Interest charges in grace period - Axis bank

[rajgopalsinghal]

Can a bank charge interest for payments made within the grace period? I had a due of 2.35L on 11th March, but I made a payment of 89k on 12th March and the rest on 13th March, well within the three-day grace period. However, the bank still charged me 15.5k + GST for this delay. Is this correct as per RBI rules or should I dispute it?

 

[Zacobite]

Can a bank charge interest for payments made within the grace period? I had a due of 2.35L on 11th March, but I made a payment of 89k on 12th March and the rest on 13th March, well within the three-day grace period. However, the bank still charged me 15.5k + GST for this delay. Is this correct as per RBI rules or should I dispute it?

pls dispute it.. they will reverse.. ideally they are not supposed to charge additional fees / charges etc.. but interest is due.. so negotiate it out.. they will reverse in most cases

 

[rajgopalsinghal]

pls dispute it.. they will reverse.. ideally they are not supposed to charge additional fees / charges etc.. but interest is due.. so negotiate it out.. they will reverse in most cases

Customer care said, they can reverse 10k + gst. Rest I need to pay. But I want to know if these charges are correct or not. So that I can negotiate or go ahead with complaint on it

 

[Zacobite]

Customer care said, they can reverse 10k + gst. Rest I need to pay. But I want to know if these charges are correct or not. So that I can negotiate or go ahead with complaint on it

interest is payable.. late fees etc are not in grace period.. push, they will reverse

 

[rajgopalsinghal]

interest is payable.. late fees etc are not in grace period.. push, they will reverse

Sure. Will email them today