Credit Card Standard charted bank unfair Interest Charges

A

AC Prasad

New member
Bank Name
Standard chartered
Customer Care Number
08039404444
Loss Amount
45000
Ratings
5.00 star(s)
Opposite Party Address
India
Dear all

In the statement dated 28.09.2025, an entry titled “Purchase Interest” of ₹41,065.29 was levied. I would like to know what this charge represents and how it was calculated.

Statement Summary:
  • Total Bill Amount: ₹6,26,338.09
  • Amount Paid: ₹6,00,037.00
  • Due Amount after Due Date: ₹26,301.09
  • Interest Charged: ₹41,065.29

From bank I received an email on Mon, 06.10.2025, at 15:24, stating:

“We note that the statement on 28th August was for INR 6,26,338.09/- with a due date of 19th September. We have received payments of INR 3,00,000/- each on 29th August and 10th September, totalling INR 6,00,000/- within the due date. Since there was a shortfall of INR 26,338.09/- against the total dues, interest of INR 41,065.29/- was levied. Interest is calculated on all transactions from the date of transaction until the complete outstanding is paid at a monthly interest rate of 3.75%. The interest calculated is as per the bank’s policy, which is available on our website and adheres to the applicable guidelines.”

My understanding is as per RBI guidelines need to pay interest for outstanding amount not on total outstanding.

Below what
RBI Says

Amendment to the Master Direction - Credit Card and Debit Card – Issuance
and Conduct Directions, 2022

Reference Number : RBI/2023-24/132DOR.RAUG.AUT.REC.No.81/24.01.041/ 2023-24
March 07, 2024 Page no # 9 II. New provisions added in the MD The following
provisions have been added:
i. Para 3(a)(xxi) - Total Amount Due is the total amount (net of credit
received during the billing cycle, if any) payable by the cardholder as per
the credit card statement generated at the end of a billing cycle.
ii. Para 9(b)(vi) - Interest shall be levied only on the outstanding amount,
adjusted for payments/refunds/reversed transactions.

Called several times and Sent mails Upto level 2 , bank says “interest calculated is as per the bank’s policy” . Next I need to raise issue with PNO .

Now , which one we need to follow ? Bank can override RBI notifications?

Pls guide me what is my next , thanks in advance .
 
What bank mentioned in the terms and conditions same applied in statement, But RBI Notification is different. Can bank override the RBI Rules? In my case bank policy conflicts with an RBI rule. Other credit cards rule as per RBI! . I am holding 13 credit cards, Only SCB Have bank rule rest is RBI Rules. guide me on this pls ?
 
Sir , mentioned in my first post . Copied down

Reference Number : RBI/2023-24/132DOR.RAUG.AUT.REC.No.81/24.01.041/ 2023-24
March 07, 2024 Page no # 9 II. New provisions added in the MD The following
provisions have been added:
i. Para 3(a)(xxi) - Total Amount Due is the total amount (net of credit
received during the billing cycle, if any) payable by the cardholder as per
the credit card statement generated at the end of a billing cycle.
ii. Para 9(b)(vi) - Interest shall be levied only on the outstanding amount,
adjusted for payments/refunds/reversed transactions
 
Sir ,

29th Sep 25 first mail and spoke to support
Nearly 23 mails , 10 calls upto 29th Oct .
Updated in social media tagged rbi nch and Scb
31th oct all Oct and Sep unfair charges reversed
In directly accessed they are following RBI Rules
Bank says “ Interest on total outstanding+any new purchases” RBI Says “ interest on total outstanding + any new purchase - any payments done “

Bank what ever part payment done not taking into account . That is issue .

My last mail to bank ,
It is evident that the bank continues to charge interest on the total amount
due rather than the outstanding balance after adjusting payments, which
constitutes a direct violation of the RBI’s directions.

I would also like to highlight that my intent goes beyond my individual
case — I am determined to ensure awareness of this issue so that other
customers are not similarly affected. If this non-compliance continues, I
will be compelled to report the matter directly to the Reserve Bank of India
for appropriate regulatory action.

My Final Clarification Requests

1. Has the bank corrected this issue and started following the RBI
guidelines strictly?
2. The bank’s Most Important Document (MID) still states that interest is
charged “on the total amount due.” Can this be updated to align with the RBI
clause — i.e., interest only on the outstanding amount?
3. Over 30 days have been spent sending emails, making calls, and following
up repeatedly. Who will compensate for the lost time and effort?
4. My February 2025 statement also reflects the same issue. When will this
be rectified?
5. For the unfair charges already held or reversed, please credit interest
for the period the funds were retained by the bank, at the same rate the
bank charges its customers.

I request a written clarification and final confirmation on each of the
above points so this matter can be properly understood and closed.

Janani, I am allowing a final two-day window for you to conclude your review
and communicate your decision by email. Based on your reply, I will
determine my next steps, including escalation to the Reserve Bank of India,
if necessary.

Bank non compliance with RBI rules on this matter . It is effecting bank customers . Need a drive to fix this . Any help ?IMG_7307.jpeg
 

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We have carefully reviewed all the details submitted regarding your complaint. Based on our thorough evaluation, we regret to inform you that the only viable option left is to file a case before the nearest District Consumer Disputes Redressal Forum.
You can file the case through the online e-Jagriti portal: e-jagriti Platform: Ministry of Consumer Affairs, Food, and Public Distribution, Government of India

To initiate your complaint, the following documents need to be submitted:
  1. Index – A list of all enclosures/documents attached.
  2. Memo of Parties – Details of the complainant(s) and respondent(s).
  3. Affidavit – A sworn statement verifying the contents of the complaint.
  4. List of Events / Chronology – A timeline of key events related to the issue.
  5. Supporting Documents – Invoices, receipts, communication proofs, warranty cards, etc.
We can assist you by:
  • Drafting all the necessary documents (Index, Complaint, Affidavit, List of Events, etc.)
  • Uploading and filing the complaint on the Consumer Forum website on your behalf
  • Guiding you through the hearing process and next steps
If you would like to proceed, kindly confirm, and we will begin preparing your case files right away.

Thanks
 
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