How to close Credit Card l Credit Card close Process l HDFC Credit Card Close l RBI New Rules 2022

How to close Credit Card l Credit Card close Process l HDFC Credit Card Close l RBI New Rules 2022
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Credit card closure rules
The customer must be immediately notified of the closure via email, SMS, etc. by the bank in order for it to honour requests to close a credit card. Customers must be provided various options, such as a helpline, dedicated email address, Interactive Voice Response (IVR), a link that is clearly accessible on the website, internet banking, a mobile application, or any other method, to close their cards; they cannot insist on a certain route.
"Failure on the part of the card-issuers to complete the process of closure within seven working days shall result in a penalty of Rs 500 per day of delay payable to the customer, till the closure of the account provided there is no outstanding in the account,’ stated the RBI.
Card cancellation within seven days
The credit card issuer is mandated by the master directive to comply with any request to cancel a credit card within seven business days, provided that the cardholder has paid all outstanding balances.
It should be noted that if a bank or NBFC doesn't cancel an account within seven working days, there would be a penalty of Rs. 500 each day until the account is closed, presuming there are no unpaid balances.
According to the master direction, “The card-issuer shall not insist on sending a closure request through post or any other means which may result in the delay of receipt of the request. Failure on the part of the card-issuers to complete the process of closure within seven working days shall result in a penalty of Rs 500 per day of delay payable to the customer, till the closure of the account provided there is no outstanding in the account”
Credit closure if unused
If a credit card is not used for more than a year, the bank may close it.
A credit card holder will be informed and the process to cancel the card will be started if it hasn't been used for more than a year. The card issuer will deactivate the card account if the cardholder doesn't react within 30 days, provided that the cardholder has paid any outstanding balances.
Credit balance available to be transferred to bank account
After the account is cancelled, any credit balance that remains in the cardholders' accounts will be transferred to their bank account. Card issuers must get access to the cardholder's bank account information if they don't already have it.
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