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Need to follow RBI conduct directions or CREDIT Card bank directions ?
Are you aware of how Standard Chartered Bank calculates interest on outstanding credit card balances?
For instance, if the credit card bill is Rs. 6,26,000 and Rs. 6,00,000 is paid before the due date, leaving an outstanding balance of Rs. 26,000. Standard Chartered Bank charges interest on the total amount due, which is Rs. 6,26,000, rather than the outstanding balance of Rs. 26,000. Consequently, the interest charged is Rs. 41,000, despite the outstanding balance being significantly lower.
Does Standard Chartered Bank operate in accordance with RBI guidelines or does it drive customers into deep financial debt? @StanChartIN
What does the RBI say? @RBI
RBI Notification
RBI/2023-24/132 DOR.RAUG.AUT.REC.No.81/24.01.041/2023-24 dated March 07, 2024
As per the RBI, "In case a cardholder does not clear the total amount due within the payment due date, the interest-free credit period will be lost, and interest may be levied from the date of transaction on the outstanding amount (adjusted for payments/refunds/reversed transactions as and when credited) and not on the total amount due. Further, late payment fees and other charges relating to delay in payment shall be levied only on the outstanding amount (adjusted for payments/refunds/reversed transactions as and when credited) after the payment due date and not on the total amount due."
However, Standard Chartered Bank claims that it is not bound to comply with the RBI notification, citing that it has its own regulations. This raises concerns about why people succumb to financial debt, resort to suicidal tendencies, or abscond due to fraudulent practices by Standard Chartered Bank.
I have spoken to them and sent an official email with details and the RBI notification. In response, I received a callback stating that they follow their own rules.
Any remarks on this ?
Are you aware of how Standard Chartered Bank calculates interest on outstanding credit card balances?
For instance, if the credit card bill is Rs. 6,26,000 and Rs. 6,00,000 is paid before the due date, leaving an outstanding balance of Rs. 26,000. Standard Chartered Bank charges interest on the total amount due, which is Rs. 6,26,000, rather than the outstanding balance of Rs. 26,000. Consequently, the interest charged is Rs. 41,000, despite the outstanding balance being significantly lower.
Does Standard Chartered Bank operate in accordance with RBI guidelines or does it drive customers into deep financial debt? @StanChartIN
What does the RBI say? @RBI
RBI Notification
RBI/2023-24/132 DOR.RAUG.AUT.REC.No.81/24.01.041/2023-24 dated March 07, 2024
As per the RBI, "In case a cardholder does not clear the total amount due within the payment due date, the interest-free credit period will be lost, and interest may be levied from the date of transaction on the outstanding amount (adjusted for payments/refunds/reversed transactions as and when credited) and not on the total amount due. Further, late payment fees and other charges relating to delay in payment shall be levied only on the outstanding amount (adjusted for payments/refunds/reversed transactions as and when credited) after the payment due date and not on the total amount due."
However, Standard Chartered Bank claims that it is not bound to comply with the RBI notification, citing that it has its own regulations. This raises concerns about why people succumb to financial debt, resort to suicidal tendencies, or abscond due to fraudulent practices by Standard Chartered Bank.
I have spoken to them and sent an official email with details and the RBI notification. In response, I received a callback stating that they follow their own rules.
Any remarks on this ?
