Subham Goyal I'm glad that your issue is resolved and thank you for posting your solution so that others experiencing the same thing can easily reference this!
Since the Microsoft Q&A community has a policy that the question author cannot accept their own answer, they can only accept answers by others, I'll repost your solution in case you'd like to Accept the answer.
Error Message:
I have registered for a free trial azure account and created an open ai resource with gpt-3.5-turbo model deployed. I tried api calls to this using Python but it seems to be failing with below error: {"error":{"code":"429","message": "Requests to the ChatCompletions_Create Operation under Azure OpenAI API version 2024-04-01-preview have exceeded token rate limit of your current OpenAI S0 pricing tier. Please retry after 86400 seconds. Please go here: https://aka.m
s/oai/quotaincrease if you would like to further increase the default rate limit."}}
I tried waiting 24 hours and recreating a new depolyment but same issue. How do i fix this as i want to try the api call and showcase the results to my managers, only then company will fund me for a pay-as-you-go service.
Solution:
The resource created was in different region than that of the resource group. having same group resolved the issue.
If you have any other questions, please let me know. Thank you again for your time and patience throughout this issue.