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.

 

[knight]

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.

Hope you have escalated to Nodal, PNO with RBI guideline link

 

[cardio_guy]

I have a question. I paid Rs 2L through my ICICI Amazon credit card towards medical entrance counseling to the MCC board for NEET PG counseling. This is a security deposit and will be refunded after the admission.
I am expecting this 2L refund sometime in December or at the max January.
Can I get this amount transferred back to my bank account? Are there any charges for this?

 

[nikzcool]

Hope you have escalated to Nodal, PNO with RBI guideline link

It's just been a day, have not received reply on mail.

Just over call.

Waiting for reply over mail, to escalate it.

Icici just Can't damage my cibil when they do not know the rules.

 

[nikzcool]

I have a question. I paid Rs 2L through my ICICI Amazon credit card towards medical entrance counseling to the MCC board for NEET PG counseling. This is a security deposit and will be refunded after the admission.
I am expecting this 2L refund sometime in December or at the max January.
Can I get this amount transferred back to my bank account? Are there any charges for this?

Yes can get it transferred , no charges.
Bank is supposed to transfer it automatically in 3 days, if the amount is more than 1% of limit, or above 5000Rs.

U can also explicitly ask for it, to ur bank account.

 

[nikzcool]

I have a question. I paid Rs 2L through my ICICI Amazon credit card towards medical entrance counseling to the MCC board for NEET PG counseling. This is a security deposit and will be refunded after the admission.
I am expecting this 2L refund sometime in December or at the max January.
Can I get this amount transferred back to my bank account? Are there any charges for this?

Also I believe NEET have taken down ur bank account details, to refund the money and would not refund to the same cc.

 

[ahtsham]

Also I believe NEET have taken down ur bank account details, to refund the money and would not refund to the same cc.

MCC refund to the same credit card not to the bank account. They have done it in my case last year.

 

[nikzcool]

MCC refund to the same credit card not to the bank account. They have done it in my case last year.

You are right, received to the credit card few days back.

 

[nikzcool]

Hope you have escalated to Nodal, PNO with RBI guideline link

I am getting no reply from pno and nodal email ids of icici bank, any way to get hold of some email of influential people from icici.

 

[cardio_guy]

You are right, received to the credit card few days back.

yes I too received the refund in CC. spoke to customer care. They have transferred the balance amount after the outstanding to my linked icici bank account.

 

[sandeepkm]

If the refund got credited after statement generation date but before payment due date then you can subtract the refund amount from the statement amount and pay the remaining. If the refund didn't arrive till the payment due date then you need to pay the full amount.

You can safely ignore other comments if it contradicts the above statement. I can see lot of misinformation and confusion here.

I also agree but for the cases where you still have outstanding to pay after refund. Last month for my ICICI amazon CC, outstanding was 0 after refund, so I did not make any payment and got charged with late payment fees.

 

[sandeepkm]

I am getting no reply from pno and nodal email ids of icici bank, any way to get hold of some email of influential people from icici.

For me it has been reported to CIBIL, I had 0 outstanding after refund.

 

[abhishek751]

I also agree but for the cases where you still have outstanding to pay after refund. Last month for my ICICI amazon CC, outstanding was 0 after refund, so I did not make any payment and got charged with late payment fees.

You can mail them the RBI's circular where they have mentioned refund will be considered as payment if they don't agree then just raise the same complaint with proof on ombudsman.

 

[NickQ]

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.

Onecard does it

 

[WandereR]

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.

What's the status?

 

[cardio_guy]

Amazon ICICI refunds now come into my ICICI savings bank account. ICICI is making a lot of problems and complications.
Earlier, the refunds used to be directly credited to my credit card statement.
But now, they are being credited to both my bank account and credit card statement, and then charged again on my credit card statement.

 

[CardTox]

This month on 1May 2024 I made a 20k txn on SBI UNIpay using my Coral rupay cc, the payment got deducted but failed. Its bill was generated on 5 May of 20k. This amount of 20k was rfunded on 10May and a text message to this effect was sent to me by ICICI mentioning that total revised outstanding on your card is Rs. 00. Here its confusing, whether do i need to pay these 20k on or before due date of 23May? or simply i would consider that bill has been settled with tis refund

 

[It_is_Naruto]

This month on 1May 2024 I made a 20k txn on SBI UNIpay using my Coral rupay cc, the payment got deducted but failed. Its bill was generated on 5 May of 20k. This amount of 20k was rfunded on 10May and a text message to this effect was sent to me by ICICI mentioning that total revised outstanding on your card is Rs. 00. Here its confusing, whether do i need to pay these 20k on or before due date of 23May? or simply i would consider that bill has been settled with tis refund

Similar happened with me 6 months back. I talked to icici team, they got me pay the bill first and then credit the excess amount back to my bank account.
Only difference, refund was of one month earlier and of different amounts. Anyways I didn't take the risk... with icici or any bank for that matter, nothing logical will apply. Suggest you to talk to them before assuming anything.

 

[dungeonMaster]

Only hsbc follows the rbi guideline fully. After refund they'll even notify you with sms/email with updated outstanding amount.

 

[VISHESH_BANSAL]

Only hsbc follows the rbi guideline fully. After refund they'll even notify you with sms/email with updated outstanding amount.

AU Bank too follow this

 

[Bhagat Singh]

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 ?

+1

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

Had a bill of 2900 . Minimum due 200.
Due date 23rd july

Redeemed cashback of 810 rs on 18th july.
Forgot to pay bill as i thought i paid along with redemption. Received email for overdue on 10th august
HDFC Bank already reported late payment to all CIC's.

THEY DON'T COUNT CASHBACK AS PAYMENT ALSO MENTIONED SAME WHILE REDEMPTION