What a credit card key fact statement shows under RBI rules

A Key Fact Statement is a mandatory one-page document that sums up the cost of a credit card. It covers the interest rate, fees, limits and billing details. The Reserve Bank of India requires banks to provide this summary along with the credit card application.

By Qrates research desk · 2026-11-01

A Key Fact Statement is a mandatory one-page document that shows the true cost of a credit card. It sums up the interest rate, fees, limits and billing details, and it must come along with the credit card application. The Reserve Bank of India requires banks to provide this summary.

Quick answer

A Key Fact Statement (KFS) is a mandatory one-page summary of your credit card's true costs.
RBI says it must cover fees and charges, drawal limits and billing details.
The Reserve Bank of India (RBI) requires banks to give this document along with the credit card application.

What you need before you start

Your credit card application email or physical welcome kit.
Access to your card issuer's mobile app or net banking portal.
Five minutes to read the document before you activate the card or pay any joining fee.

How to read your credit card Key Fact Statement

The KFS breaks down the costs of holding and using a credit card. If you are concerned about other hidden costs, you should also learn how to read a credit card MITC document to find hidden charges.

Step 1: Check the Annual Percentage Rate (APR)

The Annual Percentage Rate is the annual cost of credit on your card. RBI defines it as including the interest rate and all other charges (RBI Credit Cards and Debit Cards Directions, 2025). Banks must quote APR for situations such as retail purchases, cash advances and late payment. If your KFS shows only the interest rate, check the MITC for the APR.

Step 2: Find the billing cycle and minimum amount due

Your billing cycle is the regular period between the closing dates of two bills. The document also shows the minimum amount payable. RBI does not fix one percentage for this. It says the minimum must be set so there is no negative amortisation (your balance should not grow when you pay the minimum). ICICI Bank's MITC, for example, sets it at 5% of the outstanding amount or another amount the bank decides.

Step 3: Look for the forex markup and late fees

The KFS lists charges such as cash advance fees and late payment charges. Many banks also show the foreign currency markup here, as SBI Card does in its KFS. The markup depends on the card. ICICI Bank's page shows 3.5% plus GST on most cards and lower rates on some. If your KFS does not show it, check the bank's MITC or charges page.

Step 4: Check the interest-free period and late payment rules

RBI's list for the KFS includes the interest-free (grace) period, with examples. This is different from the 3-day rule. Banks can report a card as past due, or charge late fees, only when the account stays past due for more than three days. The days are counted from the due date on your statement (RBI Credit Cards and Debit Cards Directions, 2025). RBI rules also bar banks from charging interest or other charges on unpaid taxes, levies and charges. An RBI amendment dated 27 April 2026, in force from 1 April 2027, says late charges apply only to the outstanding amount after the due date, not the total amount due.

How long it takes and what it costs

Finding and reading the KFS takes about five minutes.
RBI requires it to be one page, which makes it quicker to compare cards. You can check the latest figures for yourself at the Qrates cards directory.

If it does not work

Do not activate the credit card if your bank does not provide a KFS.
Email the bank's principal nodal officer to request the document.
File a complaint on the RBI Complaint Management System (CMS) portal if the bank does not reply within 30 days (Reserve Bank - Integrated Ombudsman Scheme, 2026). You can also refer to our guide on how to complain about a loan app to RBI Sachet: 2026 guide if you face similar issues with other credit products.

FAQs

What is the difference between KFS and MITC?

The KFS is a simple one-page summary of costs. The Most Important Terms and Conditions (MITC) is a longer document with detailed rules.

Is the Key Fact Statement mandatory for credit cards?

Yes. RBI says card issuers must provide a one-page Key Fact Statement along with the credit card application. To understand how these regulations apply to other financial tools, read about RBI digital lending rules explained for borrowers: how to check loan apps.

Where do I find the KFS for my existing credit card?

Check the card issuer's official website. HDFC Bank and SBI Card, for example, publish theirs online. RBI also requires your welcome kit to carry these details. If you cannot find it, ask the bank.

The short version

The KFS is a one-page summary of credit card costs required by the RBI.
It covers the interest rate, charges, limits, billing details and minimum amount payable. Many banks also show the forex markup.
RBI rules allow late fees only when an account is past due for more than 3 days.
Banks cannot charge interest on unpaid taxes, levies and charges.
You can file a complaint with the RBI if a bank fails to provide this document or ignores your request for 30 days.