Penal interest

venish ladva (Querist) 24 April 2013 This query is : Resolved
at what rate penal interest is charged ??
it is fixed for whole year or changing??

why bank charge penal interest on CC limit????

how to calculate penal interest on cc?

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Rajendra K Goyal (Expert) 24 April 2013
The penal rate of interest is charged as per agreement entered while taking the loan / advance / limit etc. You may consult the Bank's site or penal interest information voucher to know as to, at what rate the penal intt. is charged and on which defaults. Separate Banks have separate rules in the matter. In CC limit bank may charge panel interest for delayed submission of stock statement, delay in submission of financial data, delay in service of interest. non observance of financial discipline etc.

R.K Nanda (Expert) 24 April 2013
normally banks charge 2% of penal interest.

Raj Kumar Makkad (Expert) 24 April 2013
I do endorse the advice of Rajender ji.

Rajendra K Goyal (Expert) 24 April 2013
Sir, the panel interest is charged as per item of default individually and it may be in the range of .25 to 4% or above in some cases as per Bank rules.

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