Don't Worry, Your Money Is Safe; Step-By-Step Details Here. 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.

Will a bank take torn money?

At first, you may be asking, do banks accept ripped money? Yes, they do. ... Also, apart from the one and a half rule of damaged money, money that is dirty, torn or defaced can also be changed at the bank. Replacing damaged money is easier than replacing mutilated money.

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.