I hold a SBI credit card and I had an outstanding balance of Rs.6000.50. I dropped my ICICI cheque for 6001/= in one of their drop boxes 20 days ahead of the due date and forgot about it. Then I received a call from their call center executive telling that I haven't paid my minimum outstanding balance and I am going to be slapped with a late payment penalty and interest. After further probing (read as 10 calls atleast with SBI executives) I was told that my cheque was not cleared by ICICI for some unknown reason. Talking to ICICI I was told that hasn't come for clearing at all. After numerous interaction with SBI , one of their call center executive told me that the cheque has been rejected by SBI ITSELF and the reason shown in his system was "INVALID AMOUNT". After a big fight with them over phone they reversed my interest but insisted on paying my late payment fee of Rs.250/=. I immediately made a cheque for 6300/= and dropped. So, my sincere advice is as suggested by few friends here, round your outstanding to the nearest big number in 10s.
