Refund considered as payment?

[mdshafiuddin24]

I would like to know that all the banks do considers refund as payment or not since I have been charged with the late payment fee on my SBI credit card but as per RBI guidelines, it should be considered as payment and should be adjusted with the last statement.

 

[irohitpragya]

I have complained 4 times to RBI, everytime RBI gives bamboo to the bank. And RBI be like - I'm loving it.

 

[Walter White]

I have complained 4 times to RBI, everytime RBI gives bamboo to the bank. And RBI be like - I'm loving it.

There are some banks that I wish never improve their customer service so that they can get bamboo from RBI and I can get compensation.

 

[irohitpragya]

There are some banks that I wish never improve their customer service so that they can get bamboo from RBI and I can get compensation.

very true

 

[abhishek751]

I would like to know that all the banks do considers refund as payment or not since I have been charged with the late payment fee on my SBI credit card but as per RBI guidelines, it should be considered as payment and should be adjusted with the last statement.

went through same situation with SBI last November,
it is considered as payment,
RBI has issued instructions for this.

RBI/2022-23/92
DoR.AUT.REC.No.27/24.01.041/2022-23

Chapter 2 –

10. Billing

(e) Any credit amount arising out of refund/failed/reversed transactions or similar transactions before the due date of payment for which payment has not been made by the cardholder, shall be immediately adjusted against the ‘payment due’ and notified to the cardholder.

 

[plastikman]

What about in case of redemption of reward points after bill is generated ? Would it be considered part payment and remaining payment must be made or total amount must be paid and cb should be adjusted in coming bill ?

 

[VISHESH_BANSAL]

What about in case of redemption of reward points after bill is generated ? Would it be considered part payment and remaining payment must be made or total amount must be paid and cb should be adjusted in coming bill ?

SBI and BOB Consider Cashback Credit as Payment towards Statement Due.

For Other Banks, I have not tested
Personally but it should be considered as Payment towards Statement due, if such credit is initiated before due date

 

[SSV]

SBI and BOB Consider Cashback Credit as Payment towards Statement Due.

For Other Banks, I have not tested
Personally but it should be considered as Payment towards Statement due, if such credit is initiated before due date

+1

 

[imdjay]

2 months back. I was in a similar situation. I did a transaction of around 50k from my HDFC card. The refund was credited just after the bill generation.
I got different responses from two different representatives.

Just to be safe I paid the full bill and ignored the refund. I didn't want to go into argument mode at that time.
So yes, As per RBI guidelines and As other people here said, This refund is usually settled with the due. But if they do not do it, you will have to fight for yourself.

 

[Digitalguy]

Generated Citibank CC Bill Amount = Rs.1980 (Includes My spend = Rs. 980 & Annual Fee Waived = Rs. 1000)

Citibank credited Rs. 1000 into the credit card a/c for the waiver of the annual fee.

Fee reversal considered as payment? Do I need to pay the bill amount Rs. 1980?
@VISHESH_BANSAL

 

[mgforce]

Generated Citibank CC Bill Amount = Rs.1980 (Includes My spend = Rs. 980 & Annual Fee Waived = Rs. 1000)

Citibank credited Rs. 1000 into the credit card a/c for the waiver of the annual fee.

Fee reversal considered as payment? Do I need to pay the bill amount Rs. 1980?
@VISHESH_BANSAL

Just log into netbanking and see outstanding amount. It should be zero and so, considered as payment.

 

[sv004]

Once statement has been generated u have to pay that amount . Irreapective of refunds and cashbacks

 

[Pankhuri]

Once statement has been generated u have to pay that amount . Irreapective of refunds and cashbacks

Refunds are counted as payment.

 

[sourpai]

I checked with HDFC bank premium banking rep yesterday on call. She mentioned that refunds may not be considered as payments by the bank and hence it is advised to pay the total outstanding in full. Refunds will get adjusted in the next billing cycle.

In the past I have done this with various banks. Paid the bill as total bill minus refund amount. While HDFC and ICICI did not charge me anything SBI did charge the outstanding charges. So it is risky and bank policies keep changing all the time. Now I pay the entire amount and let refunds reflect in next cycle

 

[vaibhav111vaibhav111 is verified member.]

I would like to know that all the banks do considers refund as payment or not since I have been charged with the late payment fee on my SBI credit card but as per RBI guidelines, it should be considered as payment and should be adjusted with the last statement.

IDFC First Bank CC do considered Reversal as Payment in the app it change the Amount Required to be Paid.. while Some Bank cc Do Send SMS it won't be considered so it would best just to check in netbanking/app of the card you are expecting refund it Amount Payable is Zero or in negative then you don't have to pay.

 

[Pankhuri]

In the past I have done this with various banks. Paid the bill as total bill minus refund amount. While HDFC and ICICI did not charge me anything SBI did charge the outstanding charges. So it is risky and bank policies keep changing all the time. Now I pay the entire amount and let refunds reflect in next cycle

If you mail SBI about it, they reverse the charges. I have experience in this with Axis, HDFC, ICICI, Indusind and SBI. Only needed to raise to NO in case of SBI to reverse the charges.

 

[sourpai]

If you mail SBI about it, they reverse the charges. I have experience in this with Axis, HDFC, ICICI, Indusind and SBI. Only needed to raise to NO in case of SBI to reverse the charges.

Yes I had called SBI on this and requested to reverse the charges. They did eventually. But the customer agent also mentioned that refund is not considered as payment by default with SBI

 

[Pankhuri]

Yes I had called SBI on this and requested to reverse the charges. They did eventually. But the customer agent also mentioned that refund is not considered as payment by default with SBI

There was some RBI ruling about this too. I will have to find it, it was mentioned in a comment on this forum also. Gist of it was that banks can't expect more payment if the refund is settled 5 days before the due date.

 

[4uziaul]

There was some RBI ruling about this too. I will have to find it, it was mentioned in a comment on this forum also. Gist of it was that banks can't expect more payment if the refund is settled 5 days before the due date.

This:

Post in thread 'Refund considered as payment?' https://www.technofino.in/community/threads/refund-considered-as-payment.14800/post-262952

 

[_ayush]

Will refund get added in the CC payment reported in AIS?

 

[nikzcool]

I had a bill of 5114 for my Icici Amazon card ,generated on 5th nov and due on 23rd nov.

Received refund of 5114 + 16k from amazon for previous month before 12th nov.
Also spent 18k on 15th Nov.

Now ICICI has levied 1000+ gst as late payment fees and is saying that refund is not considered as payment and that i should have paid minimum due atleast.

I clearly remember seeing the outstanding amount being -16k on 12th nov. (I.e. I should get refund from icici).

How can icici just not follow RBI Guidelines.

For now have paid the full amount due and icici cs has said they will refund the 1000 , planning to goto RBi with this as they will not refund the GST.