New Minimum Payment Policy

In line with the best global practices, Citibank would like to inform you about a change in the Minimum Payment Amount payable by Citibank credit cardholders. This change will be implemented to help credit cardholders pay off outstanding amounts.

Under the revised Minimum Payment Amount policy, effective from April 16, 2007, the minimum due will be calculated as follows:

• A customer will have to pay full amount if the current balance is up to Rs.200; or
• In case the current balance amount is more than Rs.200 then the customer will pay Rs.200 or 1.60% of such current balance amount which ever is higher.
• In addition to the above stated amount, the following charges/fees (all or those applicable) will also be a part of the minimum payment amount :
• Service Fee
• Monthly installment of a subscribed installment plan
• Any amount spent over and above the credit limit of the credit card
• Amount of the unpaid/outstanding minimum payment amount due in the previous month(s) date
• Late payment fee
• Cheque returned fee

You are urged to refer to the changes to the applicable clauses of Credit Card Terms and Conditions.

Please find some useful examples below for your understanding (figures used in examples are for illustration purposes only):

Example 1 :
A card member having a balance of Rs.2,000, service fee charges of Rs.60 will have minimum payment that would be the higher of:

* In this case, the card member will pay Rs.200 as the Minimum Payment Amount.

Example 2 :
A card member having a balance of Rs.12,000, service fee charges of Rs.360, and late fee charges of Rs.600 will have a minimum payment that would be the higher of:

* In this case the card member will pay Rs.1,152 as the Minimum Payment amount.

If there are any further queries please call CitiPhone at 111 222 222.