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

Business

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

Image credits: Freepik
<p>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.</p>

Did you know? Bank's delay can cost them Rs 500 daily

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.

Image credits: Freepik
<p>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.</p>

RBI's rule on Credit Card closure

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.

Image credits: Freepik
<p>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.<br />
 </p>

No worries

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.
 

Image credits: Freepik

No outstanding balance? Bank owes you

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

Image credits: Freepik

First step: Clear your balance

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

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Don't forget your reward points

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

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Contact your bank to initiate closure

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

Image credits: Freepik

Dispose Credit Card safely

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

Image credits: Freepik

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