Indusind Charged 7000 Interest
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my jan-feb statement was 1,17,623rs. i paid 1,14,000. thought i will pay the rest 3.6k plus watever interest in march
but to my surprice they charged me 7.2k interest on whole 1,17,623rs even though i paid 1.14l. is this how it is? or interest should only be charged on the amount i didnt pay. called cc and they are saying even if i didnt pay 1 ruppee i should pay interest on total amount
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That's how it has been. Along with levying interest on the whole amount, they'll leave a derogatory remark in the credit report After paying so much should have somehow paid the remaining small amount
balle-balle. play stupid games, win stupid prizes.
bhai, you couldn't manage 3623 from anywhere?!
So does this mean if I have 1 rs pending, I will be charged on the full statement dues.
contact customer care and tell will compliant to rbi and so on with procuring minimum due payment details they will reduce the intrest charged
Talk to customer care they will partially waveoff charges. I have done it several times in past
it is actually violation of RBI guidelines, there is a similar thread in which i yelled how these banks are violating duly quoting reference to RBI master circular guidelines
https://www.desidime.com/discussions/sbi-credit...
https://www.sbicard.com/sbi-card-en/assets/docs...
From the rbi master circular
Above 2 points in rbi circular are contradictory if it is assumed that paying any any amt more than min amt due means interest rate will be charged only on remaining outstanding from the due date because that makes the entire definition of "interest free credit period" irrelevant & invalid.
There is balance transfer facility in some creditcards, which you can avail for this purpose.
Kisi se leke de te paise yaar
Yeh bahut galat ho gaya
Pehle poochna chaahiye tha forum mein
Cap your spending to 1 Lac soft limit the card.
This is gonna reflect in your cibil and also will reduce the score by 30 - 50 points.
Consider this a lesson and move ahead there is no point as 7k is the right math just pay it off quickly.
@guest_999 Even if there is any clarity missing, then the benefit shall pass on to customer not to bank, this is the judicial dictum.
I seriously doubt it because as per that same rbi master circular every credit card company/bank show the illustrative examples with detailed calculation in their MITC which clearly incl example showing interest chargeable on entire amt if total due amt not paid on/before due date. These examples are clear in their meaning unlike rbi circular which isn't even provided to cc holders officially. In case of any judicial dispute, it is the agreement/T&C between customer & company which is scrutinized in a consumer court. If rbi thinks banks are not following its circular correctly then rbi can levy fine on bank but a customer can't ask a consumer court to interpret what rbi circular means & direct rbi to levy fine on company.
That 7.2k figure seems a bit inflated, even at an annual rate of 47.40%+LPC+GST. That figure can't be all interest charge.
If you don't mind sharing, then post a redacted statement with just the dates and txn values.
Interest/penalty should be charged only on the balance amount not on the full amount as per RBI. Email customer care and if they don't agree, raise grievance to RBI.
It happened with me also in same indusind bank, I paid 80 Rs less, they charged 3600 Rs interest along with GST. After that experience, I am paying 10 or 100 extra
That's huge
As far as I know .. even if I miss 1 penny .. the interest would be incurred on total amount (not the missing amount) .. this was from ages .. (as we most of the time .. pay the bill after 45 days) .. Cust. Care also gives you same gyaan that after 45 days interest would be reflected in next cycle so in short 60 days .. when it comes to repayment .. (either make full payment or no payment at all .. 0 or 1) .. partial payment doesn't do anything good from consumer side (not sure whose brainchild idea of minimum payment is and what good purpose it serves for consumer) .. Though I have seen many CC statements of various banks .. I find standard chartered Bank statement most confusing and it takes real genius to find hidden charges which are mentioned in their statements .. convincing their customer care that additional charges are applied proves you have extraordinary speaking skills too .. (my experience though)
.. Same thing happened with fk axis cc , left 2k unpaid in Jan 2023 , they charged 2k interest on entire amount , also even it was the very first time any amount left unpaid .. there customer care did not reverted it, nor given any sort of refund ..
can anyone tell me if there is any solution to get refund ..?
Request them for cancellation, else tell them to cancel the card and you will go with Banking Ombudsman with this as even if their rules say so it is against natural principles of justice. They cannot charge Interest on total amount when it is not due and that too on exorbitant rates.
Thanks for sharing .. its a learning for US ..
It really is a debt trap. They issue you ltf cards and hope that you commit such kind of mistakes. Credit card interest rates and penalties are too high too. Be careful.
Don't pay .get the card settled.for sometime cibil will be impacted but later it will be resolved.
Ask them to waive off
Always pay extra for any card
In the past I was trapped by sbi card
I have a due of Rs.44000 and I pay Rs.40000 and I got a refund of Rs.7000 after statement generation.
I have a financial charge and GST was around Rs.6000 for the next statement.
They include interest from the previous bill to the next bill.
I contacted sbi and got a reversal after 1 hour of conversation.
Again in the next month's statement they also charged me interest and GST.
Again I contacted SBI and got a reversal.
So always be careful with credit cards otherwise we will lose our money.
This month my friend also has the same situation with HDFC
Lets wait and see the reaction from HDFC
If you want reversal then pay the whole amount including interest & threaten to close the card mention the reason for closing card. Not sure but chances are they will reverse the interest as bank do no want to lose customers specially heavy spenders.
You should have paid full bill amount, all banks chargers on the whole bill amount if not paid total. I know it is loot but you can't do anything. RBI as usual sleeping.
that is why they say in credit card industry ' never be a revolver' , you will have to pay through your nose
File complaint befor RBI complaint portel also file suit before consumer court....
i paid arround 18 k penalty to miss 10 k
Yes. its on total outstanding amount.
Yes it is on whole amount usually which is bollocks. I hope RBI regulates this too and asks banks to collect interest on only pending amount.