If the credit card is not closed in 7 days, the bank will give you 500 rupees daily, new rules coming from July 1

Author: JNN Publish Date: Sat, 23 Apr 2022 10:30 AM (IST)Updated Date: Sat, 23 Apr 2022 14:06 PM (IST)

RBI has issued new rules on credit cards. (Pti) Credit card closure rules The Reserve Bank has issued new instructions regarding credit and debit cards. Under this, the customer will get information about interest and other charges in advance. The new rules will come into effect from July 1.

New Delhi, PTI. Customers will not face any loss due to interest or any undisclosed charges on the credit card. The Reserve Bank has issued new guidelines in this regard, which will provide convenience to the customers. The new rules will be effective from July 1. Under the new rule, non-banking financial companies (NBFCs) will also be able to issue credit cards or debit cards with the approval of RBI. In fact, while giving a credit card, banks tell its merits in a very attractive way. However, the customer remains unaware of the interest and other charges levied on card payments.

Banks will compulsorily give information about all types of fees

Under the new rule, before issuing credit or debit cards, banks will compulsorily inform their customers about the interest on the card along with all other types of charges. Not only this, customers will be informed of credit card dues through e-mail or SMS and at least 15 days will be given for payment. Only after that they can be fined.

If the bank delays, then the compensation will be given

If a customer reports the closure of the credit card and the customer does not have any outstanding dues, the bank must in any case deactivate the card within seven days. For not doing so, the bank will pay a fine of Rs 500 to the customer every day. If a customer's credit card is upgraded or his purchase limit is increased without asking, the bank can be fined.

Telecom rules will also be followed

The card issuing banks will strictly comply with the telecom rules in placing telecallers and will be able to contact the card making customers only from 10 am to 7 pm. The sharing of personal information of the customers taken during the issuance of the card will also be strictly prohibited at any other place.