Interest calculation on currrent account

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This query is : Resolved

Quick Summary

If you believe your bank has overcharged interest on your current account, it's crucial to verify the calculation. Banks may offer interest on current accounts, but if you're being charged, it's likely a loan account. Check your statements carefully for discrepancies between the stated interest rate and the actual amount charged. If the branch can't resolve it, escalate your complaint through the bank's hierarchy or consider contacting the Bank Ombudsman.

Bindu jashwani

Bindu jashwani (Querist)

18 February 2020 I found that interest had been overcharged by Bank .but Bank doesnt agree how to check that the rate of interest is correct or not...

Amol S Joglekar

Amol S Joglekar (Expert)

20 February 2020 calculate the interest on daily product basis and show it bank

Shrikant Toshniwal

Shrikant Toshniwal (Expert)

24 February 2020 Why interest is charge in current account ?? plz check ur loan account statements

Shrikant Toshniwal

Shrikant Toshniwal (Expert)

24 February 2020 Why interest is charge in current account ?? plz check ur loan account statements

Amol S Joglekar

Amol S Joglekar (Expert)

24 February 2020 01. of late, some banks have started giving interest on current account.
02. When the querist says, interest is charged, it is presumed that it is a loan account

Bindu jashwani

Bindu jashwani (Querist)

24 February 2020 Ues it is a loan account. in statement rate of interest is different but excess interest is charged.

Amol S Joglekar

Amol S Joglekar (Expert)

24 February 2020 if at branch level, the officers are not entertaining your complaint, escalate the sme to region, then to zone then to Head Office.
You can also refer the matter to Bank Ombudsman

Bindu jashwani

Bindu jashwani (Querist)

12 September 2020 Thank u so much to all issue is still pending at branch level but they accept ed there mistake

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