CAIIB RETAIL::
Calculate Min. Amt. Due for dues of credit card
Finance Charges - Applicable in the event of the card member deposits part of the Total
Payment or the Minimum Amount Due. The amount attracts finance charges on entire
outstanding including fresh purchases and other bank charges till the date of full and
final payment.
Finance charges are calculated on a daily basis at the end of every day based on the
current outstanding balance of the customer.
Illustration:
• Balance ou tstanding as on the statement date - Rs.20000
• Balance is not paid on the due date.
• Interest - 3.5% per month
• Daily Interest Charge for th e above balance is
= 20000 x (3.5% x 12 months)/365 = Rs.23.01
• Total interest payable by the next statement c ycle (after 30 days)
= Rs.23.01 x 30 = Rs.690.41 + Service Tax
Calculate Min. Amt. Due for dues of credit card
Finance Charges - Applicable in the event of the card member deposits part of the Total
Payment or the Minimum Amount Due. The amount attracts finance charges on entire
outstanding including fresh purchases and other bank charges till the date of full and
final payment.
Finance charges are calculated on a daily basis at the end of every day based on the
current outstanding balance of the customer.
Illustration:
• Balance ou tstanding as on the statement date - Rs.20000
• Balance is not paid on the due date.
• Interest - 3.5% per month
• Daily Interest Charge for th e above balance is
= 20000 x (3.5% x 12 months)/365 = Rs.23.01
• Total interest payable by the next statement c ycle (after 30 days)
= Rs.23.01 x 30 = Rs.690.41 + Service Tax
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