As per RBI norms and Supreme Court Law, the interest rate should not exceed 30% p.a

Ref: Free of charge copies of statement of accounts of SBI credit cards to RTI applicant

http://www.rtifoundationofindia.com/free-charge-copies-statement-accounts-sbi-credit-c-2323

Comment: 

SBI Card is charging a very high rate of Financial Charges 3.5% + GST per month. Apart from it, they are charging late fees, limit exceed charges. If financial charges is high, then there is 100% possibility that it will exceed the limit and then they impose all charges to card Holder. As per RBI norms and Supreme Court Law, the rate of Financial charges should not exceed 30% p.a. I am facing finance problem because of them. They are threatening on call, at home and in office. This is very difficult to manage. I asked them for final settlement and I told them I will pay the amount I used. I will not pay charges as they are charging High rate. So they told they don’t know this and as per SBI, it is the correct charge. They are not ready for any settlement and are forcing me to make all payment. Their team is threatening me by sending their person at my home. As per past experience, when their collection person comes, he starts talk in loud noise and shouting that they will spoil my image in the society.

Is it ethical practice followed by SBI credit card team?

Now I finally decide if they are not ready for settlement then I will not pay any money because I am earning for my family bread and butter not for SBI credit card department.

Name: pavan chaubey

Email id: pavanchaubey86@gmail.com

As per available information, the Interest Rate charged on overdue credit by SBI on various Credit Cards is as under:

EDITOR