Due to this RBI rule, you won’t be required to pay the penalty if you delayed paying your Credit Card Bill Payments out of fear of a fine.
Credit cards have grown in importance as a result of the times we live in. People utilize credit cards for various types of purchases, including groceries, mobile phone bills, and utility bills.
The primary benefit of using a credit card is the ability to make immediate purchases without cash and make payments later. If you pay your credit card bill in full before the due date, there is no penalty; but, if you neglect to pay the payment, there is a penalty.
The majority of people today use many credit cards at once. He forgets the credit card payment due date in this circumstance since he has another card.
There is no need to be concerned about the penalty if it happens to you as well and you are unable to pay your account on time. The Reserve Bank’s new regulations state that you are permitted to make a few late payments without incurring any penalties.
The Rule Of RBI
RBI adopted a new rule regarding credit card bill payments on May 21, 2022. (RBI Rules for Credit Card Bill Payment). This regulation states that any credit card holder may pay their credit card bill without incurring any fees for three days even after their credit card’s due date.
For instance, if your credit card bill is due on December 12th, 2022, you may pay it in full by December 15th without incurring late fees.
Credit rating won’t be impacted
In accordance with RBI regulations, you can avoid penalties and a low credit score by paying your credit card bill three days after the due date. Your credit score won’t be impacted by this, and you can easily apply for a loan later on anywhere.
How much of a fine must be paid if the credit card bill is not paid in a timely manner?
Let us warn you that the credit card company will undoubtedly impose a penalty on you if you don’t pay this amount within the next three days. This sum is solely based on the size of your credit card statement.
You will be penalized more heavily for bigger amounts. For instance, SBI Card levies a 400-rupee penalty on purchases between 500 and 1,000 rupees.
In addition, Rs 950 is recovered as a penalty on the amount of Rs 10,000 to Rs 25,000, while Rs 750 is levied on the amount of Rs 1,000 to Rs 10,000.
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