What is trrr in banking?
SAP Trrr In Bank Statement Full Form Transaction Codes. Well at Indian Overseas Bank, we see more of TRTR at interbank IMPS transfers or transfers made through mobile banking. Consumer complaints and reviews about Indian Overseas Bank - amount debited but failed. TRRR membership is required for all diving and social activities with the club.
NATURE OF THE FACILITY: Term Loan
PURPOSE & ELIGIBILITY: To provide a term loan for purchase of merchandise / service by using credit card : Customers having valid credit card, wherein there have been no past dues.
MARGIN: Nil
TICKET SIZE: Rs.2500/- to Rs. 2,00,000/-
PROCESSING CHARGE: Nil
EMI TENURE: 3, 6, 9, 12, 18 & 24 Equated Monthly Installments.
ROI:
PRE-PAYMENT CHARGES: 3% of the remaining amount.
DEFAULT: In case of default of three consecutive EMI’s by a customer will result in reversal of entire outstanding principle plus interest for the period of default @ the Interest rate applicable on credit card purchases. The date of reversal shall be after the expiry of one month from the due date of third un-serviced instalment.
MORATORIUM PERIOD: Nil
GENERAL TERMS AND CONDITIONS:
In these Terms and Conditions, the following terms shall have the following meanings · “Credit Card” shall mean an unexpired credit card issued by Jammu & Kashmir Bank. · “Cardholder” shall mean the holder of a Credit Card. · “Merchant EMI” refers to transactions initiated by the card member at any Point of Sale or an e-commerce website where the cardholder chooses to convert the purchase amount into Equated Monthly Installments at the point of payment/ charge to credit card at the rate of interest as communicated in the charge slip at the time of availing the product. · The present Terms and Conditions are to be read in conjunction with, and not in derogation of, the Cardholder Terms & Conditions and nothing contained herein shall prejudice or affect the terms and conditions of the Cardholder Terms & Conditions. · Unless otherwise specified, the words and expressions used herein shall have the same meaning as in the Cardholder Terms & Conditions.
Terms and Conditions for Merchant EMI on credit cards · A Cardholder may opt to convert a purchase at select Merchant outlets/website into Equated Monthly Installments (EMIs.) The Purchase(s) would be converted into Equated Monthly Installments (EMI) with interest charged on the monthly reducing balance. · In the event the Credit Card is closed prior to all installments being charged, the amount outstanding against Merchant EMI plan shall be debited as a consolidated amount to the Credit Card account of the Cardholder. · Jammu & Kashmir Bank shall be entitled to demand immediate repayment of such consolidated outstanding amounts. · The EMI shall be computed on a monthly reducing balance. · Interest rates as communicated at the time of availing the product(s) shall be applicable. · Partial or full refunds initiated by the merchant towards the original transaction subsequent to the Merchant EMI booking leads to pre-closure of the Merchant EMI facility. Once the Merchant EMI is pre-closed, for any reason, all outstanding including but not limited to the principal outstanding and the interest for the actual number of days till closure i.e., from the last billing date till the date of closure, shall be debited to the Credit Card account. However in this case no pre-closure charges shall be applied. · Cash back (if applicable and communicated to customer at the time of the transaction) for an EMI transaction is offered solely by the merchant/brand and shall be credited to the cardholder only on receipt of the funds from the merchant/brand. This process may take up to 90 business days.
