Wrong TOD charges for sweepin on hdfc account

[tanvi]

I have two savings accounts with HDFC Bank and had activated the sweep-in facility to automatically transfer funds from one account to the other in case of insufficient balance.

A few days after transactions, I noticed that TOD (Temporary Overdraft) interest had been charged on my account. Upon checking, I realized the TOD charges were wrongly levied for the sweep-in transactions between my own accounts.

As per my understanding, TOD interest is not applicable if you move funds between your own accounts under sweep-in facility. I have not signed up for any overdraft or credit facilities against which the bank can charge TOD.

Despite multiple conversations with branch staff and even emailing the Principal Nodal Officer, this issue has not been resolved even after 2 months. I have made multiple requests to refund the incorrect TOD interest and also pointed out that my account has been wrongly reported as "OD availed" on CIBIL when I never took any overdraft.

But the issue remains open with vague responses from the bank citing "schedule of charges".

Please advise what should I do

 

[xfactcc]

If PNO has not been helpful then the next and only obvious step is to approach RBI BO. Channel your inner-lawyer and meticulously organise your case by presenting all the evidence of email exchange and describe other exchanges and hope that the problem will be resolved.

 

[Tejo]

I have two savings accounts with HDFC Bank and had activated the sweep-in facility to automatically transfer funds from one account to the other in case of insufficient balance.

A few days after transactions, I noticed that TOD (Temporary Overdraft) interest had been charged on my account. Upon checking, I realized the TOD charges were wrongly levied for the sweep-in transactions between my own accounts.

As per my understanding, TOD interest is not applicable if you move funds between your own accounts under sweep-in facility. I have not signed up for any overdraft or credit facilities against which the bank can charge TOD.

Despite multiple conversations with branch staff and even emailing the Principal Nodal Officer, this issue has not been resolved even after 2 months. I have made multiple requests to refund the incorrect TOD interest and also pointed out that my account has been wrongly reported as "OD availed" on CIBIL when I never took any overdraft.

But the issue remains open with vague responses from the bank citing "schedule of charges".

Please advise what should I do

While complaining to RBI, you should proof for refund. Else they will not entertain these type of complaints.

Question:-
1. "Hdfc pno - How can you people charge TOD on self owned accounts".
2. When did I agreed or given my consent for OD facility ?

Tip:- Don't ask for refund while questioning above ...

They will say "It accidental, by the RM" or something else. If they don't reply pressure them for the reason* (use this reason or mail as proof, for refund -> else they will say that you only applied for od to RBI BO)

Then you ask refund, they don't give or reply within 14 working days.

* Mail/complain to RBI Ombudsman