[Resolved]  Axis Bank — Incorrect Interest Rate charged

Axis Bank — wrong amount credited

I did a Fixed deposit number [protected].
On maturity,the bank credited less amount in my account.
I tried to call them,but they are intentionally disconnecting my calls.

Axis Bank — wrong charges for personal loan

The Loan amount credited to my account on 22/04/07 but interest for 02/04/07 to 20/04/07 of Rs 1503 debited in loan statment and instalment of Rs 4686 debited to my account and after follow up loan amount credited to my account. I did follow up for the refund of the same but no results.

Hi Team,

I had a word with Suresh from Axis bank escalation desk, now the Story starts from here. I made a charge on my CC of 35000 on 05/10/2012. To which I made a payment of 12000 on 31/10/202 for which my balance comes down to 23000. On 1/12/2012 1 more statement is generated which has a opening Balance of 23459.61. During this Period I made 2 more payments 1 on 19/11/2012 7500 and again on 26/11/2012 4700.

Also there was 2 charges on my CC 5000 and 6583 respectively.

Now I need to know why am I charged 1708.34 as Interest debit, so according to you call centre representatives, ineterst rate of 2.95 % is applicable on 35000 and this is from the date charge was made which is 05/10/2012.

I am highly offended which these kind of guidelines my Bank follows. I made interim payments so my balance reduces and hereby my interest amount also reduces.

According to Axis Bank if an amount of 500 is left as a balance on my CC for the charge of 35000/ for 500 balance axis bank will charge me interest of 2.95% on 35000/ is this the way Banks functions.

RBI Guidelines:
The RBI has issued fresh directives in view of the numerous complaints from credit card holders, especially with regard to excessive finance charges and issuance o[censored]nsolicited cards, it said.
Besides, complaints like charging annual fee on what were being offered as free cards, issuance of loans over phone, disputes over wrong billing, difficulty in accessing the credit card issuers and poor response from the call centres, it said.
Giving detailed guidelines for credit card operations, the RBI had earlier asked the banks to declare upfront the interest rate, various charges and the methodology of calculation of finance charges with illustrative examples.
As per an RBI circular issued in 2007, card companies should prescribe a ceiling rate of interest, including processing and other charges in case of small value personal loans and loans similar in nature.
There should be transparency in levying differential interest rates, it had said, adding, the banks should publicise through their website and other means, the interest rates charged to various categories of customers.

My complaint registered with Axis bank is # 7028188