Excess Credit balance in Credit Cards

[chiron]

received the following mail for Zomato RBL. Any experts that can help in providing detailed information on the period specified by RBI?

As per the law, we will be holding your funds for a period specified by Reserve Bank of India (RBI). Post which the funds will be remitted to the Reserve Bank of India.

 

[theflash]

SBI is the easiest and then Axis.

Had 1.4k excess credit they told me Ill have to mail all the details how the cc bill was paid and all after that they will refund to source.

 

[theflash]

Had 1.4k excess credit they told me Ill have to mail all the details how the cc bill was paid and all after that they will refund to source.

A xi s

 

[bargainHunter]

Here . .👇

The Citi netbanking option seems only to add bank ac details for any refund and not actually initiate refund.

 

[bigbyte]

The Citi netbanking option seems only to add bank ac details for any refund and not actually initiate refund.

Axis effect may be

 

[helloworld]

For any bank credit card:

You may request for a refund of the excess balance before your next statement is generated by the following means:

- If you don't have bank account with them, mail for a refund request with following details:
* Name
* Bank Name
* A/c Number
* IFSC Code

also need to attach a scanned copy of a cancelled cheque or bank statement for verification of the above-mentioned a/c details.-

If you have a Savings Account with that bank, you can just call or email for processing a refund to your Account.

It will be processed in max. 5 working days.

Ofcourse, you can always use that balance for next purchase, if you don't want refund.

those who don't know: email ids found in bank monthly statement last pages.

 

[SSV]

For any bank credit card:

You may request for a refund of the excess balance before your next statement is generated by the following means:

- If you don't have bank account with them, mail for a refund request with following details:
* Name
* Bank Name
* A/c Number
* IFSC Code

also need to attach a scanned copy of a cancelled cheque or bank statement for verification of the above-mentioned a/c details.-

If you have a Savings Account with that bank, you can just call or email for processing a refund to your Account.

It will be processed in max. 5 working days.

Ofcourse, you can always use that balance for next purchase, if you don't want refund.

those who don't know: email ids found in bank monthly statement last pages.

But most important piece of puzzle you are missing here is:
The account from where the bill was paid last time which caused this excess balance..
You need to provide the bank account details of this account not any other account...
Basically they want to identify the source of the payment and want to refund to the source..

I had recently gone thru this process for axis and kotak they both insisted to know the source details amd refund was made to the source account only

 

[bigbyte]

But most important piece of puzzle you are missing here is:
The account from where the bill was paid last time which caused this excess balance..
You need to provide the bank account details of this account not any other account...
Basically they want to identify the source of the payment and want to refund to the source..

I had recently gone thru this process for axis and kotak they both insisted to know the source details amd refund was made to the source account only

This issue ( source from bill was paid) is specific to Axis, I also experienced same.
No such issues with Citibank and SBI earlier.
No experience with any other bank.

 

[ᏰᏋᎥᏁᎶᎥᏁፈᎧᎶ]

For any bank credit card:

You may request for a refund of the excess balance before your next statement is generated by the following means:

- If you don't have bank account with them, mail for a refund request with following details:
* Name
* Bank Name
* A/c Number
* IFSC Code

also need to attach a scanned copy of a cancelled cheque or bank statement for verification of the above-mentioned a/c details.-

If you have a Savings Account with that bank, you can just call or email for processing a refund to your Account.

It will be processed in max. 5 working days.

Ofcourse, you can always use that balance for next purchase, if you don't want refund.

those who don't know: email ids found in bank monthly statement last pages.

But most important piece of puzzle you are missing here is:
The account from where the bill was paid last time which caused this excess balance..
You need to provide the bank account details of this account not any other account...
Basically they want to identify the source of the payment and want to refund to the source..

I had recently gone thru this process for axis and kotak they both insisted to know the source details amd refund was made to the source account only

This issue ( source from bill was paid) is specific to Axis, I also experienced same.
No such issues with Citibank and SBI earlier.
No experience with any other bank.

anyone have experience with rbl??

 

[SSV]

This issue ( source from bill was paid) is specific to Axis, I also experienced same.
No such issues with Citibank and SBI earlier.
No experience with any other bank.

Kotak also insisted me on the same..
SBI has the most efficient mechanism.. just raise a refund request in the app.. a SR will be created immediately and be executed within 3 to 4 days.. that’s it

 

[helloworld]

But most important piece of puzzle you are missing here is:
The account from where the bill was paid last time which caused this excess balance..
You need to provide the bank account details of this account not any other account...
Basically they want to identify the source of the payment and want to refund to the source..

I had recently gone thru this process for axis and kotak they both insisted to know the source details amd refund was made to the source account only

for me they accepted any bank account as long as shared cheque is in card holder name. Axs also worked but its closed card, kotak refunded to linked bank account.

above based on small amount experience, never tried for big amount.