Torn Note Exchange: Small Finance Banks and Payment Banks may exchange mutilated and defective notes at their option. "Mutilated notes may be presented at any of the bank branches. ... If you have torn or mutilated notes, you must follow RBI guidelines to exchange those currency notes.

Can bank refuse to take torn notes?

However, you need not to worry if you get such notes. Actually, the bank cannot refuse to exchange the torn or damaged note received from the ATM. According to the rules of the Reserve Bank of India (RBI), if you ever get such torn or damaged notes from ATM then how can you easily replace them with the bank.

How do I exchange old bank torn notes?

All these notes can be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the Reserve Bank of India. There is no need to fill any form for doing this.