STATE BANK OF INDIA had granted a housing loan on which interest @ 8.5% is chargeable upto 30/9/2013. But they started charging@ 11.8% from April 2013. When i approached the bank in April 2013,they admitted the mistake but said that the error cannot be corrected in April but can be corrected only after 30/9/2013. They have sent a mail to this effect and wanted me to remind them after 30/9/2013. But i wanted to know why i should pay excess interest tfor 6 months and claim refund later. They replied that it is happening to hundreds of other customers who are not aware that such excess interest is chaged because they dont care.I issed a letter requesting them to credit my a/c with excess interest upto 30/9/2013 on 30/9/2013. Now they say that the process will take 2 to 3 weeks and i will not be getting interest on about Rs.15,000/- which i will get credit for this 3 weeks delay but they will debit interest @ 11.8% on amount including this Rs.15,000/-
My question is as follows:
1.what is my remedy against the bank where they are charging excess intest to the extent of Rs.15,000/- and want me to wait for 6 months . Also they will not correct the error unless i remind them. Again they will take 3 weeks to take action for which period they will debit me @ 11.8%?
2.They have admitted that it is happening to 100s of other customers who are not aware of such excess interest and believe that SBI wont cheat them. Is there any information commisioner inSBI from whom i can extract details of such customers who has been taken for a ride and the total amount could run into crores?
