The banks have put guards on the applications of customers to prevent them from overpaying their Credit card dues.
By CROX Times Desk: Indian banks are not allowing credit card users to pay more than their outstanding amount. And in the cases where the amount is paid more than the outstanding ones, they are refunding the amount back to the customers.
The main reasons attributing to this are money laundering and fraud. As per the report to The Times of India, there are several cases where excess amount parked in the customer’s credit cards has been used for international transactions leveraging the power of hacking.
The banks have put guards on the applications of customers to pay beyond the outstanding amount but in some cases where there is excessive amount, the banks are returning the surplus funds within the week.
The report revealed that banks like HDFC Bank, SBI, and Axis Bank do not allow their customers to pay above the outstanding amount on their official apps. However, ICICI Bank is still allowing its customers to overpay their dues.
This is good news for the customers who pay their dues on time.
