THANGADURAI (Proprietor) 20 December 2015

Day light robbery by icici bank cr.card

Dear All,

I have swiped my ICICI credit card for purchase of Rs.45000.00 on 7th Nov.2015. The bank has sent a statement with interest charges of Rs.425.62 for the month of Nov.2015 just for 20days. I have paid Rs.25000.00 on 27th Nov.2015 online through net banking. I have received a statement an amount due to be paid on 28th Dec.2015 as 22307.44 which has an interest charge Rs.1232.19 along with Sercvice tax 178.67 also.

I called ICICI bank customer care and the person told me the interest rate is 3.40% charged in 4 ways on the outstanding amount. First the amount I had paid on 27th Nov.2015 of Rs.25000.00 shall not be deducted and the whole amount of Rs.45000.00 plus other charges will be taken as principal till all the amount to ICICI bank is repaid. In fact he said they had calculated interest for Rs.45000.00 plus 20000 outstanding at 28th Nov.2015. They charged interest for Rs.65000.00 plus on me for a balance of Rs.20000.00 only. He also added they are charging according RBI rules only. I need some expert opinion and comments from learned banking counsels.

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4 Replies

Kumar Doab (FIN) 20 December 2015

Instead of making phone calls why don't you ask M/s ICICI Bank to explain in writing shwoing mathamatical calculation chart and attach the claimed RBI guidelines and thier internal policy.

Alternatively you can download the RBI; Master Circular On Credit Card Operations/latest version from RBI website and make your own calculations.

Whie choosing a bank and Credit card one should conduct own research in the market and choose the company that is not rated as offender and vioator of rights of citizens and customers.

There are unlimited number of thresds on M/s ICICI Bank at LCI alone.

YOu can search in Search option on LHS.

THANGADURAI (Proprietor) 20 December 2015

Thank you Mr.Kumar,

for your valuable suggestions. I will try to do it.

siddhartha sinha 21 December 2015

Paid online through netbanking is not clear. Was it neft or intra bank? When did you get confirmation of receipt by icici? What is ur statement date and bill due date is not mentioned. Did you have any dues while making 45000 purchase.In most cases bank staff fail to explain the intricate calculations leading to confusion. You may surely try writing to bank as per expert above however banks are under no obligation to explain calculation in writing.