Dear All,
I have swiped my ICICI credit card for purchase of Rs.45000.00 on 7th Nov.2015. The bank has sent a statement with interest charges of Rs.425.62 for the month of Nov.2015 just for 20days. I have paid Rs.25000.00 on 27th Nov.2015 online through net banking. I have received a statement an amount due to be paid on 28th Dec.2015 as 22307.44 which has an interest charge Rs.1232.19 along with Sercvice tax 178.67 also.
I called ICICI bank customer care and the person told me the interest rate is 3.40% charged in 4 ways on the outstanding amount. First the amount I had paid on 27th Nov.2015 of Rs.25000.00 shall not be deducted and the whole amount of Rs.45000.00 plus other charges will be taken as principal till all the amount to ICICI bank is repaid. In fact he said they had calculated interest for Rs.45000.00 plus 20000 outstanding at 28th Nov.2015. They charged interest for Rs.65000.00 plus on me for a balance of Rs.20000.00 only. He also added they are charging according RBI rules only. I need some expert opinion and comments from learned banking counsels.