Credit Card Account Closing Process:
Whether to enjoy a discount in online shopping or need money in an emergency. Credit card helps a lot with all the work. Different banks keep giving many attractive offers to customers.
But if you want to close your credit card account, then it is straightforward. Reserve Bank (RBI Rules for Credit Card) has also issued a related rule.
This will help a lot in closing the credit card account. Because if the bank or NBFC delays closing the report, you will also get the money.
What does the RBI rule say?
According to RBI rules, if the customer wants to close his credit card account, then the bank or NBFC will have to accept the customer’s application.
According to the rules, the bill has to be closed within seven days. However, for this, the customers must pay all the dues.
This rule of RBI is applicable from 1 July 2022. Under this, if banks or NBFCs delay closing the credit card, they will have to pay a fine to the cardholders.
Companies may have to pay fines.
According to the rule, credit card companies must give several options to accept the closure request, i.e., the application.
Under this, it is necessary to provide the opportunity of a dedicated email id, helpline number, IVR, link on the official website, internet banking, and mobile app.
Also, companies must inform credit cardholders immediately through email or SMS after closing the card.
What happens if the card is not closed within seven days?
The bank or NBFC will have to accept the request of credit card holders (Credit Card Account Closure Request) within seven days.
If the cardholder’s application is not accepted, the bank or NBFC will have to pay a fine of Rs 500 per day to the cardholder.
This rule regarding RBI’s credit card closure will apply to all scheduled banks (except Payments Banks, State Co-operative Banks, and District Central Co-operative Banks) and NBFCs.
