2006-10-21 00:48:46 · 2 answers · asked by thamothai 1 in Politics & Government ➔ Government
There are no rbi restrictions on deposit rates. there is an industry average. nothing stops a bank from paying you 15% on your deposits. But no bank will pay because that is nto the industry rate, and any high interest offered will be seen as a sign of weak financials. There is no justification for credit card companies to charge 36%, in spite of hte fact that you have signed on the contract authorising them to charge that rate. the small print which you failed to see. As per UN resolution on consumer protection charging such usurious rates and printed conditions contract is illegal. you may complain to the bank clearly stating that the rate is usurious and unconscionable. If nothing happens you can move the banking ombudsman of your state and also the consumer court claiming appropriate refund and cost of litigation. If your case is properly presented you are bound to succeed.
2006-10-21 01:04:38 · answer #1 · answered by HMG M 3 · 0⤊ 0⤋
It's regulated by the states. Thats why credit card companies move their operatons to the states that allow some of the highest rates. It sucks doesn't it. Credit card companies do have sizeable right-offs for bad debts, so we all pay for it. What's worse is when you pay $2 fee to get $20 out of an ATM
2006-10-21 01:00:55 · answer #2 · answered by 79vette 5 · 0⤊ 0⤋