[Resolved]  ICICI Bank Ltd — Wrongly debited of penal interest

Dear Sir,

I am a customer of ICICI bank Credit Card and have taken a silver card vide card no.[protected]. The Credit Card Company has raised a bill of 5301 due on May 15, 2009. I deposited the cheque in their drop box on May 14, 2009, the credit of which was given on May 21, 2009. They have penalised me with penal interest of Rs.441.20 and late payment interest of Rs.230.71, thus total charges of Rs.671.91.

On contacting their customer care, they informed that I must deposit a cheque in drop box at least prior to 5 working days for ICICI Bank cheques and in any other case it should be deposited at least prior to 7 working days, to get the effect in correct time.

May I know, where in India, in which bank, one is required to give 5/7 days processing charge to clear a cheque?

Why should a consumer should suffer for flaws in drop boxes of a credit card company?

Even if the Credit Card Company got the collection on May 21, they have charged a sum of Rs.671.91 against outstanding of Rs.5301.00 for 6 days only. It means they are charging at none less than 771.07% per annum. It seams Jamindari system was much better than these private banks.

For any clarification, do contact me at following address:
Abhishek Amarchand Saraogi,
A-304, NRI Tower,
Opp Pride Hotel,
Judges Bungalow Road,
Ahmedabad.
Contact: [protected]

Anticipating your prompt action.

Thanks & Regards
Abhishek