[Resolved]  Kotak Mahindra Bank — charging interest on non-valid terms

Address:

Anand, Gujarat, 388001

Hi,
My name is Nayankumar Dave. This is very strange incident happen with me and I am thinking this is kind of fraud incident by Kotak Credit card department. I did talk with customer care person of Kotak credit card department. Mr. Princkumar (Communication ref: 1-[protected] given by him). I have informed him about the incident and he said He is not convinced and not going to help me in this and not going to take complain about it. I am too much worried about it and want you please can take care of it.

Here are the details information.

I have done Balance Transfer on 8th Nov 2017 of amount 20000 INR (Trn#09999999981108000690470) and for that I have to pay 698 INR as a Fee (Trn#19999999981108599949520) and 125.64 INR GST (Trn#19999999981108599949520) on it, Total 823.64 INR before next statement date i.e 2nd Dec 2017. I have paid that total amount 823.64 INR (Trn#09999999981202000200073) on date 2nd Dec 2017 which is before due date. Now remain 20000 INR which I have to pay before 7th Feb 2018 as per Kotak Balance Transfer rules and there will be no interest charged if I pay 20000 INR before 7th Feb 2018.

After that I have taken again Balance Transfer of 30000 INR (Trn#09999999980108000320368) on date 8th Jan 2018 and for that I have to pay 1047 INR (Trn#19999999980108599921670) as a Fee and 188.46 INR GST (Trn#19999999980108599921670) on it, Total 1235.46 before next statement date i.e 2nd Feb 2018, Now for 30000 INR which I have to pay before 7th April 2018 as per Kotak Balance Transfer rules and there will be no interest charged if I pay 30000 INR before 7th April 2018.
so now I have paid 11235.46 INR (Trn#09999999980201001091219) on date 1st Feb 2018 so that my 1235.46 INR (Trn#19999999980108599921670) total due can be paid and Also 10000 INR additional payment for my BT of 20000 INR (Trn#09999999981108000690470), so now remain only 10000 INR from my side to pay for 20000 INR balance transfer amount which I took on 8th Nov 2017 and have to pay before 7th Feb 2018.

After that I have paid 10000 INR (Trn#09999999980205000692414) again on date 5th Feb 2018 to settle down my final payment of 20000 INR (Trn#09999999981108000690470) Balance Transfer which I took on 8th Nov 2017 and have to pay before 7th Feb 2018.
As above all scenario you can see that I have paid all amount as before due date, Only 30000 INR I didn't paid cause I have still time to pay as per Kotak rules it need to paid before 30th April 2018.

While I received my statement from credit card I found that they charged me interest of 12.79 INR (Trn# 19999999980215599873730) AND 2.30 GST on it (Trn#19999999980215599873730), I have called to customer care person about it to clarify why should I have got additional interest charges so they are saying that before another Balance Transfer request your fee of that Balance Transfer deducted from 11235.46 Payment so your remaining adjusted to your 20000 INR BT, so your Balance transfer amount settle with amount only 18764.54 and You have been charged interest for amount 1235.46 which is yet not received. This is really very ridiculous calculation of kotak system. Also customer care person told me if you wont pay it will keep charge additional interest on daily basis so I am really fed up with such fraud calculation of Kotak credit card system although as customer I am satisfying all rules. Also it is taking my credit score down which I think major issue so if possible can you please take such legal action against fraud calculation of Kotak Credit Card for charge unnecessary interest to customer. Although customer paying amount on before time. It will help us a lot and other consumer of kotak credit card won't face such issue. Thank you.