I was using Smart Credit overdraft account for last more than 2 years and have been paying the interest/fees etc. I have about 30k balance in my account when suddenly I saw that my credit limit is withdrawn and I cannot withdraw that 30k. Moreover I am supposed to make full payment of the utilized credit limit(around Rs 2 lac) as soon as possible. I have issued cheques and was counting the balance for few other urgent payments.
The customer service executive says that according to their terms and conditions the credit limit can be withdrawn at any point of time. They also claim that they are closing similar accounts for all their customers so it is not because of my credit history or something. I dont know if I can do anything to get my 30k back and not sure how will I make arrangement for 2 lac. Surely a very bad experience.
I think I would help others by sharing my experience though this forum but I think the number of complains against the bank already in place clearly indicates that bank has a very bad reputation already. I wish regulatory bodies and RBI could empower the citizen of India against such bad practices.