Refunds counted as Payment in 2023?

[mohitbags]

Hi, I recently booked trains on Amazon Pay using my Amazon Pay ICICI Credit card on 30 July & received 90% refund after cancellation charge deductions.
But the refunds were credited after my bill generation. Do I need to pay the full bill amount?
I know about the RBI clause point 10 (e), which states that refunds are counted as payments if credited before the due date. But SBI cards don't follow that rule even in May/June 2023 because they charged me FIN Charge on Retail since they don't count Refund towards bill payment.
Someone, please clarify. I don't want to pay Interest again. (The amount is 30k for IRCTC, total bill 34k, 4k I have paid)

 

[RkrRkr is verified member.]

Just check,out of the total limit how much is available ?
Pay the fiffrence amount so that available credit limit and total credit limit become same....
By making this ,from your side no additional payment required.

 

[mohitbags]

Just check,out of the total limit how much is available ?
Pay the fiffrence amount so that available credit limit and total credit limit become same....
By making this ,from your side no additional payment required.

That is already same

 

[panchabhut]

Minimum due must be paid. Amex, HSBC and CITI treat refund as payment while the Indian banks treat refund as adjustment.

 

[mohitbags]

Minimum due must be paid. Amex, HSBC and CITI treat refund as payment while the Indian banks treat refund as adjustment.

Suppose my bill amount is 5k, Minimum due is 1k and refunds are 4k. If I pay 1k, no interest will be charged?

 

[SSV]

Minimum due must be paid. Amex, HSBC and CITI treat refund as payment while the Indian banks treat refund as adjustment.

Good to know this. Thanks

 

[RkrRkr is verified member.]

That is already same

That all...Confirm the same through customer care that is there any extra payment required if they are not giving proper response the make sure atleast MAD is paid from your side.

 

[panchabhut]

Suppose my bill amount is 5k, Minimum due is 1k and refunds are 4k. If I pay 1k, no interest will be charged?

yes, but if refund is 4.5K, you still need to pay 1K

 

[mohitbags]

yes, but if refund is 4.5K, you still need to pay 1K

But a few months ago, in my SBI Cashback Card,
Bill Due was 17k I paid 13k, and 4k credit as refund before my Due date still charged me Fin charges(interest) in the coming month.

 

[DevD]

Minimum due must be paid. Amex, HSBC and CITI treat refund as payment while the Indian banks treat refund as adjustment.

But I think RBI rule should be same for all banks.. isn't it.

 

[mohitbags]

That all...Confirm the same through customer care that is there any extra payment required if they are not giving proper response the make sure atleast MAD is paid from your side.

But a few months ago, in my SBI Cashback Card,
Bill Due was 17k I paid 13k, and 4k credit as refund just 1 day before my Due date still charged me Fin charges(interest) in the coming month.

 

[RkrRkr is verified member.]

But a few months ago, in my SBI Cashback Card,
Bill Due was 17k I paid 13k, and 4k credit as refund just 1 day before my Due date still charged me Fin charges(interest) in the coming month.

Is payment settled in account on the same day ?

 

[mohitbags]

Is payment settled in account on the same day ?

Sorry not one day but a week before due date.. Check the screenshot attached above

 

[SSV]

But I think RBI rule should be same for all banks.. isn't it.

As I said before in some thread long back,
RBI should emloy a compliance officer to look after customers interest at the cost of banks for his salary..
This is the only solution to bring all these naughty banks in line

 

[RkrRkr is verified member.]

Sorry not one day but a week before due date.. Check the screenshot attached above

Ok now pay MAD or above the MAD to ensure Outstanding amount is zero.
Make sure the Total credit limit is available .
Dont use the card till next statement...

 

[panchabhut]

But a few months ago, in my SBI Cashback Card,
Bill Due was 17k I paid 13k, and 4k credit as refund before my Due date still charged me Fin charges(interest) in the coming month.

SBI Cards are offered by a NBFC, not by a bank. But logically, they should follow the same process.
Do not use SBI Card. So no first hand experience.

 

[RkrRkr is verified member.]

SBI Cards are offered by a NBFC, not by a bank. But logically, they should follow the same process.
Do not use SBI Card. So no first hand experience.

Here NBFC doesn't matter...
What matters is, are they follwong the card member agreement or deviating from them?
If they are going out of way then there are many ways to screwed them as per RBI law.

 

[anildas]

But a few months ago, in my SBI Cashback Card,
Bill Due was 17k I paid 13k, and 4k credit as refund just 1 day before my Due date still charged me Fin charges(interest) in the coming month.

I had faced this same issue with SBI Cashback card couple of months back. Bill amount was 53k, and there was a refund of 10k after bill date but well before due date. I paid the balance 43k plus some 1k extra before the due date, but they still charged me fin charges. I raised a complaint quoting the RBI regulation, but they refused to reverse the charges. Escalated to NO, PNO also threatening to complaint to RBI, still same stupid copy paste answer. After that I was about to complain with the RBI Ombudsman but saw that there's another CS Head for escalating the query, so thought why not check if atleast these guys have any idea about RBI regulations before going to the Ombudsman.

Unsurprisingly, nothing was different. One person called and explained that as per internal policy refund is not considered as payment and that you have to make the payment of total amount due. I told that your internal policy is fine, but what about RBI regulations, is it not applicable to you? She was again repeating same dumb thing and responding as if she didn't even hear the word RBI. Whatever I ask, she says the same thing again. I told, understood and cut the call.

Raised a complaint with RBI after this, in one week time entire finance charges plus GST was reversed. No questions asked.

So, please don't listen to these stupid SBI customer care people, PNO, CS Head and what not, just looting people's hard earned money. Raise a complaint with the Ombudsman.

 

[shrewdoc]

If you want peace of mind, just pay your generated bill, and forget about any refunds. If you think you would be willing to reach RBI Ombudsman if bank doesn't comply, you can pay the NET bill and go from there. Just think that you received the refund in the next month's statement and sleep peacefully 🙂.

 

[SSV]

If you want peace of mind, just pay your generated bill, and forget about any refunds. If you think you would be willing to reach RBI Ombudsman if SBI doesn't comply, you can pay the NET bill and go from there. Just think that you received the refund in the next month's statement and sleep peacefully 🙂.

Precisely to the point sir.... this is very important... Happy Independence Day... Please check out my profile update, if you like vintage stuff..

sleep peacefully 🙂.