[Resolved] Sbi / Advantage Card — RECOVERY FROM FIXED DEPOSIT

abolisharan

from Ahmedabad, Gujarat

Address:

Thane, Maharashtra

The recovery department has recovered an amount of Rs.1905/- from my FD of Rs.20000/- for outstanding payment of Rs.250/-(Card Fee) and Rs.805/- (some purchase on 12th May).

I informed the Bank that I did not receive any bill/purchase voucher or reminder for these payment at my residence or by any other means.

On my repeated inquiry with the Bank Authorities today i.e. on 1st Sept. I was told over phone that the recovery department has done this as per the terms and conditions of the Advantage Card.

I wish to know can SBI recover such outstanding payment WITHOUT SENDING BILLS/VOUCHER/PAYMENT INVOICE/REQUEST OR REMINDER?
Secondly, is SBI not boud to inform its client about such action taken by the recovery section till the client approaches the bank after two/three months?

Kindly take up this matter to the concerned authorities and advise me accordingly

Robert G

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Aug 13, 2020

Complaint marked as Resolved

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Comments

RAVI GOPALAN

from Basi, Punjab

CARD IS ATTACHED TO FD WHEN INTEREST RATES GO HIGH BANK DO NOT GIVE PREVAILING RATES AS FD CANNOT BE PRE CLOSED UNTIL LIEN ON FD IS REMOVED IT IS STUPID TO HAVE SUCH CARDS WHEN ALL DUES ARE PAID BY CUSTOMER.PROCESS OF LIEN ALSO TAKES ONE MONTH.THEYY NEVER PROCESS TO HAVE HIGHER INTEREST EVEN YOU CREDIT DUES ARE ZERO
NO ONE SHOULD OPT FOR THIS CARD.

piyush123in

from Ahmedabad, Gujarat

I think if bill statements did not reach on time then one should have called up the helpline informing them of not receiving bill statements. Bank revokes the lien on fixed deposit only if customer has not made the payment for more than 90 days. Calls and reminders are also sent for making the payment to the customer. Only when after all this follow up, customer has not made the payment then only outstanding amount is deducted from one's fixed deposit. Such cards are a good way to utilize 80-90% of your FD money which is dead beat considering its frozen and earning interest. Same money can be used on card for making routine/specific/online/offline purchases where customer gets a payment window of max 50 days and minimum 20 days to make the payment.