- Bank Name
- Standard chartered
- Customer Care Number
- 08039404444
- Loss Amount
- 45000
- Ratings
- 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:
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 .
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 .