What happens if you apply for a credit card closure with your bank, and it takes longer than the prescribed time limit? It will be liable to compensate you for each day’s delay. And it’s not just the delay in processing the card closure request; banks are also penalised for delays in credit report correction, failed digital payments, and much more.
Your bank will pay you a late fee ranging from Rs 100 to Rs 5000 per day (and sometimes with interest), if there’s a lack or delay in processing your request within the prescribed timeframe.
