Seeking Community Advice: Credit Card Interest Reversal Situation - Need Insights

[varunsridharan]

Hey Everyone,

I hope this post finds you well. I've encountered a bit of a puzzle with my ICICI credit card statement and would greatly appreciate your collective insights.

Here's a snapshot of the situation:

Transaction:

• Credit Card Ending: 1003
• Transaction Date: 12/11/2023
• Transaction Reference: XXXXXXXXXXXX0247
• Description: Interest Charges - Rs. 3,622.80
• Description: IGST-CI@18% - Rs. 652.10

Here's a brief rundown:

I noticed some unexpected interest charges on my ICICI credit card statement, and after reaching out to their customer service, I discovered it was due to a payment made a few hours after the due date. I've never missed a payment before and it seems to have been an honest oversight.

ICICI Bank has been responsive and offered a one-time service gesture to partially reverse the interest charges, which is appreciated. They've proposed a reversal of Rs. 3,000 (without GST), stating that it's the maximum they can process.

Based on rbi guidelines listed at https://rbidocs.rbi.org.in/rdocs/no...DEBITCARDC423AFFB5E7945149C95CDD2F71E9158.PDF (9 B V)
it seems like there might be a three-day grace period after the due date before late payment charges are applied or 'past due' status is reported.

I appreciate any thoughts, experiences, or advice you can share. It's always helpful to learn from the community. Thanks in advance!

Best regards, Varun

 

[Predator]

yes, as per RBI, No late penalty can be imposed if payment is cleared within three days of due-date.

Refer to point 9.V here
https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12300

 

[varunsridharan]

yes, as per RBI, No late penalty can be imposed if payment is cleared within three days of due-date.

Refer to point 9.V here
https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12300

Thanks also forgot to add that icici said that they can't reverse the GST Charges which were added for my late payment charges

"Please note that Goods and Service Tax (GST) w.e.f. July 1, 2017, once billed in a statement, is already paid to the government treasury, hence only financial charges can be reversed as a service gesture."

 

[NShah]

Thanks also forgot to add that icici said that they can't reverse the GST Charges which were added for my late payment charges

"Please note that Goods and Service Tax (GST) w.e.f. July 1, 2017, once billed in a statement, is already paid to the government treasury, hence only financial charges can be reversed as a service gesture."

But they charged you late payment fee despite Rbi 3 days grace period
You can ask bank refund tax amount
Raise request to nodal officer

 

[NOOBY]

Thanks also forgot to add that icici said that they can't reverse the GST Charges which were added for my late payment charges

"Please note that Goods and Service Tax (GST) w.e.f. July 1, 2017, once billed in a statement, is already paid to the government treasury, hence only financial charges can be reversed as a service gesture."

in your unbilled/current transactions, check the payment transaction date...

if your bill date is "x", and the payment/credit is within "x+3" days, then they should revert everything and should not charge any amount

you can raise this with RBI Ombudsman and get some more amount from them as compensation for their wrongdoing

 

[varunsridharan]

my due date for the card was 30th October 2023 @ 11:59PM but i paid 10k on 31st October 2023 @ 6:40 AM

 

[Deleted member 11974]

ask them to share the gst credit note with you if paid by them

 

[D₹V]

Hey Everyone,

I hope this post finds you well. I've encountered a bit of a puzzle with my ICICI credit card statement and would greatly appreciate your collective insights.

Here's a snapshot of the situation:

Transaction:

• Credit Card Ending: 1003
• Transaction Date: 12/11/2023
• Transaction Reference: XXXXXXXXXXXX0247
• Description: Interest Charges - Rs. 3,622.80
• Description: IGST-CI@18% - Rs. 652.10

Here's a brief rundown:

I noticed some unexpected interest charges on my ICICI credit card statement, and after reaching out to their customer service, I discovered it was due to a payment made a few hours after the due date. I've never missed a payment before and it seems to have been an honest oversight.

ICICI Bank has been responsive and offered a one-time service gesture to partially reverse the interest charges, which is appreciated. They've proposed a reversal of Rs. 3,000 (without GST), stating that it's the maximum they can process.

Based on rbi guidelines listed at https://rbidocs.rbi.org.in/rdocs/no...DEBITCARDC423AFFB5E7945149C95CDD2F71E9158.PDF (9 B V)
it seems like there might be a three-day grace period after the due date before late payment charges are applied or 'past due' status is reported.

I appreciate any thoughts, experiences, or advice you can share. It's always helpful to learn from the community. Thanks in advance!

Best regards, Varun

Level 2 - Headcreditcard@icicibank.com
E-mail here with all details & ask for reversal of charges.

And lastly complain under RBI Ombudsman Scheme.

 

[aayusharyan]

Hey Everyone,

I hope this post finds you well. I've encountered a bit of a puzzle with my ICICI credit card statement and would greatly appreciate your collective insights.

Here's a snapshot of the situation:

Transaction:

• Credit Card Ending: 1003
• Transaction Date: 12/11/2023
• Transaction Reference: XXXXXXXXXXXX0247
• Description: Interest Charges - Rs. 3,622.80
• Description: IGST-CI@18% - Rs. 652.10

Here's a brief rundown:

I noticed some unexpected interest charges on my ICICI credit card statement, and after reaching out to their customer service, I discovered it was due to a payment made a few hours after the due date. I've never missed a payment before and it seems to have been an honest oversight.

ICICI Bank has been responsive and offered a one-time service gesture to partially reverse the interest charges, which is appreciated. They've proposed a reversal of Rs. 3,000 (without GST), stating that it's the maximum they can process.

Based on rbi guidelines listed at https://rbidocs.rbi.org.in/rdocs/no...DEBITCARDC423AFFB5E7945149C95CDD2F71E9158.PDF (9 B V)
it seems like there might be a three-day grace period after the due date before late payment charges are applied or 'past due' status is reported.

I appreciate any thoughts, experiences, or advice you can share. It's always helpful to learn from the community. Thanks in advance!

Best regards, Varun

Talk with them, push for late fees reversal. You are just few hours late. RBI says the grace period is upto 3 DAYS, only then banks can charge late fees and report delayed payment.
Quote this circular - RBI/2015-16/126DBR.No.BP.BC.30/21.04.048/2015-16

If L1 doesn't help, escalate to L2 and then to BO. You are in clear waters here.

---
Ohh, lol. You already did you research. So, yeah. just keep on escalating. You will be able to get it reversed.

 

[sourpai]

This time I had also paid the total bill 6 hrs later than the due date. Got confused due to Auto debit de-activation which I only did some time back and forgot. But luckily haven't been charged yet. Will keep checking now given your experience