[Resolved]  Citibank — Overcharging of Interest

Address:

Central Delhi, Delhi

Dear Sir,
This has the reference to my Credit Card No. [protected] for which the total amount due was Rs.25339.30 and the due date for payment was 6th September 2012 (as per August statement dated 14th August 2012 for a period of 14 July 2012 to 13 August 2012).

Out of the total dues of Rs.25339.30, I paid an amount of Rs 2000/- on 5th September 2012 vide Reference No. MT[protected] and Transaction No. E Pay MUTI[protected], which was more than the minimum amount due of Rs. Rs.1267.30.

The balance amount of Rs 23339.30 was paid by me vide Reference No. MUTI[protected] on 15th of September 2012 at 13:48:16 hrs.

Thus, if any late payment / interest is to be charged, then it has to be “on the balance amount Payable of Rs.23339.30”, for a period of 10 days, i.e., from 6th September 2012 to 15th September 2012.

Hence a total interest on balance amount of Rs.23339.30 @39.9% annually for 10 days comes out to be Rs.255.13 and SERVICE TAX @ 12.36% shall be Rs.31.53. Thus making a total late interest / penalty of Rs.286.66 only.

However, in the latest statement dated 14th September 2012, CITI BANK has levied the interest of Rs 1122.47 and the service Tax of Rs. 138.74, which is not correct.

On contacting and writing a mail to rectify the same, CITI BANK has refused to rectify it, following which I have requested CITI BANK vide mail dated 19.09.2012, to cancel my Credit card.

Meanwhile I have paid an amount of Rs 287.00 towards the late payment fee as calculated by me, Vide Reference No. MUTI[protected], Payment Amount Rs 287.00 Dated 17th September 2012 12:52:05 Hrs.

CITI BANK has acknowledge the receipt, but still insisting to pay the balance amount of interest which was wrongly calculated.

Requested to do Justice.

Regards
Anand Kumar

[protected]