SBI Cards Charges 30rs for 1 PAISE outstanding. Be alert while paying bill.

[prem2311]

Hi All


My November bill for the BPCL card is 21,422.99. But it was rounded off to 21,423.


I paid through PAYTM bill payment. It automatically fetches the bill as 21,422.99. I didn't verify with my statement and I paid with trust of PAYTM

In the bill it was 21423rs.

For that 1 PAISA, They have charged around 30 rs in my next statement.



I mailed them the same. They have sent me Terms and conditions copy to me.

SBI cards + PAYTM are building the NEXT GEN AI to take India to 1930 PAISA world. Be Ready

 

[Predator]

Ab man lo Last month ka bill 10,000 due hai, m flopkart se 10k ka order place karke cancel kar deta hu and 10k refund aa jata h.
Iska matlab ye nhi hua ki last month ka jo 10k due tha vo adjust ho gya refund ane k karan.
Ye refund to transaction cancel hui h uska hai

 

[Predator]

No bro, it's true. Even if you converted some transaction before due date and paid minimum due means all other banks considered the bill is fully paid as converted transaction got reversed. Those reversed transaction considered as repayment
But not in SBI. I faced this charges. They came with new calculation which has no logic

calculatation was logical. It was just that you couldn't connect it.
If you can share exact transaction details, then we can figure out what went wrong in your case.

 

[VicksJ]

Please mind the word "unbilled transactions" here

You are free to debate this with them. I have shared what has happened. In the same line it says it gets adjusted towards total outstanding but not counted as a payment.

So in my example though your total outstanding becomes 0 after a payment of 1 lakh still you owe 1 lakh as you have not paid the statement due of 2 lakh. So you have to pay 1 lakh more as per total statement due and then ask for the refund of excess credit

 

[Predator]

You are free to debate this with them. I have shared what has happened. In the same line it says it gets adjusted towards total outstanding but not counted as a payment.

So in my example though your total outstanding becomes 0 after a payment of 1 lakh still you owe 1 lakh as you have not paid the statement due of 2 lakh. So you have to pay 1 lakh more as per total statement due and then ask for the refund of excess credit

Debate?
Are you even getting What I am trying to tell you?

and Total outstanding would obviously reduce after refund settlement.

 

[VicksJ]

Ab man lo Last month ka bill 10,000 due hai, m flopkart se 10k ka order place karke cancel kar deta hu and 10k refund aa jata h.
Iska matlab ye nhi hua ki last month ka jo 10k due tha vo adjust ho gya refund ane k karan.
Ye refund to transaction cancel hui h uska hai

I am talking about no further transaction in next month. That means only refunds are there for billed transactions after statement generation.

 

[prem2311]

calculatation was logical. It was just that you couldn't connect it.
If you can share exact transaction details, then we can figure out what went wrong in your case.

it just simple,

For ex:
The statement date 7th and due date is 23rd

In Kotak, IDFC, ICICIC, HDFC, etc the bill is 64000, and Min due is 40000
If I paid 44000 in cash and converted one transaction of 20000 into EMI on the 20th, my bill was considered paid in full. No interest or extra charges.
The converted transaction's first EMI will be posted the same day with interest and processing fee.

Same in SBI
44000 is only considered as payment, I have to pay interest of 3.5% for that 20000 from the date of purchase till date.
Here also converted transaction's first EMI will be posted the same day with interest and processing fee. i.e 20th.
No late payment charges.

 

[Predator]

I am talking about no further transaction in next month. That means only refunds are there for billed transactions after statement generation.

Share SS for a better understanding

 

[VicksJ]

Debate?
Are you even getting What I am trying to tell you?

and Total outstanding would obviously reduce after refund settlement.

So are you saying they are correct in asking you to pay 2 lakhs when you are total outstanding on card is 1 lakh inclusive of all unbilled one as well.

 

[prem2311]

Share SS for a better understanding

What he is trying to say is
In one billing cycle
1. one lack debit
2. one lack credit. i.e 1st transaction got reversed
3. one lack debit
After bill generated
bill is 2 lack. need to pay 2 lack.

So are you saying they are correct in asking you to pay 2 lakhs when you are total outstanding on card is 1 lakh inclusive of all unbilled one as well.

Am I right?

 

[Predator]

it just simple,

For ex:
The statement date 7th and due date is 23rd

In Kotak, IDFC, ICICIC, HDFC, etc the bill is 64000, and Min due is 40000
If I paid 44000 in cash and converted one transaction of 20000 into EMI on the 20th, my bill was considered paid in full. No interest or extra charges.
The converted transaction's first EMI will be posted the same day with interest and processing fee.

Same in SBI
44000 is only considered as payment, I have to pay interest of 3.5% for that 20000 from the date of purchase till date.
Here also converted transaction's first EMI will be posted the same day with interest and processing fee. i.e 20th.
No late payment charges.

These are some extra random charges imposed upon you which may be are there in T&Cs, but not related to late payment penalty charges, which is the issue in question.

 

[Predator]

What he is trying to say is
In one billing cycle
1. one lack debit
2. one lack credit. i.e 1st transaction got reversed
3. one lack debit
After bill generated
bill is 2 lack. need to pay 2 lack.

Am I right?

In such a case, the bill would be 1 lakh only, not 2 lakhs

 

[VicksJ]

What he is trying to say is
In one billing cycle
1. one lack debit
2. one lack credit. i.e 1st transaction got reversed
3. one lack debit
After bill generated
bill is 2 lack. need to pay 2 lack.

Am I right?

Nope

If reversal happens before statement generation then no issue

You did 2 transaction of 1 lakh each on 17th of the month, the bill generated on 18th with statement due of 2 lakhs. Now on 19th , the transaction gets reversed for 1 lakh, leaving you with a total outstanding of 1 lakh with no further transaction. You still have to pay 2 lakhs before due date according to SBI and then ask for a refund post next statement generation if you are not going to make any further transaction

 

[FinoGuy]

sbi is the worst bank in this case. their policies are against fair trade policy. recent example, I paid the due amount net of the refunds and they charged me finance charges. as per them they do not count refunds as payment. classic example: you make 1 lakh transaction and it times out, you make another one and it goes through, now both are billed to account and one is reversed after generation of statement. Now what will you do? you will pay 1 lakh, but sbi wants you to pay them 2 lakhs, otherwise they will start levying finance charges on 1 lakh which is not even your liability. No other bank follows this kind of policy. Worst case is what if you have only 1 lakh to pay, you are screwed.

I have raised this with RBI, lets see what they do.

Many banks follow this rule. What I suggest is that you pay 2L and request credit refund and get 1 lakh back in your bank account. Moreover, this only happens if the refund doesn't come before bill generation date, otherwise it'll be only 1L.. This is as per their own TnC. As soon as the balance gets negative, ask for credit refund, they'll process it in 3 days.
@krishc @prem2311 @Predator @techt

 

[prem2311]

These are some extra random charges imposed upon you which may be are there in T&Cs, but not related to late payment penalty charges, which is the issue in question.

I didn't understand

 

[cardio_guy]

Roadside beggars are so much better than these idi08s. Horrible.
Thanks for the eye opener. They can go for daylight robbery, smuggling or many other similar businesses.

 

[prem2311]

Nope

If reversal happens before statement generation then no issue

You did 2 transaction of 1 lakh each on 17th of the month, the bill generated on 18th with statement due of 2 lakhs. Now on 19th , the transaction gets reversed for 1 lakh, leaving you with a total outstanding of 1 lakh with no further transaction. You still have to pay 2 lakhs before due date according to SBI and then ask for a refund post next statement generation if you are not going to make any further transaction

If it get reversed before due date means it should considered as repayment. It happens in all banks. Don't know in SBI

 

[VicksJ]

Many banks follow this rule. What I suggest is that you pay 2L and request credit refund and get 1 lakh back in your bank account. Moreover, this only happens if the refund doesn't come before bill generation date, otherwise it'll be only 1L.. This is as per their own TnC

With no other bank I have experienced this till now.
And as I said what if you are not having 2 lakhs rs to pay. They will take advantage of your helplessness.
I understand it's their policy but it should not be one sided. Also they are not paying interest on the excess amount you are paying but penalising you heavily for no liability

 

[VicksJ]

If it get reversed before due date means it should considered as repayment. It happens in all banks. Don't know in SBI

Most of the banks consider it as repayment. Haven't experienced this with any other bank till now. May be they have that as well but as I use SBI only for online offers and not for regular transaction there is no point paying more than total outstanding but this is what SBI does
And amazon is having only SBI tie up for last year and also for upcoming sale. The only reason I am holding sbi

 

[FinoGuy]

If it get reversed before due date means it should considered as repayment. It happens in all banks. Don't know in SBI

Yes, refund before statement generation cancels out the debit transaction +reverses rewards/cashback
Edit : you mean due date? That'll be post bill generation, hence customer has to pay full bill sadly

 

[prem2311]

Most of the banks consider it as repayment. Haven't experienced this with any other bank till now. May be they have that as well but as I use SBI only for online offers and not for regular transaction there is no point paying more than total outstanding but this is what SBI does
And amazon is having only SBI tie up for last year and also for upcoming sale. The only reason I am holding sbi

Yeah. I also used to think that it will be the same as other banks. That's why I converted to EMI. Otherwise, I won't.