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| India’s ICICI Bank charges 939.55% interest |
| Monday, 06 August 2007 | |||||||||
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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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