Top Searches
Advertisement

The Final Bill: Who Picks Up the Tab When a Cardholder in India Passes Away?

Updated: May 02, 2025 02:45

Image Source: Asianet News
In India, the credit card debt is not automatically transferred to the family members unless they are joint cardholders or co-signers. The dues on death are on the estate, which is managed by the court-appointed legal heir/administrator.
 
Key steps:
 
Notify the issuer: Present the death certificate to freeze interest and to close the account.
 
Pay from the estate: Debts are paid out against the assets of the deceased individual (cash, property). When assets are inadequate, the outstanding debt is usually waived.
 
Joint accounts: Joint holders/spouses will have to pay dues but are not liable unless there is unauthorized use of the card following death.
 
Warning: Using the card after the holder's death is fraudulent and insurers may pay dues if there is cover in place.
 
Sources: BankBazaar, Wint Wealth, IIFL Finance

Advertisement

STORIES YOU MAY LIKE

Image Source: Rising Kashmir
Prescribing Progress: Govt Sends 103 Medical Officers to Underserved Corners of J&K
Image Source: Times Of India
Retro Rolls In ₹20 Cr on Day 1, But Kanguva Still Steals the Show
Image Source: The Hindu
Adani's Offshore Puzzle: Mauritius Funds Under SEBI & Tax Scanner
Advertisement
Image Source: Inc24
Lights, Camera, Investment: YouTube Dials INR 850 Cr Into India's Creator Ecosystem
Image Source: The Hindu
GST Mop-Up Soars to Record ₹2.37 Lakh Crore in April, FM Hails Economic Resilience
Image Source: Times Of India
Shuttling to Glory: Satwik & Chirag Clinch Khel Ratna, Badminton’s Finest on Top!
Image Source: Newsx
PM Modi to Launch Rs 8,900 Cr Vizhinjam Deepwater Seaport: Kerala's Gateway to Global Trade
Advertisement
Live Blogs
From MI to RR: Akash Madhwal Swings Back with a Vengeance
IPL’s Six-Hitting Hotspots: Wankhede Nears 2,000 as Chinnaswamy Tops the Charts
Batting Beyond Limits: Prabhsimran Singh’s Historic 1000-Run Triumph for PBKS
Excuses Out, Action In: Rayudu Tells Pant to Lead from the Front After LSG’s Latest Slip
Top Stories
Image Source: Vibes Of India
INS Surat Anchors Pride: Gujarat’s Maritime Marvel Docks at Hazira
Image Source: ET Hospitality
OYO dives into QSR: Townhouse Cafe to spice up hotel stays and revenue
Image Source: My Hours
Top 5 Labour Compliance Shifts in 2025: What Employers Must Know
Image Source: News Arena
Rain Reigns and Winds Howl: Himachal Raised to Orange Alert
Advertisement
Advertisement

Follow WOWNEWS 24x7 on:

Copyright 2024 WOWNEWS 24x7. All rights reserved. The WOWNEWS 24x7 is not responsible for the content of external sites. Read about our approach to external linking.

Powered By Just Imagine