IĀ booked FD based credit card by depositing Rs. 1 lac and it showed me interest rate as 7.5% but the next day IĀ got confirmation that application is processed and interest rate is 6.4%.
Upon contacting their customer support, the person told me that since IĀ installed the app in November, at that time, FD interest rate could have been 7.5% but current rate is 6.4%, so, that's why this may have happened. IĀ told him that if the rate is 6.4%, IĀ wouldn't have gone ahead at all with the application.
I followed up today again over call since I didn't get any communication over email. IĀ literally had a verbal fight with the associate.
The person said that IĀ need to show a proof in form of screenshot or email which stated I was getting 7.5% which I said IĀ didn't have any. So, IĀ said that go ahead and close my account. If account is closed within 6 months, account closure charges of approx. 3.6k has to be paid. This was the triggering point, IĀ said that all of this happended only because of glitch at your end and I'm the one who'll suffer at all costs.
I even urged him to clear my records from their database so that IĀ can apply fresh whenever I'm getting improved rate of interest since IĀ want to park my emergency fund in a good rate of interest FD. Even for this, he was like it's our policy, nothing can be done.
In all of this, I'm particulary mad at how a young startup handles their customers the traditional way of not caring what the issue customer has. I specifically explained him that if this would've been a normal scenario, your policy would've been applicable. If your app had a glitch and you're at fault, you're bound to help me out here.
True colors shown by OneCard, stay away from them. I'll be visiting Pune in a month's time, will definitely raise this in person. Stupid, stupid people that too in Fintech space.
UPDATE : I had emailed them with full explanation and series of events. Got a callback from sensible and understanding support executive, he accepted this is a mistake from their end and they should notify users about dynamic change in rate of interest as well as duration until which the said interest rate will be valid. In my case though, it's unclear how and why 7.5% rate of interest was being shown, he took detailed feedback from me and offered 10k reward points as compensation.Ā
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I booked FD based credit card by depositing Rs. 1 lac and it showed me interest rate as 7.5% but the next day I got confirmation that application is processed and interest rate is 6.4%.
Application processing time matters in such cases? Anyways, think they might've at least considered honoring your request if u had any screenshot for 7.5%
Just fyi, once you close onecard(secured or unsecured) you will never get another one in this lifetime(quoting another dimer's words/post here who verified it from official source it seems).
Better keep in cred mint providing 9% interest or in mobikwik xtra providing 12% p.a.,cred is safe optionš
From years of creating FD experience, I can assure you that even when creating a FD, if the rates get changed in that few seconds, the new rates will be applicable.
You are dealing with an intermediatory here, the risk of rate changeĀ gets multiplied. Also the scenario you are saying might happen due to caching in the app or something similar. I don't think any bank leave aside SBM can honor older FD rates. It's really great that onecard support asked you to provide screenshots, that too I believe they wanted to fix caching issues on their end.
Sorry to say, can't see any Red Flags here. I feel your pain though, can only say that appeal to OneCard to waive off anyĀ account closure charges.
@chiraggyl170 @ksmaheshkumar @getready @sauravDD @Seinfeld @bankipad @adnan_d92Ā @guest_999
UPDATE :
I had emailed them with full explanation and series of events. Got a callback from sensible and understanding support executive, he accepted this is a mistake from their end and they should indeed notify users about dynamic change in rate of interest as well as duration until which the said interest rate will be valid. In my case though, it's unclear how and why 7.5% rate of interest was being shown, he took detailed feedback from me and offered 10k reward points as compensation.
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Ā Ā
Did you even read everything carefully?
Or, did IĀ tend to miss out on explaining tiny details?
Just because I didn't take a screenshot, there's no genuinity of what I'm speaking? Dude, before replying, read everything carefully or just don't reply at all.
What happened with me is a narrow case of glitch, how exactly I landed in this, I've less or no idea but I'll reiterate for you. The page being displayed, I had clicked on that page at a prior point of time, don't remember exactly but could be a few months back. After proceeding ahead, IĀ landed at a page which displayed FD amount as 50,000 since I chose the FD amount as Rs. 50,000 at that time.
On 6-Nov-2022, IĀ opened OneCard and it showed the same page only, IĀ couldn't back but only proceed ahead with the application. So, I uninstalled the app, logged in again and voila, same page. So, IĀ went ahead, it asked me details like bank account number, IFSC code etc and proceeded ahead.
It's at that page, IĀ was being shown FD amount as 50,000, rate of interest as 7.5%, amount after maturity and there IĀ saw an option to change FD amount, changed it to 1,00,000 and rest of the things changed accordingly, rate of interest was still 7.5% and amount after maturity also took into consideration 7.5% rate of interest only.
After that, IĀ paid Rs. 1,00,000 and the next day got confirmation that FD has been created at 6.4%.
Over call with customer support executive, he mentioned that 7.5% interest rate was available for 2 days, on 3rd and 4th November 2022 andĀ I booked FD on 6-Nov-2022.
They've taken this feedback and shall fix at their end if it could've been because of any bug and they themselves accepted this a fault at their end and for compensation, credited 10k reward points. I hope this clarifies.
Final update on this thread, a big thank you to everyoneĀ who genuinely helped and guided me.
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