- India’s ICICI Bank charges 939.55% interest

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India’s ICICI Bank charges 939.55% interest

Monday, 06 August 2007

The ICICI Bank is charging 939.55 per cent interest per annum on credit cards. For June 2007, my credit card dues were Rs 4,411.63 of which I paid Rs 3,500 before the due date.

For the remaining Rs 911.63 the bank charges me Rs 713.77(Rs 635.25 interest a surcharge of Rs 78.52) which works out to 836.16 per cent per annum.

If service charges are calculated, the ultimate rate of interest is 939.55 per cent annum for the card holder.

When I inquired, the official informed me that the interest calculation was correct and I have to pay Rs 713.77 as interest for one month on a sum of Rs 911.63.

I am surprised by the response of ICICI Bank authorities and wonder how the monitoring agencies are silent allowing ICICI Bank to charge Rs 939.55 per cent interest.
I request the Reserve bank of India and State and Central government agencies to take note of this and save people from the clutches of ICICI Bank.
Submitted By Nirodh Kumar Das
Hh No 104/3 Rt, Flat No 302
Vijay Teja Villa, Vijay Nagar Colony
Hyderabad India

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Reviews (1)

1. Written by This e-mail address is being protected from spam bots, you need JavaScript enabled to view it , on 25-09-2007 23:46
You must have had previous balances for which the interest has been charged. I have been using ICICI creit cards for more than 4 years and I have never had a problem. If you have queries, login online and request for interest calculation sheet, you will get that by courier in a 2-3 days...