Frequently Asked Questions – Moratorium

Frequently Asked Questions – Credit Cards

The Reserve Bank of India in its “Statement of Development and Regulatory Policies” dated 27th Mar 2020 announced certain measures to ease the burden of repayment of dues towards banks due to disruptions on account of the COVID-19 pandemic.

In a pursuant order dated 22nd May 2020, the RBI has allowed banks to extend the deferment of the repayment of credit card dues by the customers for the payment due dates falling between 1st Mar 2020 (“Start Date”) - 31st May 2020 till 31st Aug 2020 (now referred as “End Date”). You will be enrolled for the Moratorium if you choose not to pay the Minimum Amount Due for your card up-to 2 days before the next statement date. The benefits of the Moratorium will then be available for that statement period. There will be no late payment and payment return charges payable, no reporting to the credit bureau in default status and no EMI(s) will be billed for the enrolled customers during such period. However, the interest will continue to accrue which shall be recovered after the completion of this period. Please also note that if you do not pay the Total Amount Due as mentioned in your card statement, the interest free period will not apply for any fresh purchases you make subsequently and interest at the applicable rate will be levied from the date of purchase.

You will be required to make the payments towards the outstanding after the moratorium period ends to avoid penal charges and credit bureau reporting.