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. 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.