go directly to RBI Issue Office .
3. RBI adjudicates under Note Refund Rules and pays applicable value.

4. By TLR Cover / Registered Post

1. TLR = Triple Lock Receptacle, available at RBI offices .
2. Used for mutilated notes. You fill details (name, address, denomination, bank a/c) and deposit or post.
3. RBI examines and refunds later via bank credit / draft.

Key Points to Remember

• Essential features (watermark, signature, RBI name, etc.) must be visible.
• Refund depends on note size left:
  • Note is 80% → full value (₹50 & above).
  • Note 40-80% → half value.
  • Note is less then 40% → no value.
• For notes up to ₹20, more then 50% area must be intact for full value.
• Banks must exchange for all, not only their own customers.
• If refused, you can complain under RBI Complaint Management System (CMS) Portal .