All About OneCard Credit Card Interest Rate in 2026

One Card is one of the few lifetime free credit cards that you can get in India. This credit card is issued by some prominent institutions in the country, including South Indian Bank, SBM Bank, BOB Financial, Indian Bank, CSB Bank and Federal Bank.

This card is suitable for individuals who are new to the credit card world. It offers up to 5X rewards on spending. If you are planning to get this credit card, then this blog will provide you with all the information that you need to know regarding the One Card credit card interest rate.

One Card Credit Card Interest Rate

One Card credit card interest rate across all banks is 3.75% per month or 45% per annum. Below is the list of banks offering this co-branded credit cards:

1. South Indian Bank
2. SBM Bank
3. BOB Financial
4. Indian Bank
5. CSB Bank
6. Federal Bank

How is One Card Credit Card Interest Calculated?

Interest rate is calculated on the basis of the formulae given below:

((Number of days x Entire outstanding amount x (Interest rate per month x 12 months))/365 days.

Example for Interest Rate Calculation: Dues Revolved, Fresh Purchase

Statement Date: 1 March 2025

Opening Amount Due: ₹9,927.23

Payment Due Date: 18 March 2025

Payment made: ₹500 on 10 March 2025

New purchase: ₹5,000 on 20 March 2025

Interest will be charged as follows:

Balance (₹)	Period	No. of days	Formula	Interest (₹)
9,927.23	01–09 Mar	9	(9 × 9,927.23 × 0.45) / 365	110.15
9,427.23	10–19 Mar	10	(10 × 9,427.23 × 0.45) / 365	116.23
14,427.23	20–31 Mar	12	(12 × 14,427.23 × 0.45) / 365	213.44

• Total interest charged: ₹110.15 + ₹116.23 + ₹213.44 = ₹439.82
• GST at 18% on interest: 0.18 × ₹439.82 = ₹79.17
• Outstanding principal on 1 Apr 2025 = Opening balance − payment + new purchase = ₹9,927.23 − ₹500 + ₹5,000 = ₹14,427.23
• Total Amount Due on 1 April 2025 = Principal (₹14,427.23) + Interest (₹439.82) + GST (₹79.17) = ₹14,946.22

Example for Interest Rate Calculation: Dues Not Paid In Full

Purchase: ₹10,000 on 15 January 2025

Statement Date: 1 February 2025

Amount shown as due: ₹10,000

Payment Due Date: 18 February 2025

Payment made: ₹500 on 10 February 2025

No other transactions during February.

Interest will be charged as follows:

Balance (₹)	Period	No. of days	Calculation (using 45% p.a.)	Interest (₹)
10,000	15–31 Jan	17	(17 × 10,000 × 0.45) / 365	209.59
10,000	01–09 Feb	9	(9 × 10,000 × 0.45) / 365	110.96
9,500	10–28 Feb	19	(19 × 9,500 × 0.45) / 365	222.53

• Total interest charged: ₹209.59 + ₹110.96 + ₹222.53 = ₹543.08
• GST at 18% on interest: 0.18 × ₹543.08 = ₹97.75
• Outstanding principal on 1 Mar 2025= Opening purchase − payment = ₹10,000 − ₹500 = ₹9,500
• Total Amount Due on 1 March 2025 = Principal (₹9,500) + Interest (₹543.08) + GST (₹97.75) = ₹10,140.83 (rounded)

5 Conditions for Charging One Card Credit Card Interest

1. Repayment Amount is Less than Minimum Amount Due

If the amount you pay after your monthly statement is issued is less than the minimum due amount, then an interest rate will be charged. This situation needs to be avoided at all costs because it can lead to your account being reported to the credit bureaus as delinquent.

2. Paying More than Minimum Amount Due But Less than Total Amount Due

If you pay more than the minimum due but less than the full amount, interest keeps adding. Charges apply not only to the pending balance but also to every new purchase.

3. Failing to Pay Outstanding Dues Within the Due Date

If you skip paying your OneCard bill, interest applies on the pending balance and all new spends after the due date until cleared. You also face a Late Payment Charge. Non-payment gets reported to credit bureaus as delinquency, which hurts your credit score and damages your credit profile.

4. Using OneCard to Withdraw Cash from an ATM

Withdrawing cash from an ATM using OneCard attracts immediate interest from the transaction date. A cash advance fee also applies. These charges continue until you fully repay the withdrawn amount.

5. Paying Only the Minimum Amount Due by the Due Date

Paying only the Minimum Due saves you from Late Payment Charges. Still, interest adds to the remaining balance and on every new purchase after the due date.

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Interest-free Period for One Card Credit Card

Interest free period for each of the banks that provide OneCard credit cards is up to 48 days. However, if you fall under any of the above 5 conditions, your interest free period for the next month will stop immediately.

Conclusion

The One Card credit card interest rate of 3.75% per month (45% annually) may look simple, but the impact varies with repayment habits.

Partial payments, ATM cash withdrawals or paying only the minimum due can lead to immediate charges and end the 48-day interest-free window. So, you need to know how to manage dues smartly to ensure that the credit card remains beneficial to you without additional interest.

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