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Foreclosure charges

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(Querist)
21 September 2017 I am holding cash credit limit with HDFC bank and I want to transfer my limit to ICICI bank.

But HDFC is telling if you transfer the limit you have to pay forclosure charges @ 5%

I want to know is bank are liable to charge foreclosure charges, is there any Rbi notification regarding this
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
21 September 2017 It depends on Bank to charge or not to charge. RBI doesn't have any say over this.
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
21 September 2017 Refer your sanction letter issued by HDFC Bank for information about preclosure charges
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