Complaint Details

Status	:	Closed
Complaint No	:	0056856/2015
Category	:	Credit Card
Date	:	08-12-2015
Subject Line	:	Penalty for no fault of mine
Complainant	:	Jakil Dedhia
Address	:	Ghatkopar
Complainee	:	ICICI Bank Credit Card
Address	:	Mumbai

Complaint Details
I have been charged over Rs. 1100 for one day delay in paying my credit card bill of Rs. 6950 last month.

That is an astronomical 5069% Interest rate!

A common man's calculation:

Principal = Rs. 6950

Time = 1/365 (days)

Interest = Rs. 965.35 (this figure does not include the service tax)

Formula to find rate of interest => Interest = PTR/100

Note: The delay in the payment was due to some connectivity issues and the customer care executives are unwilling to help a customer like me who has always made all payments so far on time.

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