RBI shortens credit card overdue reporting window to 3 days
Business
The RBI just made it tougher for credit card issuers to report your account as overdue.
Now, if you miss a payment by more than three days after the due date, your account can be reported or hit with penalties, much sooner than the old 15- to 25-day gap between statement generation and the payment due date.
So, those payment reminders? They matter more now.
Late fees counted from due date
From now on, late fees and days past due will be counted right from the payment due date shown on your statement—not from when you get the bill.
Plus, late charges will only apply to what's actually unpaid after that date.