- Reduced interest rate from 28% to 15% for Customers with statement closing balance up to Rs. 50,000 till 30th June 2020. The prevailing interest rate of 28% p.a. will apply for statement closing balance exceeding Rs. 50,000. For example, if the statement closing balance is Rs. 70,000, an interest rate of 15% p.a. will apply for Rs. 50,000 and the prevailing interest rate of 28% p.a. will apply for the remaining Rs. 20,000. Following Customers will be excluded from the interest rebate;
- Exclude Customers who were not charged with an interest (Customers who makes full payments as no interest is charged).
- Exclude Customers who have not performed a single local transaction (Retail or Cash advance) since 24th March 2020.
- Exclude non-performing Credit Card customers.
The interest rebate will be credited on the subsequent statement cycle. For example, the interest rebate applicable for the 24th March 2020 – 23rd April 2020 statement cycle will be reflected on the 24th May 2020 statement cycle. Maximum interest rebate per statement cycle will be Rs. 534.24 (Rs. 50,000 *13% (30/365)).