I am having CITIBANK CREDIT CARD & ICICI SAVING A/C. MY ECS for credit card bill was rejected due to less balance. Bill amount was Rs.7005/54. Citibank has charged me Rs. 1096/70 as a fine under various headings & ICICI charged me Rs. 225/- for citibank ECS return. Citibank details are as follows - ECS return charge Rs.250/-, Interest charge Rs.246/70 & late payment fee Rs.600/- If only citibank charges are to be considered then it comes to 15% per month and 187% per year. It is more than Loan interest. Late was only 10 days. Is it justifiable?
Shrikant R Bagalkote
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