ASSAM : SBI customer had to pay ₹12,400/- Fine for Only 6 Paise

Yes, the balance was only six paise in his credit card account. Its compound interest accrued and the balance stood at Rs. 12,388. Then began the story of creating pressure by the bank. The customer is forced to pay that money. Then the customer has been released.

The incident took place with Anuar Hussain, a customer of State Bank of India’s Silchar branch and a resident of Rangpur Part Two. Anuar Hussain, the husband of Tahera Begum Laskar, a well-known singer of Barak Valley, works in the government service. He is now circulating letters from the Regional Director of the Reserve Bank of India to the CM Assam describing the Bizarre incident; Even the Prime Minister.

He is seeking justice as to why he lost Rs 12,400 in his credit card account where he did not owe a single penny. In a written complaint, Anuar said he had no debt. That is clear in the bank statement. But the bank showed a nominal balance of six paise. That was in October last year. The bank can auto-debit from my savings account if it wants.  But did not. I didn’t even use the card for a long time after that. Suddenly, on the 23rd of last month, the balance of those six paise went up to 12,388 rupees.

As soon as I got that message, I went to the bank and paid the full amount. But the bankers could not answer why I had to pay so much money for only six paise. The bank customer seems to have been deceived in this incident. So he is knocking on different doors more than justice. Anair showed the bank statement to the media and asked him to show a balance of six paise by showing an IGST cess (ASS) charge. And whether that balance was cut from my pocket and took twelve and a half thousand!” as reported by Dainik Jugasankha.

Credit card debt is one of the most expensive as the interest rates charged on credit cards are very high when compared to other types of instant loans. Note that the outstanding balance due on a credit card gets charged at an interest rate of about 36 to 48 per cent per annum, in case the cardholder is unable to repay the credit card bill on time. Even though it varies from bank to bank, for cardholders who fail to repay the minimum amount due on their credit cards, an additional late payment fee is charged with around Rs 1,000.

Additionally, with nonpayment of a credit card bill on time or revolving the credit outstanding balance by paying only the minimum due amount, the card holder’s credit score will get affected.

Hence, keep in mind, excessive use of a credit card can throw an individual’s finances into disarray. In any case, using your credit cards for monthly essentials or bills will only give you a free period of about 45 days. You need to find an alternative way to take care of your expenses. Experts suggest one could also redeem their existing investments or take a loan from family or friends, in a worst-case scenario.

(This article is already published in SilcharLive)

Post a Comment

Previous Post Next Post