Sbi card 3 months Moratorium query
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We, at SBI Card, extend full support to our cardholders through implementation of RBI’s COVID-19 Regulatory Package. A moratorium of 3 months can be availed for payment of credit card outstanding balance.
Eligibility: Accounts which were in current status (non-delinquent with no overdue) as on 29 Feb 2020
Moratorium: Outstanding balance payments falling due in March, April & May 2020 can be deferred
Charges: Interest will continue to accrue during this period at a rate of up to 3.35% per month
Payment due:
The accumulated outstanding balance + interest & applicable charges (other than Late Payment Charges) will have to be paid together as per June 2020 statement due date
All EMI payments falling due in the moratorium period will be deferred and will become due for payment as per your June 2020 payment due date. Interest rate of up to 3.35% per month would be applicable during this period, and there will be no extension of tenure for EMI payments
(In case payment is not made by due dates in Mar 2020, Apr 2020 or May 2020, cardholder will be enrolled automatically for the moratorium)
But interest will continue to charge i guess then what relief?
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How is it a payment relief though I guess only for “Late fees”?
Deferring payment during this period should be considered as a last resort. If you have funds, pay up as usual and keep it going. If one doesn’t pay, the interest still gets accrued irrespective of the product type (card/loan) and need to cleared by the end of moratorium period.
Consider this situation: During this period, banks still need to pay for the interest on the customers’ deposits, they don’t have any relaxation. Where do you think the money come from?
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@Deal_Breaker_
No one ever said about Interest relief, they said only payment relief. Payment moratorium only to those who are really in trouble and to safeguard them against penalties/affecting their cibil scores. If they gave interest relief even those who can afford to pay will be benefited. Also when someone has a credit card it means they are above poverty line and they can’t be given any govt benefits (at least with the resources we have and the BPL people there are in India).