Bank New Rules: Is the bank closing your credit card? You will get 500 rupees every day, just know these rules- know the details here | News India

Bank Credit Card Rules: 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 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 the user gets upset, but today we are going to tell you a rule that will solve your problem.

Many times it happens that you have many credit cards. In such a situation, if you close some of your cards, then your expenses can be reduced to some extent. But if the bank is reluctant to close the card, then you should know this rule of RBI. Actually, a rule of RBI says that if a bank delays in closing the credit card, then it will have to pay a fine of Rs 500 per day to the users.

What does RBI rule say?

According to the rules of the Reserve Bank of India, if a customer requests to close a credit card, then it is necessary to start the process within 7 days. If the bank or institution issuing the card is unable to do so, then after a period of 7 days, a penalty of Rs 500 per day is imposed on it and this amount has to be paid by the customer. However, one thing is important to keep in mind that there should be no outstanding on your credit card. RBI introduced this rule in the year 2022.

Credit card gets closed in just five steps

Closing a credit card is not a difficult process. You can close a credit card very easily.

1. Before closing any credit card, you have to pay its dues. Until the dues are paid, the credit card will not be closed.
2. Many people do not redeem reward points before closing the credit card. You have earned these points by spending. In such a situation, it is your right to redeem it.
3. Many times people put standing instructions for some recurring payments on their credit card, like insurance premium, OTT monthly fee or something else. Clear it completely before closing it.
4. Now you have to call the bank and tell them that you want to close the credit card. After this, they will ask you for the details, after which the process will start.
5. After this, when your card gets closed, cut it so that no information goes into the wrong hands.