Is it necessary to close a LTF Credit Card of a deceased person?

[rahul2004]

Is it necessary to close a LTF Credit Card of a deceased person with no payment left?

According to RBI rules, a credit card sud be closed by the issuer if no transaction is done for a year. Do issuers actually follow this rule?

 

[Anindya98]

Is it necessary to close a LTF Credit Card of a deceased person with no payment left?

Yes

According to RBI rules, a credit card sud be closed by the issuer if no transaction is done for a year. Do issuers actually follow this rule?

Yes, it is followed by every bank and financial Institution. Nowadays it gets automatically triggered in the banking system that the particular card of X user is inactive for more than a year. Happened to me once with the Niyo Global card. Even without informing me the card was closed by SBM Bank.

 

[rahul2004]

Yes

Yes, it is followed by every bank and financial Institution. Nowadays it gets automatically triggered in the banking system that the particular card of X user is inactive for more than a year. Happened to me once with the Niyo Global card. Even without informing me the card was closed by SBM Bank.

But in case of multiple CCs, it will be difficult for the relatives of the deceased to even know about some of the CCs, let alone contacting and submitting documents for each and every bank and nbfc.

 

[Anindya98]

But in case of multiple CCs, it will be difficult for the relatives of the deceased to even know about some of the CCs, let alone contacting and submitting documents for each and every bank and nbfc.

Just open the deceased email ID and SMS try to check by searching the keyword "Statement" and try to email the bank or NBFC regarding the issue and ask them for a No Due Certificate and card closure confirmation. Also if any due is present the bank or NBFC will reach out to the cardholder. Try to do as much as possible to avoid unnecessary hassle later on.
Banks will understand if you inform them within 2-3 months.