Credit Card Issuing Rules For Senior Citizens: The issue of banks not issuing credit cards to senior citizens was raised in Rajya Sabha. Congress MP Renuka Chaudhary raised this issue during Zero Hour and said that the money of people above 60 years of age can be kept as a deposit in banks and banks can use that money but banks do not issue credit cards to senior citizens. Renuka Chaudhary expressed surprise at this rule of the banking sector regulator Reserve Bank of India and said that this is a strange rule.
Renuka Chaudhary said, according to the guidelines prepared by RBI for banks, any citizen above 60 years of age is not eligible to take a loan. Therefore, credit cards cannot be given to citizens above this age. Banks only give debit cards. While raising questions on this rule in the House, she said that credit card is not only a means of getting instant loan but it also has social aspects. It helps in accessing funds during emergency. Renuka Chaudhary said, people above 60 years of age are not a burden.
The RBI has issued guidelines to banks stating that anyone over 60 is not considered creditworthy, denying us access to credit cards. However, they will utilize our money in savings accounts to generate profits. This is a bizarre concept.
With increased longevity in India,… pic.twitter.com/Ya2ZYzirFr
— Congress (@INCIndia) August 5, 2024
She said, the average age of people in India has increased now. Senior citizens can book hotels, book flight tickets, pay bills online. The government talks about Digital India, talks about cashless economy but people above 60 years of age cannot be given credit cards. Renuka Chaudhary said, the average middle class who have deposits in banks, banks ask for Jeevan Pramaan Patra from senior citizens, despite this they do not give credit cards. She said, there is no such rule in the countries from where international banks come but according to RBI rules in India, they also cannot give credit cards. She said, senior citizens are also contributing a lot to the economy. She has demanded immediate abolition of such biased and discriminatory rules.
what does the rule say
The minimum and maximum age of the consumer for issuing a credit card is different in many banks. For example, according to HDFC Bank, the minimum age limit for applicants for a credit card is 21 years, while for salaried people this limit is 60 years, while for those who are self-employed, the maximum age limit is 65 years. According to the website of State Bank of India, the minimum age limit for applying for a credit card is 21 years, while the maximum age limit is 70 years. Also, it is necessary for the applicant to be salaried or self-employed. Along with a regular source of income, it is necessary to have a good credit score.
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