Credit Cards   Auto Loans   Home Loans   Personal Loan   Fixed Deposits   Savings Accounts   Education Loans    
NEWS & ADVICE : CREDIT CARDS
Banks charge customers to pay bills at branches
By Ankit Sharma
May 27, 2008
Print    Email    RSS   

In a startling revelation, it was learnt that some banks are going to charge customers for even paying their own credit card bills at a bank branch. Starting June 1, 2008, ICICI Bank card holders would need to pay Rs 100 to make credit card payments in cash at ICICI Bank branches. However, ICICI is not the only one charging its customers; Standard Chartered Bank has already been levying a charge of Rs 99 since March 2006.

But why pay charges to even pay your bank the due cash? Bankers say they are trying to reduce the burden on short-staffed branches.

Sachin Khandelwal, head of the cards group at ICICI Bank, said, "We are discouraging our customers from depositing cash as there is a transaction cost. About Rs 100 is what is typically charged and it's not specific to cards. It's a cash deposit charge."

He says to avoid the charge; card holders can drop their cheques in a drop-box or do an ECS (electronic clearing service) or auto debit to pay their credit card dues.

Referring to the charge, R L Prasad, general manager, credit cards and personal loans, Standard Chartered Bank, says that payments made at branch counters are an added facility that the bank provides and hence is in its right to collect certain money for the same. He adds, "This is a service charge for providing teller facility for making cash payments. Customers are informed of this and all other charges at the time of applying for the card through the most important document (MID)," Prasad said.


Page  | 123 |  
(Comments Posted : 1) Post Your Comments
1. ICICI Bank and Stan Chart are looters... The only way is to ge their banking license cancelled once for all..
PARAG SHAH (Posted: May 31, 2008)
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
5 steps to avoid credit card debt and...
Rupeetimes guide to different types of...
12 point conduct checklist for bank and...
Carnival of Indian Personal Finance Blogs #6
ICICI Bank reassures customers of their...

WHAT IS THE STATUS OF MY AMRO BANK CREDIT CARD...
please show me defolter list in credit card, i want...
I am juzer ismail kapadia. i had apply 1 month...
INEED.CREDITCARD.IHAVE.NRI.ACCOUNT.CANARABANK.KALPAK...
how to know my cibill status
what time cible take to withdrawal customer name

NEWS THIS WEEK
Processing of cards transactions will soon be controlled by Indian firm Jan 8, 2009
Debit cards transactions outpace those with credit cards Jan 7, 2009
SBI opens its 11,111 branch, to increase presence in North-East Jan 6, 2009
Accused caught for using blocked credit card Jan 5, 2009
Card issuers withdraw basic facilities from the credit cardholders Jan 2, 2009
News Archive