Banks owe you THIS much per day for delay in Credit Card closure

If your bank fails to close your credit card on time, you could be owed ₹500 per day as per RBI rules. This policy ensures you're compensated for any delays.

As per RBI’s 2022 rule, banks must close your credit card within seven days of your request. Any delay requires the bank to pay you Rs 500 daily.

Customers need not stress if their credit card closure is delayed. The responsibility lies with the bank, and they will be fined for the delay.
 

If your credit card has no balance and the bank delays closure, you're entitled to ₹500 daily until the card is closed.

Before closing your credit card, ensure all dues are cleared. A card with a balance won’t be closed by the bank.
 

Redeem your reward points before closing the card. These are earned through your spending, so don’t let them go to waste.

Reach out to your bank to request the closure of your credit card. Provide all necessary details to ensure a smooth process.
 

After the closure, destroy your credit card by cutting it up to prevent any potential misuse. Dispose of it properly.