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A credit card is a financial instrument that has a pre-loaded balance that the cardholder can use to make transactions and pay for them later. The card issuer will let you pay off the balance fully, interest-free, for up to 50 days from the date of payment. To avoid any fines, the cardholder can pay the minimum amount due (which can be anywhere between 5% to 10% on the total amount owed). The balance, however, will be carried forward to the next month, and interest set by the credit card company will be levied.
A credit card gives you more time to pay for your purchases. Every time you purchase on your credit card, you are in effect borrowing that money from the credit card issuer until you pay it back at the end of the month. Here are some things to know before you get your own credit card
There are different types of credit cards available in India today based on the spending habits of people. Here are 10 categories of credit cards.
These credit cards target customers who are shopaholics. Some of the benefits of shopping credit cards are:
Travel credit cards are those that offer extra benefits on travel such as lounge access, additional rewards, and more. They come with benefits such as:
They not only reward your lifestyle spends but also help you save money when you shop. You will get special and customized discounts from the card issuer’s channel partners. You can enjoy the following benefits with these cards:
These credit cards offer accelerated rewards on specific purchases and transactions. They are loaded with the following benefits:
You can avail cashback on every purchase through cashback credit cards. The cashback obtained can be used as a statement credit or for shopping. Some cards offer direct cashback whereas others allow you to convert reward points into statement credit.
They help you save on fuel in the form of discounts, extra rewards, and fuel surcharge waiver. Some of the benefits of fuel credit cards are:
Airline credit cards are specifically designed for frequent travelers. Most of these credit cards give maximum reward points when you spend on some of these partner airline tickets. They come with benefits such as:
To provide financial freedom to women, some of the credit card companies have come up with exclusive credit cards for women. Benefits are:
Business credit cards help businesses and corporations in streamlining their expenses and availing several business-specific benefits. Some benefits are:
These credit cards are offered against fixed deposits, and they are good for those who face difficulty in getting approved for a regular card.
There are credit cards specially designed for students who do their higher studies. The eligibility criteria for this card is fixed based on the father's or guardian’s income. Students can utilize this card to purchase laptops, gadgets, stationary items, etc.
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Some of the most common benefits of using a credit card are as follows:
Ease of use
A credit card enables you to make all kinds of transactions with ease and pay for them later. It is easier to carry a credit card than cash.
Most credit card companies provide a lot of welcome benefits like gift vouchers, huge reward points, discounts etc.
Credit card companies give reward points, cashback, discounts, and offers on purchases which are money savers
Credit card companies give reward points for each transaction. Some credit card issuers enable you to convert your credit card reward points to cash. This can be used to cut down your monthly bill.
Credit card companies provide cashback on various purchases. This can save a lot of money since you pay less than the normal price.
Credit card companies give discounts on dining, shopping, hotels, movies, flights, etc.
Complimentary Airport Lounge Access
Some credit card companies give complimentary airport lounge access to cardholders. The offer differs across banks.
Free Travel Insurance
Credit cards provide free travel insurance cover against air accidents, baggage theft or loss at foreign countries, overseas emergency hospitalization, etc. Not available on all cards.
Credit card companies provide concierge services that allow customizing of your travel and entertainment activities.
Credit score builder
Using a credit card helps build a good credit score if you repay consistently. When you use a credit card, you have a long credit history and your credit score soars high with a positive track record of repayment.
Most premium credit cards offer complimentary golf rounds with complimentary training sessions, entry fee, green fees, etc.
No Cost EMI
Credit cardholders can pay for their purchases in interest free EMIs. Only credit cards that have tie-ups with e-commerce websites come with No cost EMIs.
The cardholder can obtain an add-on card for his/her immediate family member. Add-on card members can make purchases using the credit limit of the primary cardholder.
Lifetime Free Credit Cards
Most of the credit card companies issue lifetime free credit cards free of cost.
Fuel Surcharge Waiver
Banks offer a fuel surcharge waiver to the cardholders on specific amounts spent on fuel every month.
Your monthly credit lists out all the transactions, which helps you track your monthly expenditure and plan your budget accordingly
Annual fee waiver
Banks offer an annual fee waiver on reaching a certain set spend limit. Some offer additional reward points on per annum spends of a certain limit.
What is the credit card interest rate?
Credit card interest rates, also called as finance charges, are termed as the price you pay for borrowing money.
How do you avoid paying interest on a credit card?
If you pay your credit card bills fully on time at the end of the monthly billing cycle, you will not incur any interest. However, if you pay only partially, the issuer will charge interest on the remaining outstanding amount (or balance) that will be carried over to the next month's bill.
How to calculate credit card interest rate?
The credit card interest rate is calculated using the formula below:
(Number of days are counted from the date of transaction made x complete outstanding amount x monthly interest rate x 12 months)/365.
For example, say you have purchased some products for Rs. 15,000 using your credit card. And that the total number of days from the date of transaction to the credit card payment due date is 28 days. The interest rate charged by the credit card provider is 3% per month. So, by using the formula, we get the credit card interest as - Credit card interest = [(28 x Rs. 15,000 x 36% p.a)] ÷ 365 days = Rs. 414.25
What is a credit card interest free period?
Credit card companies give cardholders an interest free period when they have to pay ‘zero interest’. It is the period between the credit card bill cycle’s end to the credit card payment due date. All transactions will not have the same interest-free period. It depends on the date you make such a transaction.
Let us understand with an example.
Let us assume that your statement date is October 2 and the payment date is October 24th. The statement date means the statement covers the credit card transactions between September 3rd and October 2.
If you make the complete payment by October 24th, you qualify for the interest free period. Here, the no: of days between the statement date and the payment due date is 22 days. The interest-free period for this credit card ranges from 22-52 days.
For a transaction made on September 3, the interest-free period is 52 days (from September 3rd to October 24).
For a transaction made on September 30th, the interest free period is 25 days
For a transaction made on October 2, the interest free period is 22 days.
Here is a list of 7 common credit card fees and charges
1) Rate of interest (APR):
The Annual Percentage Rate (APR) levied on your credit card also affects your bills, especially when you are carrying an overdue amount. Credit card interest rates are very high. But, this is applicable only when you do not pay the total outstanding amount.
2) Late payment fees:
if you do not pay the credit card bill before the monthly due date, late payment fees will be imposed over the interest rate.
3) Annual Fee:
This is charged once in a year and the amount differs from card to card. Sometimes, there are free credit cards which come with a joining fee or annual fee on the card for a certain time period or for a lifetime.
4) International transaction charges:
international transaction charges are levied on credit cards when you make payments or transactions in a foreign country. It is usually 2 to 5% of the amount purchased.
5) ATM withdrawal fee:
When cash is withdrawn from ATMs using credit cards, a transaction fee is charged. Moreover, interest is also levied on withdrawals on a day to day basis.
6) Cash Withdrawal Fee:
A certain percentage of your credit card limit is given to you as a cash limit. But, you need to pay a fee of 2.5% of the amount withdrawn. This fee does not come under interest free period and is levied right from the time
7) Over Limit Fee:
You cannot spend over your credit card limit without attracting a fee. A huge amount is charged as the over limit fee for such transactions.
Credit Card Eligibility Criteria
Before you apply for a credit card, you will have to check your eligibility. By knowing the eligibility criteria, you can get fast guaranteed approval. Some of the most common eligibility criteria are as listed below:
Minimum age requirement:
18 years but 21 years for some banks.
Maximum age requirement:
goes up to 60 years but that also differs
The minimum salary required to apply for a credit card in India is about 3 Lakhs per annum. This differs across card issuers
Nationality or residential status
Citizens, residents, and non-residents can apply. However, a few cards are available only to Indian citizens
After doing the eligibility check, you can apply for the card through the following ways.
You can compare multiple cards from various banks on CreditMantri and finally choose the best credit card suited for your needs. To apply, simply follow the steps below:
1) Visit CreditMantri to check the various types of credit cards available.
2) After choosing the card you want to apply for, go to the application page.
3) Enter some basic details and click submit. An OTP will be dispatched to your mobile.
4) Enter this OTP for verification
5) Click on ‘view eligible offers and apply’
You can go to the official website of the bank and do an online credit card apply
SMS: Most banks let customers contact them through SMS facility. You can send an SMS to the respective bank as per the syntax provided to get in touch with you with the application process.
All the banks have toll-free numbers to contact the customer support team to enquire about any queries. You can call them from your mobile and get help to proceed with the application process.
Each bank has a mobile app that provides all updates and services. You can download the app to apply for a credit card.
Visiting the Branch: If you are unfamiliar with the above methods, you may walk into any nearby branch of the bank and apply for the credit card. You may have to carry documents that support your income and personal details.
There are so many credit cards available in the country today. So, it is often excellent customer service reputation that can be a differentiating factor between competing banks. All banks have an efficient procedure for customer care in place. For any questions related to credit cards, customers can reach out to banks through the customer care numbers, email id, and fax.
Contact banks for resolution of credit card queries on Credit Card customer Care
There are two types of cards that are popular among the people. They are credit and debit cards. While a credit card allows you to spend pre-approved money and pay later, a debit card allows you to spend your own money available in your savings or current account. Following are some of the common differences between a credit card and a debit card.
A credit card is a line of credit.
Debit card is directly linked with your savings or current account.
You have a credit limit only up to which you are allowed to spend on purchases.
It allows you to spend as per the amount available on your savings or current account.
Cash withdrawal from an ATM is allowed subject to a certain percentage of the credit limit. Moreover, cash withdrawal will incur a fee of a certain percentage of the amount withdrawn.
Free cash withdrawal from ATMs is allowed up to a certain limit. Beyond that limit is chargeable as per bank’s internal policies.
You get a monthly bill statement.
There is no monthly bill, but you can get a statement of your past transactions.
Interest rates are applicable if you fail to pay the credit card bill in full.
There is no interest charged.
Fees include joining fees, annual fees, late payment fees, bounced cheque fees, processing fees on balance transfer etc.
Fees on the card varies from bank to bank. There may be annual fee and PIN regeneration fee if applicable.
There are reward points, cashback, discounts and offers on various purchases.
There are no such options. However, few banks have now introduced reward points on certain debit cards.
Loans can be availed against the credit limit.
Overdraft facility is available with certain banks.
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A secured credit card works just like a credit card except that you need to have a fixed deposit in order to get it. The bank uses it as collateral in case you default on your payment. A secured credit card is typically used by people who cannot qualify for a regular unsecured credit card either because they have bad credit or because they do not have a sufficient credit history. Since a secured card requires collateral in the form of a fixed deposit with the bank, even people with bad or no credit can get a card as the bank is safeguarded against default. It is a simple and quick way to improve your credit score and build your credit history, provided you make all your payments on time.
People with bad credit can make use of secured credit cards to improve their credit score. On clearing past negative issues, the credit score remains intact and does not reduce. However, to improve your credit score, you need a credit line active. In such circumstances, you can avail a secured credit card and improve your credit score.
Establishing a business and running it successfully will require a continuous cash flow for both long-term and short-term use. Business credit card is an instant means of getting finance much quickly. When you apply for a business loan, there is an interest rate attached to it which will be quite burdensome. But with a business credit card, you can enjoy 0% interest rate if you can pay the bills on time.
You do not need collateral to get a business credit card. Moreover, managing a company's finance and tracking the expenses are easier with a credit card as you get a monthly statement. Reward points, discounts and cashbacks on purchases can help you save more on the operational cost. Entrepreneurs who plan to start up a business can find a business credit card an ideal tool for managing the finances of the company.
As per the RBI guidelines, the customer will have zero liability in case of fraudulent transactions or if there is negligence on the part of the bank even if the fraudulence is not reported by the customer. In case of a third-party breach, the customer must inform about the unauthorized transaction within 3 working days to avoid any liability. If the customer informs after 7 working days, the bank is free to determine customer liability.
Card issuers now provide another layer of security with the addition of a PIN number. If you have a microchip on your credit card, you need to input a PIN number as well for the transaction to be approved. Your PIN number is known only to you. So, if your card is stolen, it cannot be used for fraudulent purchases as the payment will not be approved without the PIN number.
All the traditional cards are now replaced with EMV chip cards. EMV stands for Europay Mastercard and Visa who developed this technology. In a normal card, all the user data is saved on it and it remains forever. In an EMV card, fresh user data is created each time the card is used for any transaction. This prevents fraudsters from copying the user data and creating a new card with the same details. EMV cards protect the cardholder against phishing, skimming and vishing.
Your credit limit refers to the amount of credit available to you on your credit card. However, to maintain a good credit score, it is advisable to spend no more than 30% of your credit limit. So, for example, if your credit limit is Rs. 60,000, make sure that you do not spend more than Rs. 18,000 every month. Consistently spending more than 30% of your limit signifies that you are short of credit or that you do not have spending discipline.
As you move up in your career, your income may increase so does your eligibility to get a higher credit limit. If you have been prudent in repayment and have not defaulted, you can request for an increase in the credit limit. After you have made a request, the credit card company analyses your past payment record and approves the increase in the credit limit based on your income and eligibility.
Increase in credit limit helps you spend more and keep your credit utilization ratio on a good level. If you feel, you are eligible for an increase in the credit limit, approach the credit card issuer to approve your request.
There is no ideal or average number of credit cards an individual should have. It depends on factors like your income, monthly expenses, how you manage your finances and your ability to plan and make timely repayments on multiple cards. If you are new to credit cards, then it is a good idea to use one for some time and get used to the payment method. Once you are comfortable and are confident that you can take on additional repayments, you can apply for another card.
Low utilization ratio of credit cards is considered a prudent credit behavior by credit bureaus who generate your credit score. Having more than one card can help you maintain a good credit utilization ratio and keep a positive credit score. Moreover, multiple credit cards can help get you a higher credit limit. You can split the costs and manage your finances effectively.
With more than one credit card, you can get more reward points, cashback, discounts and offers on plenty of partnering outlets and e-commerce portals. Because a credit card company having partnership with one leading merchandise may not have tie-up with another. Thus, having another card provides you the option of covering out partner outlets to grab the discounts which can save you more money.
Many people ask about the best credit card. There is no such thing as the best credit card but the right credit card which can be best suited for your spending habits. Everyone will have different needs in life based on their lifestyle, likes and dislikes. Understanding this, many credit card companies have designed exclusive credit cards to individuals under various categories. The user can do a comparative analysis and choose the one that would best suit their interests and spending behavior.
If you are a person who loves shopping, you can choose a credit card that comes with huge reward points and discounts on shopping related aspects. If you travel frequently, you can choose a travel credit card that comes with discounts on flight and hotel booking.
Study your spending habits and compare the benefits on the cards from multiple credit card issuers. Choose the one that matches your needs. Use the reward points and discounts to save on your monthly expenses.
1. What is the best way to get a credit card?
You can apply online at the official website of the credit card issuer or at the third-party financial websites. You can also get quick approval on credit cards from the bank where you maintain a salary or savings account.
2. What is the minimum income required to get a credit card?
Each bank has a different income limit to provide a credit card. In general, most companies have a minimum limit of Rs. 2 Lakhs per annum.
3. Can I get a credit card without a credit score?
Yes, you can! There are few credit cards specially designed for the purpose of score building. You can also become eligible for a credit card with a steady source of income.
4. What is the minimum due amount on a credit card?
Minimum amount due is a certain percentage of your outstanding balance. Lenders allow you to pay a minimum due amount so that you can avoid a late payment fee. The rest of the balance will be carried to next month's bill statement. However, the balance will carry an interest rate as prescribed by the bank.
5. How many credit cards can a person have?
An individual can have as many credit cards possible. There are no restrictions. But you need to ensure that payment is done on time and preferably in full to avoid paying interest rate.
6. What can I do if there is an unauthorized transaction done using my credit card?
You can report it to the credit card company that it’s not you who conducted the transaction. You won’t be liable for the transaction and the payment will be revised as per your complaint. It should be reported within 3 days of the fraudulent transaction.
7. How is the credit limit on your card determined?
The bank checks a variety of factors to determine your credit card limit. It includes income, credit score, debts, limits on other cards, etc. It’s usually up to 5 times of your net monthly salary. However, this may vary for different individuals based on their credit profile.
8. Can I increase my credit limit on my credit card?
Yes, you can increase the credit limit by contacting the credit card issuer. Based on your past repayment record and income, your credit limit will be revised.
9. Can I use my credit card in foreign countries?
Yes, but it depends on the type of credit card you use. Some cards can be used worldwide without any restrictions. Such cards may carry higher annual fees but come with greater reward points and benefits.
10. What is the CVV number on a credit card?
CVV stands for Card Verification Value which is printed at the back side of the credit card. It has to be kept secret as it’s used for various online transactions.
11. How many add-on credit cards can I get for my family?
Most credit card companies allow up to 3 add-on cards for your spouse and children. The add-on card holder must be your immediate relatives.
12. How can I redeem my reward points?
You can redeem your reward points by visiting the official website of the card issuer. You can either redeem the points for gift items that are available on your card or convert it to cash if the card issuer provides that facility.
13. What is the value of reward points?
The value on the reward points may vary from bank to bank. In general, 4 reward points are equal to Rs. 1. However, some banks may consider 2 reward points equal to Rs. 1. It depends on the type of credit card and the benefits attached to it.
14. How to convert my big purchases using a credit card to EMI?
Initially, you can check if the product you purchase has the EMI facility. If so, you can avail by choosing the EMI option. You can also contact the card issuer through customer support team, SMS, mobile banking, etc., and request them to convert your big purchase to EMI. The banks usually allow any purchase made above Rs. 2000 to be converted to EMI.
15. What are the charges for withdrawing cash using my credit card?
Most banks charge up to 3% of the amount withdrawn. For example, if you have withdrawn Rs. 10,000 using your credit card, you may have to pay a fee of Rs. 300. The cash withdrawal using credit card does not come under interest free period.
16. Which bank’s credit card is the best in India?
There’s no single answer. The best credit cards are largely determined by your needs. Signature Visa Credit Card, Yatra SBI Credit Card, HDFC Regalia Credit Card, and Diners Club Black Credit Card are some of the popular credit cards available. Make sure to use our credit card selector to filter and find the best credit cards based on your needs.
17. Which is the best credit card with no annual fee in India?
There are quite a few credit cards in India that offer nil annual fee. Some of them are IndusInd Pioneer Legacy, HSBC Visa Platinum and Citibank Rewards Credit Card.
18. Can I apply for a credit card online?
Yes, you can very much apply for a credit card online. You can either apply on the Creditmantri website or apply from the bank’s official website. On the CreditMantri website, you can use the credit card eligibility calculator to find out the best credit cards to suit your needs. You can then apply for the one you find suitable.
19. Can I get a credit card without a job?
You can get a credit card even though you don't have a job but have a good amount of money coming into your account every month or so. Alternatively, if you have a fixed deposit you can apply for a secured credit card against it.
20. Can I get a credit card in one day?
Yes, in today’s digital age, credit card applications could be processed within a day. Just make sure that you have all the required documents in hand to complete the process quickly.
These Banks to Implement New Rules For Its Credit Cards15 Feb 2024
Yes Bank, ICICI Bank, and Axis Bank are set to implement the following new rules for their credit cards. Yes Bank has changed the rules for its domestic lounge access. The bank has announced that its card holders have to spend at least Rs. 10,000 in ...
Yes Bank, ICICI Bank, and Axis Bank are set to implement the following new rules for their credit cards. Yes Bank has changed the rules for its domestic lounge access. The bank has announced that its card holders have to spend at least Rs. 10,000 in the present quarter to obtain lounge access in the following quarter. Special benefits are given under the lounge access facility which is inclusive of WiFi, food, airport lounge access for bathing and resting. Changes in these rules will be effective from April 1, 2024. individuals having the card will have to spend as required from December 21, 2023 to March 20, 2024 to make use of the lounge access benefits. This change in rule will impact the Yes Marquee, Yes Select (Previously Yes Prosperity Edge), Yes Reserve (Earlier known as Yes First Exclusive), Yes First Preferred, and Yes Bank Elite (Previously Yes Premia), BYOC, and Yes Wellness Plus credit cards. ICICI Bank is also set to make changes to its airport lounge access eligibility from April 1, 2024. Customers holding some cards will now have to spend a minimum of Rs 35,000 in the previous calendar quarter to avail airport lounge access for the next quarter. Meanwhile, Axis Bank has announced that the gold status awarded for holding the Axis Vistara Infinite credit card for the first year will no longer start automatically from the second year. Instead, cardmembers must meet specific criteria to retain their gold status for the second year which includes maintaining 15,000 Club Vistara points and completing four Vistara Revenue flights. This change will be effective from March 1st 2024.
Mastercard Launches CVC-Less Card Payments in India9 Aug 2023
Mastercard has launched CVC-less payments in India in which credit and debit card holders no longer have to enter the 3-digit code from the back of the card for purchases made online. Now, the CVC will be collected only when the card is tokenized. Fr...
Mastercard has launched CVC-less payments in India in which credit and debit card holders no longer have to enter the 3-digit code from the back of the card for purchases made online. Now, the CVC will be collected only when the card is tokenized. From the second transaction, cardholders will have to choose their tokenized card on the checkout page, authenticate using a one-time password, and complete the transaction. Companies like Zomato and Cashfree Payments have already started using CVC-less payments. These CVC-less online transactions will benefit merchants by reducing checkout abandonment, improving authorization rates, and enhancing customer payment. CVC-less payments on tokenised cards make online domestic card payments hassle-free and secure.
Federal Bank Ties Up With Scapia Technology To Launch Co-branded Credit Card 29 Jun 2023
Federal Bank has partnered with Fintech company Scapia Technology Private Limited to introduce the Federal Scapia Co-branded credit card. It is a travel-centric card curated for passionate travellers. The highlight feature of this card is its lifetim...
Federal Bank has partnered with Fintech company Scapia Technology Private Limited to introduce the Federal Scapia Co-branded credit card. It is a travel-centric card curated for passionate travellers. The highlight feature of this card is its lifetime free membership. It offers its customers an easy way to transact across more than 150 countries and a wide network of over one million merchants. It comes with contactless technology and the 'Tap and Pay' feature using which you can make hassle-free payments by just tapping the card on the point-of-sale machine (POS). Special or standout features of the card include a reward rate of 4% (20% Scapia coins) on travel bookings done through the Scapia app, a reward rate of 2% (10% Scapia coins) on all other online and offline transactions, no forex mark up fee on international transactions with the card, and unlimited complimentary access to domestic airport lounges throughout the year on minimum spends of Rs. 5,000 monthly. Scapia coins come with a redemption rate of 1 rupee for 5 scapia coins. The card can be onboarded digitally within minutes from the Scapia app. The virtual card can be activated instantly, and the physical card will be promptly dispatched and delivered to your preferred address within simply 2 to 5 days.
RBI To Issue RuPay Forex Cards Soon: Know The Benefits While Travelling Overseas12 Jun 2023
The Reserve Bank of India (RBI) will soon allow banks to issue RuPay Prepaid Forex cards for use at point-of-sale (PoS) machines, online merchants abroad, and ATMs. This decision marks an important step in expanding the reach and usage of RuPay cards...
The Reserve Bank of India (RBI) will soon allow banks to issue RuPay Prepaid Forex cards for use at point-of-sale (PoS) machines, online merchants abroad, and ATMs. This decision marks an important step in expanding the reach and usage of RuPay cards worldwide. So, how will the globalization of the RuPay credit card help while travelling abroad? Preloading a Forex card locks in exchange rates and is one of the safest options to use abroad. They guard you against rate volatility and fluctuations. Moreover, forex cards do not incur extra foreign exchange markup fees if you use the card for the same currency with which you have loaded it. These features provide additional payment options for Indian travellers and facilitate financial inclusivity. However, card users also have to pay 20 percent TCS (tax collected at source) if they spend more than Rs. 7 lakhs at 20 percent from July 1. Further, these cards charge you for ATM withdrawals and balance enquiries, and have a daily withdrawal limit. So, you have to exercise caution while using a prepaid card abroad.
No TCS on LRS Transactions Upto Rs. 7 Lakhs Via International Debit, Credit Cards From July 1, 202326 May 2023
The government has relaxed the TCS rules on international debit and credit card transactions up to Rs. 7 lakhs. Starting from July 1, 2023, individuals doing international transactions up to Rs. 7 lakhs will be free from the 20 percent TCS levy. This...
The government has relaxed the TCS rules on international debit and credit card transactions up to Rs. 7 lakhs. Starting from July 1, 2023, individuals doing international transactions up to Rs. 7 lakhs will be free from the 20 percent TCS levy. This exemption will also exclude these transactions from the liberalized remittance scheme (LRS) limits of $250,000 per annum. This exemption aims to avoid the imposition of taxes on small transactions and bring relief to individuals who frequently have to make transactions abroad. But, this exclusion is applicable only to transactions made by individuals and does not include transactions charged to institutional or corporate credit cards. Currently, overseas medical treatment and education expenses up to Rs. 7 lakhs a year are excluded from TCS. A 5 per cent tax is levied on expenses more than Rs. 7 lakhs. The rate of TCS is 0.5 per cent for those who availed of education loans. The ministry said that the existing beneficial TCS treatment for education and health payments will also continue.
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