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Banknotes of the third series were first published in March 1936. Unlike the previous series, date of publication were printed on the front side of the banknote and the portrait of Shah Reza Pahlavi was without his cap. On the large denominations of this issue, the equality of the banknote with Pahlavi gold coins were mentioned. This issue is reprinted for five series with minor changes in the numbers from the fourth series of this issue in which Farsi numbers were used instead of Latin digits and also the Latin script of the " Banque Melli Iran" on the backside was substituted with the same sentence in Farsi.
Signatures of the third issue:
| Series | General director (Right) | Governmental inspector (Left) | Date |
| 1 | Rezagholi Amir Khosravi | Abdolhossein Hajir |
March 1936 |
| 2 | Rezagholi Amir Khosravi | Abdolhossein Hajir |
March 1937 |
| 3 | Rezagholi Amir Khosravi | Abdolhossein Hajir |
March 1937 Bank Melli Iran in Farsi |
| 4 | Rezagholi Amir Khosravi | Abdolhossein Hajir |
March 1938 (Latin digits) |
| 5 | Rezagholi Amir Khosravi | Abdolhossein Hajir |
March 1938 (Farsi digits) |
5 Rials
From the 5th release of the third issue, printed in March
1938. Note the Farsi numbers on the front side of the banknote.
Back: Tomb of prophet Daniel in Shusha.
10 Rials
From the 5th release of the third issue,
printed in March 1938.
Back: A view from Alborz mountains.
20 Rials
From the 2nd release of the third issue, printed in March
1937. Note the Latin numbers on the front side of the banknote.
Back: A scene from railway bridges in the
north of Iran
50 Rials
From the fifth series of the third issue.
Front: Portrait of Shah Reza Pahlavi on the right and mount Damavand on the left. The image below the name of the bank is Faravahar, the holy angel of Zoroastrians. Date: March 1938.
Back: A view from Persepolis and the emblem of the Lion & sun.
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