ICICI Bank Credit Card Levies Heavy Fine if their is in-sufficient amount in the Account on the Auto Debit Facility and here is what a Reader of our website has written.
There is a feature in ICICI bank called Auto Debit, in which the minimum due amount on credit card is automatically deducted from savings bank account on the last date of payment due. They deduct this amount in morning of the payment due date. A person may arrange some money from other account or deposit the amount in his bank and make manual payment. For example if my last date of payment is 12th, then at 2 pm on 12th , I may deposit cash or transfer form other ICICI account and then make the payment online to credit card at 2:30 pm. So I made the payment on due date and there should not be any fine. But ICICI invokes this auto debit in morning and if amount is not there then put a very heavy fine of Rs 900 (this is literally heavy fine, no other bank is involved, both the account are ICICI and transactions are automatic, no manual intervention). So even if I deposit the full payment on last late still I had to pay the fine. Instead the auto Debit should be invoked on end of the day may be at 11:00 pm. A customer who made the payment on time still have to pay heavy fine due to this wrong timings of Auto Debit.
CardBhai Opinion Why wait until the last day ? Make the Payment or funds available one day before in your bank account. See, the Bank has to run 100s of Batch Processes and they all need to be complete by 12:00 Midnight because they are bound by SERVER TIME CLOCK. So kindly co-operate with the bank in such instances.
