SBI Card Charged Finance charges (even total outstanding was credited)

[cc_dc_explorer]

Hi Community,

I had a SBI card bill of approx 42k generated.

After 4 day of the bill generation a refund credit of 2100 was done from Flipkart. So I paid the remaining amount which was 40k finally. The total credit for the whole statement period became 42,100 RS. So the bill was fully paid. But SBI Cards charged me 1500 RS as finance charges saying only 40k bill was paid.

What should I do, this is complete malpractice. I do the same on other cards when there is refund I only pay remaining amount after deduction of credits and they do not charge anything.

Please tag people who can help here.


UPDATE:
I raised this issue with nodal team of SBI and they reversed the charges.

However they asked me to pay total due amount from next time. But the problem is that they themselves do not allow the customers like us to pay more than current outstanding a/c to recent RBI rule. So In short they are doing malpractice while adding these finance charges. I have sent an email regarding this malpractice again to nodal team. So everyone be informed about these charges and ask them to reverse if you see them in your statement.


Added their malpractice here...

Thread 'Malpractice by SBI CARDS. Beware !'

Jul 23, 2024

This is a little big post. Please bear with me.

SBI posted a finance charge of 1450 INR approx with some taxes to me for not paying Total Due amount. See my previous post (https://www.technofino.in/community...l-outstanding-was-credited.27904/#post-722404). However this was not the case, Total amount due at statement generation date was 42k. And after 4 day of the bill generation a refund credit of 2100 was done from Flipkart. So I paid the remaining amount which was 40k finally. The total credit for the whole statement period became...

• cc_dc_explorer
• fraudulent sbi card sbi fraud
• Replies: 13
• Forum: Credit Card - General

• 
• 
• 

 

[master99]

RBI ombudsman 🤣

 

[Gaara]

Double-check the statement to ensure that the refund and your payment were correctly applied on time (refund received before last date of payment). Reach out to their customer service directly. Explain the situation and provide them with any evidence of the refund and your payment.

 

[KV2024]

Hi Community,

I had a SBI card bill of approx 42k generated.

After 4 day of the bill generation a refund credit of 2100 was done from Flipkart. So I paid the remaining amount which was 40k finally. The total credit for the whole statement period became 42,100 RS. So the bill was fully paid. But SBI Cards charged me 1500 RS as finance charges saying only 40k bill was paid.

What should I do, this is complete malpractice. I do the same on other cards when there is refund I only pay remaining amount after deduction of credits and they do not charge anything.

Please tag people who can help here

Hi
Whether the transaction was undertaken before the statement generation date?

 

[cc_dc_explorer]

Hi
Whether the transaction was undertaken before the statement generation date?

After statement the refund was credited by flipkart.

 

[cc_dc_explorer]

Hi Community,

I had a SBI card bill of approx 42k generated.

After 4 day of the bill generation a refund credit of 2100 was done from Flipkart. So I paid the remaining amount which was 40k finally. The total credit for the whole statement period became 42,100 RS. So the bill was fully paid. But SBI Cards charged me 1500 RS as finance charges saying only 40k bill was paid.

What should I do, this is complete malpractice. I do the same on other cards when there is refund I only pay remaining amount after deduction of credits and they do not charge anything.

Please tag people who can help here.


UPDATE:
I raised this issue with nodal team of SBI and they reversed the charges.

However they asked me to pay total due amount from next time. But the problem is that they themselves do not allow the customers like us to pay more than current outstanding a/c to recent RBI rule. So In short they are doing malpractice while adding these finance charges. I have sent an email regarding this malpractice again to nodal team. So everyone be informed about these charges and ask them to reverse if you see them in your statement.

I have added about their malpractice in this post...

Thread 'Malpractice by SBI CARDS. Beware !'

Jul 23, 2024

This is a little big post. Please bear with me.

SBI posted a finance charge of 1450 INR approx with some taxes to me for not paying Total Due amount. See my previous post (https://www.technofino.in/community...l-outstanding-was-credited.27904/#post-722404). However this was not the case, Total amount due at statement generation date was 42k. And after 4 day of the bill generation a refund credit of 2100 was done from Flipkart. So I paid the remaining amount which was 40k finally. The total credit for the whole statement period became...

• cc_dc_explorer
• fraudulent sbi card sbi fraud
• Replies: 13
• Forum: Credit Card - General

• 
• 
• 

 

[desiviru]

No malpractices here. Any refund after statement generation can't be considered as payment or if it is 7 days within due date it won't be applied as payment. Even cashback after stmt generation can't be taken as credit. A credit is simply payment made directly. RBI guidelines has a loophole. I received Rs.11000 refund for cancelled train tickets which came after statement generation. Paid full statement balance to avoid finance charges as I knew this won't be considered as payment. Only ICICI Bank has a rule that any refund will be considered as payment and 3 days before due date. HDFC has timeline of 7 days. SBI clearly mentioned that it won't be considered for credit. SBI has its own rulebook and shows middle finger to RBI. 🤣

 

[Aniket]

No malpractices here. Any refund after statement generation can't be considered as payment or if it is 7 days within due date it won't be applied as payment. Even cashback after stmt generation can't be taken as credit. A credit is simply payment made directly. RBI guidelines has a loophole. I received Rs.11000 refund for cancelled train tickets which came after statement generation. Paid full statement balance to avoid finance charges as I knew this won't be considered as payment. Only ICICI Bank has a rule that any refund will be considered as payment and 3 days before due date. HDFC has timeline of 7 days. SBI clearly mentioned that it won't be considered for credit. SBI has its own rulebook and shows middle finger to RBI. 🤣

Matalab kuch bhi?🤣

What Loophole explain please?

 

[itzmycard]

Sbi considers cashback as payment atleast on cashback card. I used to pay the remaining amount after deducting the cashback amount and never incurred any finance charges

 

[cc_dc_explorer]

No malpractices here. Any refund after statement generation can't be considered as payment or if it is 7 days within due date it won't be applied as payment. Even cashback after stmt generation can't be taken as credit. A credit is simply payment made directly. RBI guidelines has a loophole. I received Rs.11000 refund for cancelled train tickets which came after statement generation. Paid full statement balance to avoid finance charges as I knew this won't be considered as payment. Only ICICI Bank has a rule that any refund will be considered as payment and 3 days before due date. HDFC has timeline of 7 days. SBI clearly mentioned that it won't be considered for credit. SBI has its own rulebook and shows middle finger to RBI. 🤣

But they should then allow full payment of statement to be done. They are rejecting my full payment. Please see my other post linked you’ll understand. My total statement amount was approx 4K and after that some refunds were there. Now when I’m paying 4K their application is erroring out saying can’t pay more than 2k which is current outstanding.

 

[cc_dc_explorer]

Matalab kuch bhi?🤣

What Loophole explain please?

The main problem is that they are also not letting me pay the total statement due amount. Their application errors out saying can’t pay more than 2k when my statement due was 4K.

 

[desiviru]

Matalab kuch bhi?🤣

What Loophole explain please?

You need a reply from me? Matlab kuch bhi? 🤣 Why not visit RBI website, download the 35 page guidelines. Read word to word and then even if you don't come to know the loophole banks can use in legal battles or customer complaints, blame your understanding. After that read the banking law book or if you are too busy doing nothing in life, find a banking law undergrad, he will let you know. Yaha majority log sochtey hai unko thali mein paros ke de do sab kuch.

Banks are not sitting here so that any A, B, C come knocking their doors and threaten them with Ombudsman and get money from them.

 

[desiviru]

The main problem is that they are also not letting me pay the total statement due amount. Their application errors out saying can’t pay more than 2k when my statement due was 4K.

Did you try paying from SBI card website? SBI allows 5% overage on payment but only when you do all payment in one go. With every part payment it reduces.

 

[cc_dc_explorer]

Did you try paying from SBI card website? SBI allows 5% overage on payment but only when you do all payment in one go. With every part payment it reduces.

Yes, from both SBI card app and website.

 

[Aniket]

You need a reply from me? Matlab kuch bhi? 🤣 Why not visit RBI website, download the 35 page guidelines. Read word to word and then even if you don't come to know the loophole banks can use in legal battles or customer complaints, blame your understanding. After that read the banking law book or if you are too busy doing nothing in life, find a banking law undergrad, he will let you know. Yaha majority log sochtey hai unko thali mein paros ke de do sab kuch.

Banks are not sitting here so that any A, B, C come knocking their doors and threaten them with Ombudsman and get money from them.

Padhne ka jarurat aapko hain!🙂
In your language to you:

Why not visit RBI website, download the 35 page guidelines. Read word to word and then even if you don't come to know the loophole banks can use in legal battles or customer complaints, blame your understanding. After that read the banking law book or if you are too busy doing nothing in life, find a banking law undergrad, he will let you know.

Screenshot attached below 👇

I am myself a law student don't require to find a banking law undergrad & had already read the guidelines.

In addition to this, it's not rocket science to understand as you think.

Yaha majority log sochtey hai unko thali mein paros ke de do sab kuch.

Haan jee aapko jarurat hain lijye mein de raha hoon thali mein parosh ke 🙂

Aasha karta hoon ab baseless argument nahi hoga koi...

Banks are not sitting here so that any A, B, C come knocking their doors and threaten them with Ombudsman and get money from them.

Banks are not sitting for illiterate but they are sitting for literate, one who know his/her rights & also how to fight. Yes, if you put baseless argument, no doubt, none will bother to listen you.

Issi liye isko bold bhi kara tha pehle, lekin karne ka koi faida nahi huwa...



Lastly chaliye Admin aka @TechnoFino bro ne bhi kuch time pehle ek thread hi dale the unka bhi links de deta hoon...last paragraph jarur padh lijyega

Thread 'Five Credit Card Rules You Don't Know | Don't Let Your Bank Scam You'

May 27, 2024

We all know about credit cards, but we often don't bother to learn about the RBI guidelines for credit cards and their issuers. When we encounter problems, we contact the bank and trust them blindly. But banks don’t always tell you the truth. In fact, people lose more money to banks than to scammers because maximum customers don't know the RBI guidelines and don't question their banks.

Today, I'll tell you about a few crucial RBI guidelines regarding credit cards. Save this post and don't let your bank scam you ever again.

​

1. 3 Days Grace Period Rule:​

This rule...​

• TechnoFino
• rbi guidelines
• Replies: 63
• Forum: RBI Guidelines

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• 

 

[Aniket]

But they should then allow full payment of statement to be done. They are rejecting my full payment. Please see my other post linked you’ll understand. My total statement amount was approx 4K and after that some refunds were there. Now when I’m paying 4K their application is erroring out saying can’t pay more than 2k which is current outstanding.

How much was the refund? Net amount due after refund adjustment?

 

[cc_dc_explorer]

How much was the refund? Net amount due after refund adjustment?

Yes after adjusting refunds it approximately matches the amount that it is allowing to pay. But the problem is that if I pay less than 4K again they will add finance charge.

 

[Aniket]

Yes after adjusting refunds it approximately matches the amount that it is allowing to pay. But the problem is that if I pay less than 4K again they will add finance charge.

I find AU is strictly following it, yes you may need to pay it and then after then you may have to escalate to reverse the charges because most of them are still left to make necessary changes in their system for auto adjustment.

Better once you escalate your situation to Credit Card Department.

Yes, we can't pay excess money in SBI CC A/c, if somehow it goes, it's then reversed. 🤣 I suppose you're not allowed because the system considered it as payment only. But Hypocrite charged you Finance charge as well.

In a similar situation, when I asked Kotak team, I got reply to pay only TAD-Refund, though their system didn't reduce TAD.
Said it verbally, that I don't need to pay the amount which is already refunded.
No any charges was levied.

Actually the problem lies with RBI only, writing rules & regulation on paper without monitoring it properly not even strictly tracking action against them when card holder report that the bank has not adhered/ voilated the guidelines.

 

[Shin-Chan]

I find AU is strictly following it, yes you may need to pay it and then after then you may have to escalate to reverse the charges because most of them are still left to make necessary changes in their system for auto adjustment.

Better once you escalate your situation to Credit Card Department.

Yes, we can't pay excess money in SBI CC A/c, if somehow it goes, it's then reversed. 🤣 I suppose you're not allowed because the system considered it as payment only. Though better to escalate the issue.

In a similar situation, when I asked Kotak team, I got reply to pay only TAD-Refund, though their system didn't reduce TAD.
Said it verbally, that I don't need to pay the amount which is already refunded.
No any charges was levied.

RBI is also not monitoring well not even strictly tracking action against them.

Sir you are so knowledgeable about Kotak CCs can you guide me how to get Kotak White Card, please sir Big Fan Sir !!

I have heard about your legends from legendary @raghu.rokda Sir !!

 

[raghu.rokda]

Sir you are so knowledgeable about Kotak CCs can you guide me how to get Kotak White Card, please sir Big Fan Sir !!

I have heard about your legends from legendary @raghu.rokda Sir !!

Sunkar achha laga but Mere paas kotak ka koi card ni hai..