How Banks charge late fee of Rs.600/-on balance of Rs.400/-?

Properties and Finances

I became two days late in paying a balance of Rs.400/- for my SBI credit card,they have charged me Rs. 600/- late fee and denied to waive off after three consecutice requests.

I wonder under which law they can charge me such a big penalty for such a small amount apart from the settled monthly interest.
Do RBI/Govt. permits them to do so ?
 
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ADVOCATE

kindly look into your credit card agreement ie [penality + rate of interest]

 

however it looks like arbitrary 


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Advocates & Mediators.

It is definetly arbitrarary but we agree for it

you can take up with banking ombudsman


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RTI & CONSUMER ACTIVIST

 
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