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

 

[FinoGuy]

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

No bro, after bill generation you get Atleast 10 or so odd days to pay without any charges. In this time get the refund & clear the dues. Only issue here is that if your credit limit is below 2L then they'll apply overlimit charge which can be 500-1000rs incl gst!

 

[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. As soon as the balance gets negative, ask for credit refund, they'll process it in 3 days.
@krishc @prem2311 @Predator @techt

By the same logic as soon as the balance becomes 0 they should not levy any charges. I understand if there is any outstanding but levying charges when the balance is 0 is unethical. One can debate it is as per their T&C which you have signed but still it is unfair trade practice with intention to loot customer

 

[VicksJ]

No bro, after bill generation you get Atleast 10 or so odd days to pay without any charges. In this time get the refund & clear the dues. Only issue here is that if your credit limit is below 2L then they'll apply overlimit charge which can be 500-1000rs incl gst!

I gave a very clear example in my previous post. There is no issue of credit limit. Let me state it again if there is confusion

Credit limit 5 lakhs
2 transaction of 1 lakh each done on say 17 Jan
Bill generated on 18th Jan with a payment date of 8th Feb for 2 lakhs rs
1 lakh transaction reversed on 19th jan
paid 1 lakh on 30th Jan from bank account and total outstanding becomes 0
but as statement was of 2 lakh, you paid 1 lakh less than that, bank started charging interest from transaction date of 17th Jan till the next statement generation on 18th Feb
Let's says the 18th Feb statement has finance charges and gst of 2000 rs
you choose to pay 2000 on 28th Feb thinking everything is settled
comes 18th March statement still you see residual charges and gst of 300 rs
now you ask bank what is this, the answer you get is you paid on 28th Feb so this is the finance charges from 18th Feb to 28th Feb

so the bank made 2300 rs on an amount which you are not even liable to pay in first place

 

[Predator]

I gave a very clear example in my previous post. There is no issue of credit limit. Let me state it again if there is confusion

Credit limit 5 lakhs
2 transaction of 2 lakh each done on say 17 Jan
Bill generated on 18th Jan with a payment date of 8th Feb for 2 lakhs rs
1 lakh transaction reversed on 19th jan
paid 1 lakh on 30th Jan from bank account and total outstanding becomes 0
but as statement was of 2 lakh, you paid 1 lakh less than that, bank started charging interest from transaction date of 17th Jan till the next statement generation on 18th Feb
Let's says the 18th Feb statement has finance charges and gst of 2000 rs
you choose to pay 2000 on 28th Feb thinking everything is settled
comes 18th March statement still you see residual charges and gst of 300 rs
now you ask bank what is this, the answer you get is you paid on 28th Feb so this is the finance charges from 18th Feb to 28th Feb

so the bank made 2300 rs on an amount which you are not even liable to pay in first place

Jo b hua bahut galat hua tumahare sath. I never witnessed such an issue with my SBI card.
raise a complaint and get these charges reversed. Escalate it up to RBI if they do not cooperate

 

[VicksJ]

Jo b hua bahut galat hua tumahare sath. I never witnessed such an issue with my SBI card.
raise a complaint and get these charges reversed. Escalate it up to RBI if they do not cooperate

They reversed for first statement and not second which is residual charges. Raised it with RBI now. It's not about money for me but unfair trade practice now.

 

[FinoGuy]

I gave a very clear example in my previous post. There is no issue of credit limit. Let me state it again if there is confusion

Credit limit 5 lakhs
2 transaction of 2 lakh each done on say 17 Jan
Bill generated on 18th Jan with a payment date of 8th Feb for 2 lakhs rs
1 lakh transaction reversed on 19th jan
paid 1 lakh on 30th Jan from bank account and total outstanding becomes 0
but as statement was of 2 lakh, you paid 1 lakh less than that, bank started charging interest from transaction date of 17th Jan till the next statement generation on 18th Feb
Let's says the 18th Feb statement has finance charges and gst of 2000 rs
you choose to pay 2000 on 28th Feb thinking everything is settled
comes 18th March statement still you see residual charges and gst of 300 rs
now you ask bank what is this, the answer you get is you paid on 28th Feb so this is the finance charges from 18th Feb to 28th Feb

so the bank made 2300 rs on an amount which you are not even liable to pay in first place

1)I think you meant 2 transaction of 1 lakh each .
2)yes sbicard made 2300rs out of nothing
3)this is why some people say to stay out of credit cards. Credit cards are a trap by default, every statement the customer tries to escape the trap by timely clear of dues.
4)as per RBI master guidelines, whole of the statement bill needs to be paid. Its also there in mitc agreement of sbicard ianw.
What you would've done (I was suggesting earlier without knowing that the incident actually happened with u) is that you should've raised request for credit refund of 1 lakh on 19th jan and got the refund of 1 lakh by 22nd jan,then paid 2lakh(full due) on 30jan. This would've avoided all the hassles.
5)anyway, what's done is done. An alternative hit n miss but effective way I suggest is that you raise a card closure request from sbicard app. Retention team will call you. Tell them straight that you got cheated and lost 2300rs due to complex TnC, and hence want to end relationship with sbicard. Most probably you'll get full refund without this RBI drama.. Otherwise, if you want to fight & try to teach them a lesson then you can continue with ombudsman Road.. I hope this helps to certain extent..

P.s: in my earlier days of credit cards, I paid 500+gst to axis as late payment fee (missed by 1 day due to my utter forgetfulness, for a due amount of 200rs ). By paying those 500rs I learnt my lesson, I consider it as fees for teaching me to be very careful with credit cards!

 

[VicksJ]

You should've raised request for credit refund of 1 lakh on 19th jan and got the refund of 1 lakh by 22nd jan,then paid 2lakh(full due) on 30jan. This would've avoided all the hassles.

Why would they transfer 1 lakh to your bank account as that is not what you have paid them and not excess credit as on that date. It only becomes excess credit when you pay 2 lakhs from your bank account

For route of closing account, I am not going that way as they reversed first finance charges, they are not able to refund second one due to internal policies even the pno and credit card head don't have power. They understand that this is unfair but are bound by policy as an employee, hence I have to escalate further with RBI

 

[FinoGuy]

Why would they transfer 1 lakh to your bank account as that is not what you have paid them and not excess credit as on that date. It only becomes excess credit when you pay 2 lakhs from your bank account

For route of closing account, I am not going that way as they reversed first finance charges, they are not able to refund second one due to internal policies even the pno and credit card head don't have power. They understand that this is unfair but are bound by policy as an employee, hence I have to escalate further with RBI

Ok, means 2k u got 300 odd pending..
keep trying

 

[VicksJ]

Ok, means 2k u got 300 odd pending..
keep trying

finally charges reversed today after RBI's intervention

 

[FinoGuy]

Con

finally charges reversed today after RBI's intervention

Congratulations. Can you pls summarise about what worked in your case? It'll help the community members

 

[VicksJ]

Con

Congratulations. Can you pls summarise about what worked in your case? It'll help the community members

Just put the facts which I have posted here that it is unfair trade policy with the example

 

[Akki]

Off topic: Can anyone tell what is the charges on the SBI card for. Is it annual fees?

 

[prem2311]

Off topic: Can anyone tell what is the charges on the SBI card for. Is it annual fees?

Annual fee i think, if you met with annual spend milestone you will get this amount as refund in next bill

 

[Akki]

Annual fee i think

They could have mentioned as Annual fees, what's the 'principal' here?

 

[prem2311]

They could have mentioned as Annual fees, what's the 'principal' here?

For me, it was mentioned Annual fee charged. Just now checked. So, it's not annual fee

 

[prem2311]

They could have mentioned as Annual fees, what's the 'principal' here?

check here: https://www.technofino.in/community/threads/principal-debit-credit-adjustment-in-sbi-card.19905/

 

[Akki]

check here: https://www.technofino.in/community/threads/principal-debit-credit-adjustment-in-sbi-card.19905/

Unnecessary transactions. Weird SBI.

 

[prem2311]

Unnecessary transactions. Weird SBI.

yeah!. I think some transactions need to be settled. Give some time and check

 

[subham23]

For any bank credit card, you should pay eaxct amount as generated bill (including changes). I've seen in HDFC if your bill is 100.75 and you select pay full amount, hdfc auto-populates for 100 only. I select as other amount and manually enter 100.75 to avoid any late payment fees and cibil hit.

 

[sxchzy]

Off topic: Can anyone tell what is the charges on the SBI card for. Is it annual fees?

for transactions where instant discount is availed rps will be forfeited and points equalling to the instant discount will be debited
in case of points unavailability amount limiting to the same will be charged