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In most cases you will get 100% full value in exchange of mutilated/cut note

Procedure to Exchange Notes

Usually private sector banks don't entertain you to change note. But PSU banks like SBI etc will exchange them for good notes.

1. Take the defective notes. If cut then join with white paper with light adhesive
2. Go to bank and there is no need to fill any form or carry ID proof. Also there is no need for you to have bank account in that bank

Exchange Value of Notes

1. Full value is exchanged for denominations up to Rs.20, if the single largest piece of the damaged note is more than 50% of the area
2. Full value is exchanged for denominations Rs.50 and above, if the single largest piece of the damaged note is more than 65% of the area
3. Half value is exchanged for denominations Rs.50 and above, if the single largest piece of the damaged note is between 40% to 65% of the area
4. Notes up to Rs.20 cannot be exchanged for half value.

No Exchange for these notes

1. The note should not be in more than two pieces. No essential feature of the note should be missing.
2. Both the pieces should be of the same note i.e. the complete number in an undivided area on each piece should be the same
3. Stapled notes( take the staple out)
4. Joined with plastic tape. Use simple white paper with light adhesive to join. If need you can easily take out the paper. Banks like SBI may stress for this.
5. For damaged notes up to Rs.20, if the area of single largest undivided piece is less than 50%
6. For damaged bank notes of Rs.50 and more, if the area of single largest undivided piece is less than 40%
7. If it is not possible to determine whether the note is genuine
8. When it carries any words or drawings that convey a political / religious message or furthers the interest of any person / entity like Om Hindu sign etc