Penal interest by Bank
2 years ago
Took a loan for my business.Bank charging penal interest by showing a complicated clause in sanction letter. It says to close Bank X current account but it is not a regular current account. It is linked to my credit card swiping machine. If i close it without alternatives i would loose business. Since it was confusing i thought it is ok to use the Bank x current account but to my surprise i was charged penal interest @2% in the monthly statement which i realised after 3months as it was corona time and i was not going office regularly and did not even did bank reconciliation.Moreover in the statement they never mentioned penal interest seperately . They clubbed it with regular interest amount. Even after repeated request to waive off the amount they agreed to only 50% waiver. Shall i complaint to Ombudsman or accept their offer. In case i loose at ombudsman can i go to consumer court ?
A.YES. ..Go to Ombudsman... ur query will be solved .... if NOT ..then go to consumer court
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