Friday, October 21, 2011
Finance charges (service charges):-
finance charges are payable at the monthly percentage rate on all transactions from the date of transactions from the date of transaction in the event of the card holder choosing not to pay his balance in full, and on all cash advances taken by the card holder, till they are paid back. Card interest rate is dynamic and will be based on the card holder's usage and payment patterns and is subject to periodic review. The rate of finance charges may increase to a maximum of 3.10% per month (37.2% per annum) from the transaction date. Finance charges, if payable, are subject to levy of service taxes and are debited to the card holder's account till the out standing on the card is paid in full.
Finance charges on cash advances are applicable from the date of transaction until the payment is made in full.
Late payment charges will be applicable if minimum amount due is not paid by the payment due date, and are applicable at the rate of 30% of the minimum amount due subject to a minimum of Rs.350 and a maximum of Rs. 600.
Over limit charges are applicable at the rate of 2.5% interest on over limit amount or Rs. 500 whichever is higher.