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Prepayment Penalty

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(Querist)
01 May 2009 Can the Bank charge prepayment penalty on closure of CC a/c. which basically is limit taken and is payable on demand.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
01 May 2009 If the saction letter is having that clause then they can charge prepayment penalty for cc accounts also. The cc limit will be payable on demand or for a period of one year whichever is earlier. Please read the saction letter again.

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