[Resolved]  ICICI Bank - Easy Deposit Card — CHARGES HIKE OBJECTION FOR EASY DEPOSIT CARD HOLDERS

Address:

Madurai, Tamil Nadu

Dear sir

I hereby like to inform that I am using ICICI Bank Easy Deposit card since 2004. I have deposited Rs40000 for this card. And I am using the REVOLVING CREDIT SYSTEM as a FD Loan and for that interest rate is 0.99% constant since 2004. But recently the banker has announced that they are going to increase the charges up to 45% per annum, for revolving credit system. I strongly object for this Interest Hike. I am using my deposit money as FD Loan, in this situation how the RBI has allowed the banker to charge high interest like a credit card. In the credit card the customer is using Banker Money but for EDC card the customer is using his deposit money. Please think about and request you to revert all the proceedings for new charges for EDC card. And also I want to know which act is applicable for EDC card i.e., Banking Act or Credit Card Act.

Thanking you,
TD BASKARAN - MADURAI.