Regarding Chargeback, Dispute etc. for ALL Banks (Indus, SBI, ICICI, Kotak, HDFC, IDFC, SC, SBM, HSBC, DBS, RBL, BoB, Union, CBI etc.)

[paras.bhalodia]

Hi all active members here.

So recently I took a day off and visited all banks with a defined purpose.

I targeted their HNI accounts with affluent RMs.

Here is my pitch. "I currently hold Indus Select Account with Legend CC (Limit 1.05 L) and have committed FD funds at 15 L distributed across 3 members (per PAN 5 L) for DICGC benefit. I would like to access your HNI Savings Programmes and some pre approved CCs considering my family's excellent credit history, significant net worth in Post Office and a habit of timely payments, low credit utilisation etc. along with transferring all of my 15 L from Indus to them."

"What I want - I need dedicated customer care for my issues with respect to raising a seamless dispute or chargeback submitting all relevant documents physically/by mail to branch. The branch will take up the case and vouch to reimburse my funds in case of genuine dispute and follow up with back end Cust Care. I will have a single point of contact for this."

"Do any other online methods like UPI, IMPS, NEFT, Net Banking have such consumer protection laws and features like a Credit Card payment?"

"The bank that vows to provide dedicated Cust Ser in this respect can have my forever committed 15 L in FDs, since I have a side hustle of collecting rare jwellery, ordering internationally through eBay vendors, national wholesale vendors, alibaba, Sunsky etc. and 3 out of 10 purchases generally go sideways."

I will post the response I recieved regarding this query at numerous banks in discussion below 😎

 

[ccdc]

banks in India do anything/promise anything to get business....real fun starts after few months....when they start to fall back on the promises made initially....

 

[Pissant]

Hi all active members here.

So recently I took a day off and visited all banks with a defined purpose.

I targeted their HNI accounts with affluent RMs.

Here is my pitch. "I currently hold Indus Select Account with Legend CC (Limit 1.05 L) and have committed FD funds at 15 L distributed across 3 members (per PAN 5 L) for DICGC benefit. I would like to access your HNI Savings Programmes and some pre approved CCs considering my family's excellent credit history, significant net worth in Post Office and a habit of timely payments, low credit utilisation etc. along with transferring all of my 15 L from Indus to them."

"What I want - I need dedicated customer care for my issues with respect to raising a seamless dispute or chargeback submitting all relevant documents physically/by mail to branch. The branch will take up the case and vouch to reimburse my funds in case of genuine dispute and follow up with back end Cust Care. I will have a single point of contact for this."

"Do any other online methods like UPI, IMPS, NEFT, Net Banking have such consumer protection laws and features like a Credit Card payment?"

"The bank that vows to provide dedicated Cust Ser in this respect can have my forever committed 15 L in FDs, since I have a side hustle of collecting rare jwellery, ordering internationally through eBay vendors, national wholesale vendors, alibaba, Sunsky etc. and 3 out of 10 purchases generally go sideways."

I will post the response I recieved regarding this query at numerous banks in discussion below 😎

Why not just go with Amex?

 

[Shinnok]

+1 for Amex, they have the most straightforward chargeback process of all cards

Going with chargeback for non-CC mechanisms is a bad idea - with NEFT/UPI/etc, this is your money which bank has to get back. With CC, this is bank's money they have to get back (as it is a loan to you), bank generally moves a lot faster.

For CC, would recommend Amex as they have a track record of being customer friendly (especially out of India, but works decently in India too). Go with Plat charge, they have good limits (shadow limit of 40-50L easily based on ITR/spending patterns)

For bank issued CC, experience may vary - have heard some cases where they respond very quickly and positively, and some where they drag their feet a lot and ask for every possible document.

If you're targeting HNI RMs, also consider increasing TRV (FDs of few CR/loan of 3/4CR, or using bank demat account), as most entry/mid level program RMs (ICICI Wealth/HDFC Preferred) are completely useless

You can check this group for reviews of banking(search for private/HNI banking): https://www.technofino.in/community/forums/bank-account.4/

 

[paras.bhalodia]

I will cover important facts in point format below. It seems TF community is not willing to discuss more on this.

1) All above mentioned banks, Kotak, HDFC, ICICI, Indus, Federal. Second group SBI, BoB, Union. Third group SBM, SC, DBS, HSBC etc. ALL OF THEM. They have at par service for chargeback / dispute and that service is RIDICULOUS. Except SBI, which gives a dedicated dispute raising button in SBI Cards portal.

2) Amex is industry standard, gives proper dispute resolution in timely manner, but sadly and hence not accepted everywhere in the country.

3) If your UPI is authenticated via PIN to a vendor as prepaid payment, and he decides to cheat you by sending refurb product, not sending at all, diff product etc. EAT SHIT. Money is gone my bro! No NCH, Cyber Cell, Nodal, Ombudsman can help.

4) IMPS has a better dispute mechanism. It involves acc no. and IFSC, hence the funds can be freezed when complained via Cyber Crime, NCH or as dispute via nodal/mail with proper documents. Avoid paying via UPI at all costs if purchase is from non verified websites, vendors, WeChat, WhatsApp etc.

5) Conclusion - UPI, NetBanking, Debit Card. If paid via above methods and vendor scams, forget it.

6) All business institutions in my city or elsewhere in India pay ONLY via CHEQUE. Positive Pay system integrated. That way, until the goods are recieved and properly checked, not a single penny gets debited from account.

7) Only pay via Credit Cards of Visa, MasterCard, Amex. Rupay has terrible terrible dispute mechanism, maybe non existent.

8) Raise a chargeback in this format.
Sub - CC xx2448 Dispute/Chargeback, Amt - 3524.94 INR - Dt - 03 Feb, 2025

To: premium.care@indusind.com, priority.care@indusind.com

Cc: nodal.officer@indusind.com
head.cardservices@indusind.com
crpc@rbi.org.in

Hello IndusInd,
Kindly register a chargeback request for following dispute.

Card Number : XXXX XXXX XXXX 2448
Name : XXXX Ramniklal
Amt - 3524.94 INR - Dt - 03 Feb, 2025
Attaching Copies
1) Correspondence with merchant
2) Terms and conditions of sale/return/delivery-and-nature-of-defect
3) Chargeback/Dispute form
4) Refund/Credit Note

🔗Attach All documents. Photos in ZIP, Videos in cloud hyper-link format.

Or whatever is described in Dispute form. ONLY Raise a GENUINE DISPUTE.




ONCE the mail is sent, then start to pester the customer care with Auto-generated SR number. If they don't revert back with resolutions in 3-4 days, directly reach out to RBI Ombudsman.

Note : Chargebacks/Disputes are time sensitive, i.e. need to be properly registered as early as possible from bank end.


PS : As someone correctly said, in the case of Chargebacks and disputes, it's always the customer service not knowing/voluntary unwillingness to register it which is the PROBLEM in all banks in India. Ironically foreign banks like SC tell customers to eat shit, while they advertise themselves to be most cx friendly. Once properly drafted disputes are registered, rest all things are automated.

 

[paras.bhalodia]

And this is why it is very essential that your family should possess atleast one account in some private bank which is semi-premium / HNI. Along with that you should have a semi - premium Credit Card, preferably Amex, Visa (Signature/Infinite variant, not platinum)

Treat this combo as your spending account.

Disburse FD's across 2 family members 5-5 L each. Or take a loan / insurance / explore other eligibility options for that program. Heavily bargain while opening. Open in single shot by IP funding rather than to go the route of Account upgrades.