Credit Card Fees and Charges in India, and the RBI Rules That Limit Them

Para 11(1): one-page Key Fact Statement; para 91(1): MITC fees and charges items (joining and annual fees for primary and add-on cards, cash advance fee, service charges, interest-free period with examples, finance charges on revolving credit and cash advances, overdue interest monthly and annualised, charges in case of default); para 23(1): APRs for different situations, APR and annual fee with equal prominence, late payment charge method and days shown prominently; para 23(2): no capitalisation of unpaid taxes/levies/charges; para 23(5): past due more than three days before late charges or CIC reporting, days computed from statement due date, late charges only on outstanding after due date; para 23(7): prospective changes with one month's notice, closure without extra charge; para 23(8): no hidden charges on free cards; para 12(5) explanation: over-limit needs prior explicit consent; para 27: no charges on transactions disputed as fraud until resolved; para 29: billing cycle can be modified at least once; para 26: authorised payment modes listed on websites and statements.

SBI Card MITC: cash advance transaction fee and finance charges from the date of withdrawal until full payment; interest on cash advances from transaction date; over-limit transactions (with customer consent) subject to an over-limit fee; foreign currency transaction fee; dynamic currency conversion fee on transactions at or above a threshold amount in Indian currency at an international location or at merchants located in India but registered overseas.

E-mandate framework: pre-transaction notification at least 24 hours before the debit; opt-out of a transaction or the mandate; no charges for the e-mandate facility; credit card bill payments up to ₹1,00,000 per transaction without AFA; framework applies to recurring transactions using cards, PPIs and UPI.