Bank is not shutting down your credit card? You will get Rs 500 every day, know these rules | News India

If you have a credit card, but now you do not want to use it and are thinking of closing it, then this news is just for you. It is often seen that banks do not approve the application to close the credit card quickly or delay the process of closing the credit card, in such a situation many times users get upset, but today we are going to tell you such a rule, which will solve your problem.

Sometimes it happens that you have a lot of credit cards. In such a situation, if you close some of your cards, then your expenses can be reduced. But if there is any hesitation from the bank in closing the card, then this rule of RBI should be known. Actually, a rule of RBI says that if a bank delays in closing the credit card, then it will have to pay a penalty of Rs 500 per day to the users.

What does RBI rule say?
As per the rules of the Reserve Bank of India, if a customer requests to close a credit card, the process should be initiated within 7 days. If the card issuing bank or institution is unable to do so, after a period of 7 days, a penalty of Rs 500 per day is charged and the bank is forced to pay this amount to the customer. However, one important thing to keep in mind is that there should not be any balance on your credit card. This rule was introduced by the RBI in the year 2022.

Credit card gets closed in just five steps

• Closing a credit card is not a difficult process. You can close your credit card very easily.
• Before closing any credit card, you have to pay its balance. The credit card will not be closed until the balance is paid.
• Many people do not redeem reward points before closing the credit card. You have earned this amount by spending. In such a situation, it is your right to spend it.
• Sometimes people put standing orders on their credit cards for some recurring payments, like insurance premium, OTT monthly charges or something else. Clear it completely before closing it.
• Now you have to call the bank and tell them that you want to close the credit card. After this they will ask for the details, after which the process will be started.