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Closing a credit card can be an intimidating affair as the companies try to persuade their users to 
retain the card.

Constant hassles and harassment are experienced by customers when seeking closure of their credit cards. 

RBI rules mandate credit card companies to honour requests for credit card closures within a week.

Companies should provide multiple channels to submit closure requests such as helpline, e-mail, IVR, website link etc.

A penalty of 500 per day of delay is applicable if the process is not completed within the 
stipulated time frame.

Credit card holders should be immediately notified through email or SMS after the closure
 of the account.

Customers should be aware of the rules surrounding financial instruments before 
applying for them.

Click here to know more about
closure of credit cards.

Check here for more personal finance stories.


RBI regulations for credit card closure

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RBI regulations for credit card closure

RBI rules mandate credit card companies to honour requests for credit card closures within a week.

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