HDFC Bank — interest rate on emi payment

Oct 30, 2019

HDFC Bank Customer Care's response Dear Customer,

We have noted your concerns expressed with regard to the EMI availed in your card account. We would like to clarify that, there is a discount given by the merchant at the time of transaction equivalent to the Interest being charged by the Bank. As per the current Finance Bill, all fees and transaction charges levied in your card account will attract a rate of GST @ 18%. In terms of these guidelines provided by the Finance Bill, the Bank will be levying the GST accordingly. We would like to clarify that, effective July 01, 2017 service tax rate of 15% is replaced by Goods & Service Tax (GST) at 18% and thereby like to confirm that the GST component once charged will not be liable for any reversal. GST is a government-initiated item and a government guideline on taxes, as a bank we are abiding by it. Hence, we regret our inability to reverse the same. We request you to contact the merchant for any further clarification regarding No Cost EMI. With regard to your query on credit card please feel free to contact our Phone Banking officers at any of our 24-hour Phone Banking numbers mentioned in the below URL. tinyurl.com/y4chyauv

-Nadia
HDFC Bank Customer Assistance