If you have not been able to make the payment on the due date, then you will not have to pay Penalty; RBI issued new rules

Credit Card : If you also use a credit card and for some reason have not been able to make the payment on the due date, then you do not need to panic. Actually, the Reserve Bank of India (RBI) has provided the option of payment without any charge to the customers after the due date is out. Due to which credit card users have got a lot of relief. Before this, if you could not pay the payment, then you had to pay a heavy penalty, but according to the new rules of RBI, the customers have been exempted. Let us know in detail…

RBI issued new rules

Actually, nowadays it is the era of digital and everyone prefers to do business online. In this episode, people do many things like electricity bill, TV recharge, etc. through credit cards and by mistake, if you forget to pay it on the due date, then you have to pay a heavy price for it. That’s why RBI has provided this facility for the customers. RBI has told banks and credit card issuers that they can take penalty only after three days of the due date. This means now you can make the payment within 3 days of your due date. With this you will not have to pay any extra cost.

Credit score will not be affected

Now the question must be arising in the mind of the people that doing this will affect our credit score. So let us tell you that this will not affect the credit score because it is very important for everyone to follow the rules issued by RBI and credit card customers can also avoid the penalty.

avoid penalty like this

Banks and credit card companies usually levy pre-determined late payment charges based on the outstanding balance. This results in late fees increasing in proportion to the size of the outstanding balance. The higher the amount of the bill, the higher the late fee, but as per the new rules, now you will not have to pay the penalty. By doing this you can also avoid penalty.

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