| Address: Standard Chartered Bank, Crescenzo, C-38/39, G Block, Bandra Kurla Complex, Mumbai 400051 |
| Website: sc.com/in |
I am a 20+ year career banker and I have been fighting Standard Chartered Bank India for SEVEN YEARS over systematic overcharging on two Home Saver loan accounts.
What SCB has done:
In 2019, SCB unilaterally changed the Home Saver interest calculation by introducing a "balance band ratio" that capped the deposit offset at ~75% instead of the promised 100%. No valid consent was obtained. My effective interest rate spiked to 31.6% against a contracted rate of 9.7%.
SCB's own internal workbooks confirmed overcharges of INR 4.47 lakh. Bank officers verbally acknowledged INR 5 lakh. They offered INR 1.25 lakh in settlement, 25% of their own admitted figure.
When I requested pre-closure quotations in 2026, the bank computed them on GROSS outstanding instead of NET (ignoring the Home Saver offset entirely). The PTQ showed Rs. 71.16 lakh against a monthly statement just 6 days earlier showing Rs. 56 lakh. No explanation.
For seven years, the bank has refused to provide corrected statements, changed statement formats repeatedly, issued duplicate statements, withheld annual statements, and failed to answer specific questions.
I filed complaints with the RBI Ombudsman, RBI CRPC, Ministry of Finance, PMO, and escalated directly to the Group CEO in London.
WITHIN DAYS of my RBI Ombudsman complaint and London escalation, SCB issued a "Notice of Breach and Reservation of Rights" for the first time in over a decade of this loan. An obligation they never once raised before. This is textbook retaliation against a complainant.
If a seasoned banking professional with 20+ years in financial services can be stonewalled for seven years, what chance does an ordinary customer have?
TO OTHER HOME SAVER CUSTOMERS: If you have experienced similar issues with balance band ratio changes, interest overcharges, inflated foreclosure quotations, or "Interest Saved" being clawed back at closure, please connect with me through this forum.
Consumer complaints going back to 2011 show this is not isolated. At scale across 50, 000+ Home Saver borrowers, this could be a multi-hundred-million-dollar systemic issue. Together we can hold the bank accountable. Reach out to me on LinkedIn, Twitter, Facebook
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