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. The RBI has allowed banks to defer the repayment of credit card dues by the customers for the payment due dates falling between 1st Mar 2020 (“Start Date”) - 31st May 2020 (“End Date”). During this period, you may choose not to pay the cards outstanding. There will be no penal charges levied, no reporting to credit bureau in default status and no EMI(s) will be billed, 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 also not apply for any fresh purchases you make subsequently and interest at the applicable rate of interest will be applied 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.
Moratorium is an option provided to not make payments towards your cards dues for 3 months starting 1st Mar 2020 and ending
31st May 2020. During this period, you can choose not to make payments which are otherwise due on the payment due dates per your credit card statements. There will be no late payment charges or payment return charges payable during this period. In addition, this would not adversely affect your credit bureau records.
Customers who have received the communication from Citi via e-mail and/or SMS, and whose cards have no prior dues as of 1st Mar 2020, are eligible for the moratorium.
No, there is no explicit opt-in required. The customers who have received the communication and from whom the Minimum Amount Due for the credit card in Mar’20 statement is not received will receive moratorium benefits.
The moratorium offered by Citibank is post your receipt of the email and SMS for the offer for dues falling upto May 31st, 2020.
Yes, you can choose not to make payments during the moratorium period including the Minimum Amount Due (MAD). This is a temporary relief measure for payments due between 1st March and 31st May in accordance with the RBI’s COVID-19 regulatory package.
Please note that interest will be charged if the Card Member does not pay back the previous bill in full, by the payment due date (as per the card statement), and on cash advances from the day of advance. Interest is charged from the date of transaction until the date of full settlement of the dues. Please refer to section on “Finance Charges” in the Most Important Terms and Conditions of your respective card for details. This is available at: https://www.online.citibank.co.in/portal/newgen/cards/tab/creditcards_tc.htm
EMIs due for April 2020 and May 2020 statements will not be billed for eligible customers who choose to avail the moratorium benefits and would be deferred. EMI billing will resume from June 2020 statement and there will be an extension of the remaining tenor of the remaining loan with one EMI billed per statement cycle. Please note, additional interest for the moratorium period will be applicable.
No Late payment charges or payment return fees will be not be payable during the moratorium period. However, interest would continue to accrue on the balances at the current interest rates. It should be noted that late payment fees and payment return charges would be applicable if the minimum amount due is not received by the payment due date after the moratorium ends.
The RBI has permitted banks to offer the moratorium at their discretion. We are extending the moratorium to our credit card customers, whose cards are in good standing as of March, 2020 (i.e. no default in repayment of prior dues).
The RBI press release has specified that interest will continue to accrue on the outstanding amount during the 3-month moratorium period. Thus, if you make any payments during this period, the interest charges will be reduced accordingly. For more details on interest calculation, please visit https://citi.asia/INCreditCard. The interest free period will also not apply for any fresh purchases you make subsequently and interest at the applicable rate of interest will be applied from the date of purchase.
For e.g.: If you made a purchase on 20th Apr for Rs. 1,000 with a statement generation date of 25th April, interest on this purchase will accrue from 20th Apr till the date of full payment.
No, there will be no adverse reporting on your credit bureau records for payments not received during the moratorium period.
Yes, your statement will be generated as per your billing cycle. You will receive the statement information via email, SMS or physical letter (subject to lockdown conditions). However, you have an option to not pay during the moratorium period. You will be required to make payments towards the total dues by the first payment due date post the end of the moratorium period.
For all credit card dues (including any unpaid EMIs till the respective payment due date), current prevailing interest rates will apply as per the Cardmember Terms and Conditions.
You can easily access your statements and unbilled transactions via Citi Mobile App or Citibank Online.
To place a request to stop the auto-debit from your linked savings account, you can disable the Standing instruction from Citibank Online / Citi Mobile App or write to us at moratorium@citi.com.
If the standing instruction for payment is already executed then you may reach out to us for refund, if required.
If you make any payment against the credit card outstanding during the moratorium period, the interest would be levied on the remaining outstanding amount only from the date payment is applied (as per prevailing interest rate of the card as per the applicable terms and conditions).
The Late payment fees charged in Mar’20 will be reversed.
EMI once billed will not be reversed and will be part of your credit card dues. However, if you have made payment against the EMI, you can reach out to us for a reversal by writing to us at moratorium@citi.com.
There will be no payment return charges payable during the moratorium period. Should there be any charges levied during the moratorium period, we will reverse those charges.
We will continue to present standing instruction/ECS in the month of Apr’20 and May’20. However, there will not be any payment return charges payable by you. If you do not want us to present the ECS / SI / NACH, you will need to inform us.
You can write to us at moratorium@citi.com to request for cancellation of future presentations. Please note:
Yes, you can reach out to us for a reversal of March 2020 payments by writing to us at moratorium@citi.com.
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. The RBI has allowed banks to defer repayment by customers of dues applied until 31st May 2020.
We will not debit your linked savings account for your monthly minimum due in April 2020 and May 2020. However, interest will continue to accrue at the applicable rate and will be auto debited from your linked savings account on your regular due date. We will not levy any additional charges for non-payment nor will your account be adversely affected for credit bureau reporting for non payment of April and May dues until 31st May 2020. Please note the moratorium is a deferment and not a waiver of your dues. Unpaid dues will become payable post the moratorium period.
You can request for a refund of your monthly minimum due already debited in April 2020 and/or March 2020 by writing to us.
Interest will continue to accrue on the ready credit account outstanding, at the applicable interest rate over the moratorium period. We will continue to auto debit the interest from your linked savings account. If you need a refund of interest paid, please write to us. Please note, interest refunded will then become payable post moratorium period.
If you require a refund of interest paid by you in March 2020, please write to us. We will process refund requests, at our discretion, on a case to case basis. Interest refunded will be payable in June 2020.
We encourage you to continue paying your ready credit outstanding, as much as possible, to reduce the interest charged to your ready credit account.
We will continue to auto debit your savings account for principal and interest due. We will not levy any additional charges nor will your account be adversely affected for credit bureau reporting due to non payment of dues for April 2020 and May 2020. If you need a refund of ready credit dues debited from March 2020 till May 2020 please write to us. Please note, interest and installment refunded will then become payable post moratorium period.
The RBI has permitted banks to offer the moratorium at their discretion. We will send communication to the customers who are eligible.
With regards to moratorium related queries, you can write to us at moratorium@citi.com
To ensure that your request is addressed properly, please note below:
You can easily access your statements and outstanding amount via Citi Mobile App or Citibank Online.
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. The RBI has allowed banks to defer the payment of EMIs, falling due until 31st May 2020, by customers.
RBI has permitted banks to offer moratorium at their discretion. Moratorium benefits, relating to default reporting in bureau & extension of tenor on Citi Personal loans will be offered for the months of Apr’20 & May’20. Mar’20 EMI deferment or refund (if already paid), till 31st May 2020, would be considered for eligible customers on case to case basis.
Customers who have received the communication from Citi via e-mail and/or SMS, and whose loans have no prior dues as of 1st Mar 2020 or have not been in default previously, are eligible for the moratorium. The communication and these FAQs contain details of the moratorium process.
The moratorium is a deferment of your loan EMIs and not a waiver. Interest shall continue to accrue on your personal loan principal outstanding during the moratorium period at the existing rate of interest on the loan. To avoid additional interest, we suggest that you pay your EMIs, as much as possible within your means, before the due dates.
If you defer your payments in the moratorium period, the residual tenor of your loan will be extended, keeping your EMI constant. You will also have to pay the interest accrued during the moratorium period on your loan. The details of your tenor extension will be sent you post 31st May 2020.
There will be no adverse impact on your credit score or adverse reporting to Credit Information Companies (CICs). There will be no penalties or charges for nonpayment/ default that will be levied by Citi.
We will continue to present EMI mandate as per the normal business practice If you wish to stop further payments until 31st May 2020, you can write to us. The residual tenor of your loan will be extended accordingly, including the interest accrued during the moratorium period.
In case your Apr 2020 dues are not cleared, we would stop further EMI presentations until 31 May 2020.
No. Since the moratorium/deferment is being provided specifically to enable the borrowers to tide over the economic fallout from COVID-19, the same will not be treated as concession or change in terms and conditions of loan agreements due to financial difficulty of the borrower.
If your EMI for April and/or March 2020 has already been paid and you need a refund, you can write to us. We would process your request & stop further EMI presentations until 31 May 2020.
With regards to moratorium related queries, you can write to us at moratorium@citi.com
To ensure that your request is addressed properly, please note below:
The Reserve Bank of India vide its notification RBI/2019-20/186, DOR.No.BP.BC.47/21.04.048/2019-20 namely Covid 19- Regulatory package released on 27th Mar 2020 and RBI circular dated Apr 17 announced certain measures to ease the burden of repayment of dues towards banks due to disruptions on account of the COVID-19 pandemic. The RBI has permitted banks to defer the repayment of loan EMIs (Equated Monthly Installment) by the customers for EMI due dates falling between 1st Mar 2020 (“Start Date”) - 31st May 2020 (“End Date”). During this period, you may choose not to pay the Loan EMI. There will be no penal charges levied and no reporting to credit bureau in default status, however, the interest will continue to accrue which shall be recovered after the completion of this period. You will be required to make the payments towards the outstanding after the moratorium period ends to avoid penal charges and credit bureau reporting.
RBI has provided the banks with the permission to allow moratorium of three months on repayment of instalments for term loans outstanding between March 1, 2020 and May 31, 2020. During this period, you can choose not to make payments which are otherwise due on the payment due dates per your loan schedule. Moratorium of the loan EMI (Equated Monthly instalment) uptil May 31st, 2020.
The moratorium is to be treated as a deferment of EMI and not a waiver of EMI. In line with the guidelines, interest(at the rate as applicable on loan) shall continue to accrue on the outstanding portion of the loan during the moratorium period. The interest unpaid shall be added to Total Outstanding (TOS) for interest calculation for the subsequent month at the prevailing rate of interest. A simple illustration is provided for reference :
| Details | Amount (INR) |
| Loan oustanding as of April 1, 2020 | 10,00,000 |
| Add: April Interest @12% (p.a.) | 10,000 |
| April EMI received | - |
| Loan outsanding as of May 1, 2020 | 10,10,000 |
| Add: May Interest @12% (p.a.) | 10,100 |
| May EMI received | - |
| Loan o/s as of June 1st | 10,20,100 |
At the end of moratorium period, the total interest accrued during the Moratorium period shall be added to the principal outstanding of the loan and recovered over the remaining tenor of the loan. The balance tenor will be increased accordingly at the end of the moratorium period.
The objective of moratorium period is to provide relief to individuals and businesses who face temporary financial constraints arising from the COVID-19 pandemic. We hope that this support would allow individuals and businesses to better face financial adversities and challenges during this period.
No, there will be no adverse credit reporting on your credit bureau records for EMI payments not received during the moratorium period.
No, there will no levy of penal or bounce charges on the EMI payments not received during the moratorium period.
You can write to us at moratorium@citi.com to avail the moratorium. The Bank will continue to present the EMI mandate as per normal business practice. If there are no funds in the repayment account, the EMI will not be cleared. No delayed charges will be levied in the above case. Neither will there be any impact to the credit rating.
If there are funds in the account - the EMI will be cleared and applied to the loan as per normal course. If you wish to opt for the moratorium please reach out to us and we can arrange for a refund of the EMI debited. This can be taken for the EMI’s for March, April and May 2020. The refund process will take 7-10 working days.
If you have already reached out to us for the moratorium - the EMI for April 2020 and May 2020 will not be presented. There will be no impact on credit bureau or levy of any charges on non-presentation of EMI.
You can reach out to us for reversal of EMI’s for the March 2020, April 2020 and May 2020. The refund process takes 7-10 working days.
The Bank will continue to present the Emi mandate as per normal business practice and if the EMI gets cleared the same will be applied to the loan as normal course. There is no other action required from your end.
Interest shall continue to accrue on the outstanding portion of the loan during the moratarium period and the interest unpaid shall be added to Total Outstanding (TOS) for interest calculation for the subsequent month at the prevailing rate of interest. Refer to FAQ no 2 above for details.
Loan accounts which were upto one EMI overdue due as of 31 March 2020 are eligible for the Moratorium and the loans which are already part of the existing Risk Mitigation Plan (Settlement, Rewrites, Extensions, Re-ages) will not be eligible for the Moratorium benefits.
Clients have been informed using the following communication channels