Bank of India Credit Card Charges – Complete Fee & Penalty Guide

Key Takeaways
 

• Bank of India credit cards have joining, annual, and service charges that vary by card type.
   
• Unpaid balances attract high interest so timely payments save money.
   
• Transactions like fuel or PIN replacement may have additional small fees, so tracking usage helps avoid surprises.

Bank of India credit card charges include joining fees, annual fees, interest rates, and other service fees. These charges vary depending on the type of card you hold.

For example, Ramesh holds a Bank of India Visa Gold credit card. He paid ₹500 as an annual fee and used his card for shopping twice a month. He was aware of the interest on unpaid balances and a small fuel surcharge of 1% per transaction. By tracking these charges, he avoided unnecessary costs.

This blog explains all key Bank of India credit card charges in detail for easy understanding.

Bonus Tip: Always use your Bank of India credit card at least twice a month. This helps maintain card activity, avoid inactivity penalties, and makes you eligible for reward points or cashback offers.

Bank of India Credit Card Joining and Annual Fees

Bank of India offers a range of credit cards with simple and transparent fee structures. Most Bank of India credit cards charge a ₹0 joining (issuance) fee, making them affordable to begin using for domestic or international spending.

Joining (Issuance) Charges

All listed Bank of India credit cards show a ₹0 joining fee for both principal and add-on cards.

Annual Membership Fees (Principal Card)

VISA Gold International: ₹300

VISA Platinum International: ₹500

RuPay Platinum International: ₹0

RuPay Swadhan Platinum International: ₹0

RuPay Merchant Credit Card (Domestic): ₹0

RuPay Select International/Domestic: ₹800

RuPay Bharat International/Domestic: ₹400

RuPay India Card (Domestic): ₹0

Master Platinum International (Discontinued issuance): ₹800

Annual Fees for Add-On Cards

Charges generally range between ₹0–₹600, based on the card variant.

Replacement Charges

Replacement of lost or damaged cards usually costs ₹300–₹500 per card.

Bank of India credit cards provide affordable access with minimal joining costs and flexible annual fees. If you are considering a practical and cost-effective option, a Bank of India credit card can be a suitable choice.

Bank of India Credit Card Interest Rate Charges

Bank of India Credit Card offers a maximum of 51 days of interest-free credit period, giving users enough time to clear their dues without paying any extra cost.

The card also provides a revolving credit facility, where the cardholder needs to pay only 10% of the total bill amount on or before the due date. The remaining 90% outstanding balance attracts an interest charge of 1.70% per month.

This feature makes the Bank of India Credit Card convenient for users who prefer flexible repayment options while managing their monthly expenses effectively.

Bank of India Cash Withdrawal Charges

Bank of India provides convenient cash withdrawal facilities at its branches for Savings, Current, Overdraft, and Credit Card holders. The Bank of India Credit Card users can make cash withdrawals directly from branches under certain conditions.

For Savings Bank Accounts, up to 5 cash withdrawals in a month are free of charge. Beyond this limit, a fee of ₹75 per transaction is applied.
For CD/OD/CC Accounts, up to 5 withdrawals in a month are also free, while each additional withdrawal beyond the limit attracts a ₹150 per transaction charge.

It’s important to note that these charges exclude ATM or alternate channel withdrawals, and Gold, Diamond, or Platinum CD account holders enjoy a waiver on cash withdrawal charges.

In short, the Bank of India Credit Card and account holders can enjoy flexibility in cash withdrawals, with minimal fees for maintaining convenience and accessibility.

Bank of India Late Payment Charges

If a cardholder fails to make either the Total Payment Due or at least the Minimum Payment Due by the due date, the following apply:

• A late payment fee is levied when payment is not made by the due date.
   
• The late payment charge is imposed on the outstanding amount after the due date, and not on the entire billed amount.
   
• The card account is considered “past due” if the cardholder misses payment by more than 3 days beyond the due date; only then will the Bank of India report the account to credit information companies (CICs) and levy penal charges.
• In addition to the late payment charge, finance charges will accrue on the overdue outstanding amount monthly. 

For instance, in the document, a sample scenario shows a late payment fee of ₹100 being charged when dues exceed ₹10,000 and payment is delayed beyond the grace period.

Bank of India Overlimit Charges

If you exceed your assigned credit limit (on purchases or cash), the following Charges apply:

1. Overlimit interest
    
   • For secured credit (e.g., SwaDhan variant), the interest on the overlimit amount is 1.70% per month (22.45% p.a.) on the daily overlimit balance.
      
   • For unsecured credit (i.e., other variants), the interest is 3.00% per month (36.00% p.a.) on the daily over-limit balance. 
      
2. Usage beyond the spending limit (over-spend charge)
   
   In addition to interest, the Bank of India levies a fee of 2% of the overlimit amount, with a minimum charge of ₹250.
    
3. When overlimit charges apply
    
   • Overlimit charges apply to both purchase and cash transactions that push your balance beyond your sanctioned limit. 
      
   • Even if the overlimit occurs due to offline transactions (for example, hotel tips), which may be permitted beyond spending limit, you are still liable to pay the overlimit charges

Bank of India Credit Card applies reasonable overlimit charges to encourage responsible spending. By keeping track of your transactions and maintaining your balance within the approved credit limit, you can easily avoid these extra costs and enjoy a smooth banking experience.

Bank of India Other fees
 

The Bank of India Credit Card comes with a few additional service charges

 that apply in specific situations. These fees are minimal and ensure smooth operation and maintenance of your card services.

Bank of India Credit Card keeps its additional fees transparent and affordable, allowing customers to manage their finances with clarity and confidence.

Conclusion

Bank of India Credit Card offers a clear and customer-friendly fee structure that suits different spending needs. From joining and annual fees to interest rates and other service charges, every detail is designed to ensure transparency and ease of use. By understanding these charges, you can use your Bank of India Credit Card wisely, avoid unnecessary costs, and make the most of its convenient features.

FAQ’s

What is the charge for retrieving a lost charge slip?
The retrieval charge is ₹100 or the actual cost, whichever is higher. 

Do I pay a fee if I want the bank to issue a duplicate statement after 12 months?
Yes, a duplicate bill is charged ₹50 per quarter, applicable after the first 12 months. 

Is there any per-transaction fee for certain services on the Bank of India credit card?
Yes, some services are charged ₹10 per transaction. 

Are retrieval charges only for domestic slips or also for international ones?
The retrieval charge applies broadly (including international), and as of 19/04/2013 it was enhanced to USD 25 for international cases by VISA. 

Will I ever pay more than ₹100 for charge slip retrieval?
Yes if the actual cost exceeds ₹100, you will pay that higher amount for retrieving your slip. 
 

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