Good news is lined for the credit card holders, The apex bank has asked the banks that they can charge late fees from the customers only in the next billing cycle following a missed payment. At present the banks charge late fee if the payment is made after the due date.
Bank charges late fee between Rs 100 to Rs 700 depending on the outstanding amount. In case of credit cards the customers are charged interest for the delayed payment and in addition to this they are also charged a late fee payment.
CEO of SBI Cards, confirmed that RBI has asked banks not to impose late payment charges if the cardholder had paid before the next billing but after the due date.