India: a 5% minimum against the highest card rates here
Indian issuers typically require 5% of the balance a month, one of the highest minimum percentages of any market this calculator covers, with the month's interest taken from within it and a flat floor of about ₹200.
A 5% minimum only looks generous until it meets the rate. Card interest in India is quoted per month rather than per year, and 3.5% a month is a common headline, which the issuer annualises to about 42% and which, compounded month on month, costs more than that again. On a card at that rate, a 5% minimum leaves about 1.5% of the balance going to principal, so the debt falls more slowly than a British card clearing 1% of principal on top of its interest. Comparing minimum percentages across countries without the rate attached is how people talk themselves into revolving a balance here.
The Reserve Bank of India sets no ceiling on card interest. Its credit and debit card directions govern billing, disclosure and the treatment of unpaid amounts, but the rate itself is the issuer's, which is why the practical upper bound in the calculator is around 48% rather than a statutory figure.