Did you receive cashback from bank as interest on interest or a prank is played on you.The title of thread may seem harsh but I am raising it based on what the bank has done with me.
As promised the cashback for interest on interest started getting credited to accounts of people who have paid their EMI regularly and not availed the moratorium benefit.
I got a message from bank yesterday that a refund of 'x' amount is credited to your loan account as Ex-gratia scheme from Government of India for interest on inerest and the same will be adjusted agianst your Overdue/Future EMI.
Now, as per the message, this is clear that nothing is credited to my account and the name cashback is nothing but an adjustment to your future dues and I am not going to receive anything in my account actually. Then, why name it cashback? Refer it as reduction/adjustments to your future dues.
It seems like a bad joke in the name of marketing where general people are taken for a ride as always.
I would agree that paying less amount in future is equivalent to reduced liability but terming it as cashback is not appropriate.
I am sure banks will claim the benefit from Government in liquid cash but they have adopted a smart move to not give anything to its borrowers by promising adjustment in future EMI.
A borrower always has to pay out his liquid funds but the banks here is adopting adjustment method rather than actually crediting the sum.
I have another loan on which I have not received any adjustment or cashback mesage as yet.
I want to be proved wrong and consider this as a just one of the case that happened with me. Has anyone got any cashback from bank as interest on interest benefit, atual liquid cashback credit and not just adjustment mesage?