State Bank of India — High penalty

The various banks are charging a very high penalty if somebody forgets to make payment of the due amount of credit cards etc. Recently SBI has charged an amount of Rs.350/-for non-payment of an amount of Rs.246.40 (against my credit card ). The total payment due to be paid by 25/07/2008 was Rs.246.40. As most of the ATM/Branch are not having cheque drop facility for credit cards, the payment could not be made by me. The payment finally received by the bank on 06/08/2008. In the next statement dated 05/08/2008 the SBI put the following penalty:

01/07/2008 Cheque pickup fee (EXCL GST 6.80) Rs.55.00
29/07/2008 FEE – LATE PAYMENT (EXCL GST 43.26) Rs.350.00

Is it look fair to charge penalty more than the outstanding amount.