I had subscribed to sbiiiinr series of 9.95% bonds issued by sbi in the year 2011. The interest on these bonds was not deposited in my account till 25 april 2016. A general manager in the shares and bods dept wrote to me on 29 june 2016 stating that no interest is payable on the delay as the necs payment was done on due date but was rejected {that is not my fault, sir}. Then an amount of rs. 814/- was sent by their registrar on account of "delayed payment of interest". Now a dy. General manager in the shares and bonds dept has writen to me on 11 august 2016 stating that "the delay of payment occurred on transmission process {because the wrong account number was mentioned, sir}, and the interest on delayed payment amounting to rs.814/- was sent as investor friendly measure of the bank.
Now two questions arise. One, if the bank pays interest to me, is it because it is an investor friendly measure, or because they are supposed to pay interest on their borrowing?
Two, persons at the level of dy gm and gm of sbi do not know how to calculate the interest payable on a given amount at 9.95% for 25 days? It is rs. 23, 939 and not rs. 814/-
Sbi does not address grievances even when they are at fault if it costs them money. Perhaps because a lot of their money has been eaten up by mallyas of the world!
State Bank of India [SBI] customer support has been notified about the posted complaint.
Aug 10, 2016
Deepaksh88's response Dear Sir/Madam
With reference to the above Credit Card, which I am holding for the past Two yearss with credit limit Rs.39, 000/-, now I would like to increase the credit limit up to Rs.1, 50, 000/- to enable me to meet out my requirements. Hence I request you to kindly arrange the same at the earliest.
Thanking You,
Yours faithfully,
(Deepak Sharma)
Aug 26, 2016
Updated by klinit SBI has claimed in response to the query by Investor Grievance dept of Bombay Stock Exchange that that they have already paid interest of Rs 814/- by way of interest on 25 days delay. They need to go back to school and learn how to calculate - it comes to Rs 10, 222/- and not Rs 814/- !
Thanking You,
Yours faithfully,
(Deepak Sharma)