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Yes, this is how things work, unfortunately for you.I missed paying ₹500 from a total bill of ₹2.6 lakh, and ICICI has charged me ₹18,000 as interest. When I inquired, they said the interest is applied to the total due amount. Is this in line with RBI guidelines? Is there any way to reverse or reduce the charges?
Noticed the next day after charges being seen in statement. It is 3 days after due date.Yes, this is how things work.
After how long did you notice this? Only icici bank can help you. They can waive it off, but it depends on how late you were in making the payment.
Shit 😐I missed paying ₹500 from a total bill of ₹2.6 lakh, and ICICI has charged me ₹18,000 as interest. When I inquired, they said the interest is applied to the total due amount.
No, the interest shall be lived from the date of transaction on outstanding balance, not on total due amount as per statement.Is this in line with RBI guidelines?
Yep, it can be reduced by mailing them quote RBI Circular's direction, 9 (b) (vi) Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022 (Updated as on March 07, 2024). Use their escalation matrix and if you won't succeed there then better to report RBI BO and claim good amount of compensation.Is there any way to reverse or reduce the charges?
If you have been making regular payments to ICICI, then I suggest that you can maybe request a senior customer care personnel to cancel the interest levied on account of your past timely payments.I missed paying ₹500 from a total bill of ₹2.6 lakh, and ICICI has charged me ₹18,000 as interest. When I inquired, they said the interest is applied to the total due amount. Is this in line with RBI guidelines? Is there any way to reverse or reduce the charges?
Post in thread 'Icici bank charging interest on whole amount'I missed paying ₹500 from a total bill of ₹2.6 lakh, and ICICI has charged me ₹18,000 as interest. When I inquired, they said the interest is applied to the total due amount. Is this in line with RBI guidelines? Is there any way to reverse or reduce the charges?
I missed paying ₹500 from a total bill of ₹2.6 lakh, and ICICI has charged me ₹18,000 as interest. When I inquired, they said the interest is applied to the total due amount. Is this in line with RBI guidelines? Is there any way to reverse or reduce the charges?
Glad to learn @sathyakpsUpdate: Requested customer care and got 12k refund. I have escalated the issue again to check possibility of getting full refund.
Shit 😐
No, the interest shall be lived from the date of transaction on outstanding balance, not on total due amount as per statement.
Yep, it can be reduced by mailing them quote RBI Circular's direction, 9 (b) (vi) Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022 (Updated as on March 07, 2024). Use their escalation matrix and if you won't succeed there then better to report RBI BO and claim good amount of compensation.
For reversal (no guarantee), you can ask based on your past relationship and tell them to consider that you had never defaulted before and give some considerable reason for missing the payment.
On what basis did they refund only 12k? Anyways now go through the mail channel and directly escalate to pno with above RBI directive. At most you should be paying Rs 50 as interest + gst. Also rasie this on twitter if you are an active member.Update: Requested customer care and got 12k refund. I have escalated the issue again to check possibility of getting full refund.
No one can help, if he don't want to be helped or can't make effort from his end.@TechnoFino please help this person
Sirf unpaid amount pe interest lagta haiI missed paying ₹500 from a total bill of ₹2.6 lakh, and ICICI has charged me ₹18,000 as interest. When I inquired, they said the interest is applied to the total due amount. Is this in line with RBI guidelines? Is there any way to reverse or reduce the charges?
As a gesture of goodwill and in recognition of our past relationship, they are offering a refund.On what basis did they refund only 12k? Anyways now go through the mail channel and directly escalate to pno with above RBI directive. At most you should be paying Rs 50 as interest + gst. Also rasie this on twitter if you are an active member.
I've sent another email requesting a refund and included a reference to the RBI circular.No one can help, if he don't want to be helped or can't make effort from his end
Yea i paid the amounts in part payments before due date. Missed around 250 rs in total😥I'm asking totally in curosity.
How did you missed the payment? I mean did you manually entered the amount?
From Statement Generation Date of 260k till Next Statement Generation Date , How much amount you had Utilized ?I missed paying ₹500 from a total bill of ₹2.6 lakh, and ICICI has charged me ₹18,000 as interest. When I inquired, they said the interest is applied to the total due amount. Is this in line with RBI guidelines? Is there any way to reverse or reduce the charges?
This is neither a gesture of good will nor are they caring abt ur relationship. They shouldn't have charged this 18k in 1st place. Just send this to their pno with cc to RBi. Be harsh as ICICI is know for doing this shit.As a gesture of goodwill and in recognition of our past relationship, they are offering a refund.