RBI Moratorium for Credit Card Dues

1) What is the benefit of this moratorium for cardholders?

As per the RBI notification, Banks are permitted to grant a moratorium of three months for payment of all Credit Card dues falling between June 1, 2020 to August 31, 2020. The moratorium will be provided for both interest as well as principal repayment, which means the moratorium will apply to your entire EMI amount and/or purchase outstanding amount on your IndusInd Bank Credit Card. However, please note during this period, the outstanding amount will attract interest charges which will have to be paid after the moratorium period is over.

2) What is the process to avail benefit of this moratorium?

The moratorium benefit is applicable to all Cardholders. You can choose not to avail the moratorium by continuing to pay the outstanding dues on your IndusInd Bank Credit Card as per the payment due date mentioned in the monthly statements.

3) Should I opt for the moratorium?

The moratorium is only deferment of payment and not waiving off the Credit Card dues. So, interest on outstanding Credit Card dues will continue to accrue for the time period of the moratorium. The interest will get added to your outstanding amount and therefore increase your payment burden when the moratorium will get over and you will start paying your Credit Card dues. Therefore, you should opt for it only if you are facing a financial/liquidity crisis, else it is better if you continue paying your IndusInd Bank Credit Card dues regularly.

4) Will I be charged late payment fees during the moratorium period?

Late payment fees will not be levied during the moratorium period.

5) Will I get a waiver of interest charges?

Moratorium basically means you can choose not to pay your Credit Card dues for that time period and no late payment fees will be charged. It is not a concession of any kind and is simply a deferment of the payment to provide some relief to Cardholders facing financial/liquidity issues. Interest shall continue to accrue on the outstanding amount of Credit Card dues during the moratorium period.

6) Will the moratorium lead to any other changes on my IndusInd Bank Credit Card? 

The RBI has stated that the moratorium is provided solely to help Cardholders tide over the financial/liquidity issues due to the COVID-19 pandemic. This is not a concession and will not lead to any change in the terms and conditions of your IndusInd Bank Credit Card.

7) Will I continue to receive monthly Credit Card statements during the moratorium period?

Credit Card statements will continue to be sent during the moratorium period, detailing the outstanding amount due, accrued interest and the payment due date.

8) What will happen to the ECS/Standing Instruction set for my Credit Card payments?

We request you to get in touch with the Bank to deactivate the existing ECS/SI in case you choose to avail the moratorium and do not wish to make a payment. Please note that ECS/SI mandates will continue to be presented in case there is no specific instruction from you to deactivate them.

9) Does opting for the moratorium affect my credit rating?

There will be no impact on your credit history if you avail the moratorium facility.

10) How do I benefit from this moratorium?

The moratorium will benefit you if you are facing financial/liquidity issues, as you can pay the Credit Card dues to the Bank after August 31, 2020.

11) Do I have to pay my Credit Card dues during the moratorium period?

The choice of making the payment is entirely upto you during the moratorium period. However, it is recommended that customers who have the financial ability to pay their Credit Card dues should continue to do so, else you will end up paying a higher amount after August 31, 2020 due to the accrued interest on the unpaid amount during the moratorium period.

12) What happens to the existing EMI on my Credit Card?

In case you choose to avail the moratorium, the existing EMI dues will become part of the total outstanding at the end of the moratorium period. You can either make a full or partial payment. In case of partial payment, interest will be levied on the remaining outstanding amount at the prevailing rates.

13) What will happen after the moratorium period is completed?

After the moratorium period is over, the entire outstanding dues on your Credit Card account along with accrued interest charges will become payable as per the September, 2020 Credit Card statement due date.