Compliance with RBI Guidelines & Fair Practice Code
HDFC BANK LIMITED is a banking company registered under the Companies Act, 1956 and licensed as a bank under the Banking Regulation Act, 1949. All Credit Card operations are governed by the guidelines issued by the Reserve Bank of India (RBI).
The Bank strictly adheres to the 'Know Your Customer' (KYC) and 'Anti-Money Laundering' (AML) guidelines. The Bank is required to perform due diligence on the Cardholder and monitor transactions for suspicious activity under the Prevention of Money Laundering Act (PMLA), 2002.
The Bank is committed to transparent dealings with customers. We ensure that our marketing materials, terms, and conditions are clear and not misleading. We do not resort to harassment or intimidation for recovery of dues.
The Bank ensures that all customers are treated fairly and without discrimination on the grounds of gender, age, religion, caste, and physical ability.
Interest on Credit Cards is charged as per the APR mentioned in the Most Important Terms and Conditions (MITC). The interest rate varies dynamically based on the customer's purchase behavior, payment history, and credit score.
| Charge Type | Standard Rate (Indicative) |
|---|---|
| Finance Charges (Retail) | 3.6% p.m. (43.2% p.a.) |
| Cash Advance Fee | 2.5% of amount withdrawn (Min ₹500) |
| Late Payment Fee | Variable based on outstanding balance |
Interest is calculated on a daily basis on the outstanding balance. The interest-free period (up to 50 days) is valid only if the closing balance of the previous month is paid in full.
In the event of default, the Bank may engage RBI-authorized recovery agencies. The details of these agencies are published on the Bank's website. Agents are bound by a strict Code of Conduct.
To ensure transparency, the Bank follows a tiered grievance redressal policy:
If the complaint is not resolved within 30 days by the Bank, the customer may appeal to the Banking Ombudsman appointed by the RBI under the Integrated Ombudsman Scheme, 2021.
The Bank outsources certain activities such as card printing, statement dispatch, and KYC verification to third-party vendors. The Bank remains fully responsible for the confidentiality of customer data shared with these vendors.
In compliance with RBI circular on Storage of Payment System Data (2018), all data relating to payments is stored in systems located only in India.
The Bank is a member of all four CICs (CIBIL, Equifax, Experian, CRIF High Mark). Customer data including repayment history, credit limit utilization, and defaults is reported monthly.
Non-payment of dues by the due date will be reported as 'Overdue', which adversely impacts the Credit Score. This may affect future loan eligibility.
Zero Liability: The customer has zero liability if the unauthorized transaction occurs due to contributory fraud/negligence/deficiency on the part of the Bank.
Limited Liability: If the loss is due to customer negligence (e.g., sharing OTP), the customer bears the loss until the unauthorized transaction is reported to the Bank.
The Bank shall compensate customers for failed transactions (where account is debited but beneficiary not credited) as per the timelines prescribed by RBI (TAT harmonization).
HDFC BANK LIMITED is a member of the Banking Codes and Standards Board of India (BCSBI). We are committed to the 'Code of Bank's Commitment to Customers', which ensures minimum standards of banking services.
We treat all customer information as private and confidential, even when the customer is no longer with the Bank. We do not reveal information to third parties other than as required by law or credit reporting.