Online share trading services
Extra interest charged on debit amt

Dear Sir,

I have been a client of India Infoline (IIF) since 2006. Since Jan 08 I had bought some shares for which I could not make the complete payment as my dad wa suffering from a chronic liver and lung disease and we had to spend a lot on that. They have a provision to provide credit in such cases. But the problem is that at the time of inception of contract with IIF, the contract form clearly mentioned that the client cannot be charged an interest more that 18%/annum on debit, which itself is higher than the normal bank lending rate of @ 14-15%. But they have been charging @24%. They donot have any logical or acceptable argument for this. I even cannot bring an end to my association with IIF as my shares are in their pool account. None of their managers or Customer service personnel are willing to help me or waive of the excess interest above 18%. I really feel cheated and duped. Pl help me out.

Regds,

Jigar D. Khatri

Company: Online share trading services
Country: India

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