Wrong interest charged by bank
Vijay Singh
(Querist) 05 July 2013
This query is : Resolved
Hi Frnds!
I had taken a home loan from Indiabulls, now I transfer it with HDFC and I paid all dues by DD & Chque.
Now my query is if I close my account on 11-06-2013 and paid all dues by D & Cheque on same day I mean on 11-06-2013 but Bank charged me interest till 14-06-2013, they toled me that it credit in our account after 3 days only so you have to pay interest till 14-06-2013.
When I asked them u start counting the interest from the day one when u disburse the loan not from its cheque clearing date then why should I have to pay 3 days extra interest they toled me its our policy.
Now I want to know that the
1. Is Indiabulls legally right?
2. If no then where I can suit file against not following fair practice and improper service. In consumer court, civil court or RBI
Raj Kumar Makkad
(Expert) 05 July 2013
1. No.
2. Consumer forum but first of all calculate the amount of such overcharged. if it is nominal then forget otherwise move ahead.
Vijay Singh
(Querist) 05 July 2013
First of all so much thanx for replying in such short period.
Yes they have send me a e-mail by confirming it that it may be your acount is closed in 11-06-2013 but the payment you have made through DD which will take an other 3 days to be clear in our account. I have all documentary proof.
One of his employee was saying you have to contact in Noida office when I toled him that why should I have tocontact there when all activities have been done from mumbai branch, I will go in consumer court if i did not get refund.
He toled me you have signed the agrrement if there will be any dispute Noida/Delhi juridiction will be final authority...
May I suit here in mumbai?
Vijay Singh
(Querist) 05 July 2013
Dear Sir,
It is very nominal also I m capable to pay much more but it was mental torture from the begning.
It was my big mistake to take a loan from such chea level bank without proper feedback.
I think its cheating in other word u can say robbery coz they literally say u have to clear all dues before you get your original mortgage document and people avoid to such incident they think its better to pay few thousand or hundred whatever it may be instead of doing so many rounds of Head office or courts
Raj Kumar Makkad
(Expert) 05 July 2013
You can definitely file the consumer complaint at Mumbai irrespective of your sign.
Raj Kumar Makkad
(Expert) 05 July 2013
Generally all banks do the same practice and this is not the new issue. You know the legal process in India is very very slow so general public deem it better to bow to the illegal demands of such looters. Anyway, the consumer complaint can take a period of about 3-4 years in decision.
Sudhir Kumar, Advocate 
(Expert) 05 July 2013
repeated at http://www.lawyersclubindia.com/experts/wrong-interest-charged-by-bank-404811.asp#.Udb2aazQzmk
R.K Nanda
(Expert) 05 July 2013
repeated query.
Vijay Singh
(Querist) 05 July 2013
Dear Sir,
Sorry for repeated query but I did not get your opinion in any one....
Hope u will help me by your experience.
If it will require I m ready to file suit..there is a very small amount which bank have cheated but I m ready to fight for truth
Raj Kumar Makkad
(Expert) 05 July 2013
You have already been duly advised depite of your repeated query so now follow what ever has been suggested to you.
Rajendra K Goyal
(Expert) 06 July 2013
With due respect to the experts, sorry to add few lines as few views have come on the above repeated query and I felt it necessary to add following:
The proceeds of the drafts / cheque would come in the hands of the lender Bank after clearing (normally 2-3) days. The lender Bank is deprived from its funds for this period. Hence Bank is justified in charging interest for this period. The loan amount will be outstanding in the books of the Bank till credit is received. Bank being a commercial organization should not leave / waive this interest. If the account is closed by (immediate credit in the account) i.e. cash payment or through a transfer of funds from some accounts of same Bank, or by RTGS / NEFT (electronic transfer of funds) the Bank would not charge this interest.
