The Hongkong and Shanghai Banking Corporation, now known as HSBC, provides yet another insight into how it managed to keep its above the swirling waters during the recent economic downturn with this monthly statement of account sent to a credit card holder.
Total payment due: Rs 0.10
Minimum payment due: Rs 0.10
Questions: How do you send Rs 0.10 to a bank? By cheque or cash? Has anybody seen a coin of Rs 0.10 in recent days? What is the total cost involved in sending a cheque for Rs 0.10? What is the total cost involved in generating a statement of account for Rs 0.10? What if the account holder decides to pay back the Rs 0.10 in four EMIs?
tiny drops make mighty ocean. Atleast they feel that 10 paisa still has some value. Even roadside betters won’t take anything less than 5 Rs.
If it was a print statement HSBC would have spent atleast 5Rs on postage and 5 Rs on printing and envelope.
This 10 paise is outstanding from previous month. How come they didn’t charge a hefty interest rate on that?
So they spent money on printing, envelope and postage to recover 0.10 rs?
This isnt an example for HSBC’s fiscal prudence. Its unmanaged wasteful practice
I had a similar one for ten paise -except that it was from ICICI – i had a hilarious conversation with the call centre person. it was even funnier considering, if you pay by cash for a ICICI cc – there is an approx. Rs.200 surcharge :)
This is such crazy stuff.. The ICICI does this too… sends 3 pages coulor printed statements for a bill of less than 1 rupee!!
They want to collect peanuts. Call them the Honkong and Shenga Bank.
The last time I was in India, 100 rupee was treated like one rupee. Just 30 years ago, Rs 10 would buy our home enough vegetables to last for a week. Now it is Rs 300+ . With so many Indians dealing in dollars, rupees is just a paper not worth the figure printed on it.
you cannot pay by EMI, they say the minimum payment has to be 10p
Seeing the brighter side of it…
This is to encourage people to activate auto-debit on due-date. Almost all banks have facility of sending bills in email on whose subscription we can avoid so much of quality paper bills sometimes accompanied by Airtel ad books!! .
Since internet is available even on mobiles I think people using cards can definitely opt for this.
A friend of mine once told me this story –
A friend of his once got a similar sub-Re-1 bill to be paid on a credit card.
He didnt take it seriously and the debt added on. Apparently,later the friend got a bad credit rating and had troubles finding an educational loan :D
That shows software engineers in poor light.
Clearly it is a sofware programming defeciency.
Can’t they iron out such minor glitches?
No it doesnt,
It just shows that the requirement specifications did not foresee this situation.
It is a Business-Analyst and Software Engineering problem
Nothing Wrong. If you feel it is waste spending on Paper then opt for online statement and pay online. You can pay fraction of rupees online. anycase this guy doesn’t deserve a credit card!!