Credit Card Interest Rate Increased Without Notice
Your bank has increased the interest rate on your credit card without giving you 30 days prior written notice, or has applied a higher rate retroactively.
⚖️Your Rights Under RBI Regulations
At least 30 days prior written notice must be given before any interest rate increase.
You have the right to reject the new rate and close the card during the notice period without penalty.
Interest rate changes cannot be applied retroactively to existing outstanding balances.
💰 What You Can Recover
Refund of excess interest charged at the new rate during the notice period.
⏱ Response Deadline
30 days for written complaint response.
📋Step-by-Step — What to Do
Document the old rate, new rate, date of change, and date you received communication (if any).
Write to the credit card grievance cell demanding refund of differential interest during the notice gap.
File with RBI Ombudsman if unresolved.
🏛 Where to Escalate If Bank Doesn't Respond
RBI Integrated Ombudsman — cms.rbi.org.in
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