NEWS & ADVICE : CREDIT CARDS
Schemes with 0% interest on consumer goods banned by the RBI
By Ankit Sharma
Sep 26, 2013
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In a move that may hose the bubbly season for buyers, the Reserve Bank of India today banned the zero for every penny premium rate plot on buy of purchaser merchandise. While this move might ensure buyers from "disguised" investment rates, it will additionally imply that customers will reconsider before purchasing exorbitant things, particularly hardware, on compared month to month installments.

"Since the precise idea of zero for every penny investment is non-existent and reasonable practice requests that the handling charge and rate of premium charged ought to be kept uniform product/segment smart, regardless of the sourcing channel, such plots just serve the motivation behind charming and misusing the powerless clients," the RBI said in a notice. In an alternate vital move, the national bank said that no extra charges could be exacted on installment through check cards. The national bank said there are examples where purposes of bargains exact charge as a rate of the transaction is worth as the charges on clients who are making installments for buy of merchandise and administrations through check cards.


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