Computation of interest on late payment
In my last citibank card, i was supposed to pay Rs. 80K and I made a payment of Rs.70K within due date. To my surprise, iu found that the bank has charged me interest on the entire 80K @3%p.a without reducing the payment of 70K i have made.
I feel this is totally unjust and an unfair money making mechanism. Under any banking laws, if payments are made within due dates, interest can be livied only on the unpaid balance and not on the full amount