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

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 ?


 3 Replies

Dhawal Bhandari (ADVOCATE)     27 June 2010

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


however it looks like arbitrary 

1 Like

Satya Narayana Palukuru (Advocates & Mediators.)     27 June 2010

It is definetly arbitrarary but we agree for it

you can take up with banking ombudsman

1 Like

J. P. Shah (RTI & CONSUMER ACTIVIST)     27 July 2010

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