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RBI New Credit Card Rule: Under the new rules of the Reserve Bank of India (RBI), big relief has been given to credit card users. Under this, users will have a chance to avoid penalty even after the due date is over. Actually, along with some delay in paying the first bill, you will have to pay additional charges first.

Grace period mandatory

According to RBI, now users will not have to pay Late Payment Charges even after getting the due date. They will have to give 3 days time to their customers. For example, if your due date is 10th, then you can make bill payment till 13th without late payment. For this you will not be burdened with any extra charge. According to the rules, late fees will also be imposed only on the outstanding amount. Not on the entire bill amount. Users will get a lot of benefit from this.

Credit score will be affected

Actually, your account will be considered past due only when the grace period of 3 days is over by the bank. This means that, if the bill payment is not made even after 3 days, your credit score will not be affected. This rule of RBI can provide great relief to credit card users, but it would be better if you pay the bill on time. With this, you will not have to pay late fees and there will be no need to take tension. According to the new rules of RBI, if the bank makes any change in the late fees and rules, then it will have to inform the customers at least one month in advance.

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