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Credit Card – Moratorium Update COVID-19

Moratorium for Credit Cards under COVID-19 regulatory package dated May 23, 2020

In accordance with the COVID-19 Regulatory Package notification dated March 27 2020 by the Reserve Bank of India (“RBI”) and as may be updated from time to time, Standard Chartered Bank (“Bank”) a per its approved policy had decided to extend a moratorium of 3 (three) months in respect of payment of credit card dues between the period beginning March,01 2020 until May 31 2020 (“Moratorium 1.0”).

As per revised RBI guidelines under the COVID- 19 Regulatory Package vide its circular dated May 23, 2020, RBI has extended the moratorium by another three months on payment of instalments falling due between June 1, 2020 and August 31, 2020 (“Moratorium 2.0”).

All the cardholders who had availed or had opted in for the Moratorium 1.0, Moratorium 2.0 will be automatically extended to them. For all other cardholder(s), who are current as of May 31, 2020, they will need to specifically OPT-IN for availing the Moratorium 2.0 by sending an SMS in accordance with the instruction provided by the Bank from time to time. Moratorium 1.0 and Moratorium 2.0 shall be collectively referred to as Moratorium.

Please refer to the below Frequently Asked Questions (FAQs) in respect of the Moratorium for further details.

1. What is the relief RBI has provided under COVID -19 regulatory package?
a. As part of COVID-19 regulatory package, RBI has rolled out a notification: RBI/2019-20/186 dated March 27, 2020 to reduce the burden of debt servicing caused due to disruptions in business on account of the COVID-19 pandemic and to ensure continuity of business.
b. As per revised RBI guidelines under the COVID-19 Regulatory Package vide its circular dated May 23, 2020., RBI has extended the moratorium by another three months on payment of instalments falling due between June 1, 2020 and August 31, 2020.
c. For more details please refer the link below: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11902&Mode=0

2. Is this applicable to all cardholder of Standard Chartered Bank?
a. Cardholders who qualify as per the bank’s approved policy will be considered ‘Eligible’ for this moratorium.
b. ‘Eligible’ cardholders will be informed about the moratorium and will have to OPT-IN for availing the moratorium.

3. As a cardholder, I have already opted for the Moratorium 1.0 ending on May 31, 2020, do I need to OPT-IN again to avail of the Moratorium 2.0 till August 31, 2020?
A cardholder who has already opted-in for the Moratorium 1.0 till May 31, 2020 will not need to opt in again for Moratorium 2.0 and it will be automatically extended till August 31, 2020. We encourage cardholders to make full payments towards the outstanding wherever possible to avoid / minimise levy of interest charges for this period.

4. As a cardholder of Standard Chartered Bank, how do I OPT-IN for the Moratorium?
Bank will communicate through SMS/Emailers to eligible cardholders on steps to be followed to OPT-IN for the Moratorium. The Cardholder can OPT-IN by:
a. Sending an SMS “OPTIN” to 57575 from the cardholders registered mobile number.
b. Clicking on the “Register now” icon on the email sent by the Bank.
c. Card holders need to OPT-IN by June 30, 2020 for availing the moratorium from June 1, 2020 to August 31, 2020.

5. As a credit card holder of Standard Chartered Bank, how does the Moratorium affect me?
Standard Chartered Bank shall allow deferring payment of credit card dues during the Moratorium period and the following will apply.
a. Once a cardholder OPT’s IN for the Moratorium the monthly statement will continue to be generated with total outstanding dues (TAD). However, there will be no minimum payment requirement from Cardholder till August 31, 2020.
b. Cardholder who OPT’s IN for the Moratorium, will not be levied with any late payment charges during the Moratorium Period. However other charges like Overlimit Fee, Annual / Renewal Fee, Rewards Redemption Fee and Overseas Transaction Fee if applicable, will be levied to the cardholder, as per the terms & conditions. For further details please refer to ‘Tariff of Charges’ section in the Most Important Terms & Conditions https://av.sc.com/in/content/docs/in-common-stmnt-reverse.pdf

6. How will the Moratorium work?
The Moratorium will work as follows
a. Any Late Payment Fee Charges levied during the Moratorium period for eligible cardholders who have opted in will be reversed by the Bank.
b. Cardholders have the flexibility to continue to pay during the Moratorium.
c. Interest will continue to accrue on unpaid outstanding during the Moratorium period

7. If I OPT-IN for a Moratorium, will there be a waiver of interest for the deferred payments?
Kindly note the moratorium is only for deferment of payment till August 31, 2020. Interest will continue to accrue on your unpaid credit card outstanding. We encourage cardholders to make full payments towards the outstanding wherever possible to avoid / minimise levy of interest charges for this period.
e.g. If you opt in on June 5th, 2020, and the credit card bill is generated on May 30th, 2020 and you choose not to pay. Then you will be charged an applicable monthly interest rate. In case you don’t pay on 18 July’20 as well, interest shall continue on the total outstanding amount for Jun’20.

For Illustration purposes only

 

Date

 

Details

Scenario 1:

Full (100%) payment

Scenario 2:

Part (30%) payment

Scenario 3:

Nil (0%)

payment

30-May-20 Statement Outstanding 15,000 15,000 15,000
18-Jun-20 Payment made 15,000 4,500 0
30-Jun-20 Outstanding from previous statement 0 10,500 15,000
Interest charged @3.49% (from 10 Mar) 0 630 698
GST on Interest 0 113 126
Total outstanding 0 11,243 15,824
18-July-20 Payment made 0 3,373 0
30-July-20 Outstanding from previous statement 0 7,870 15,824
Interest charged @3.49% 0 332 528
GST on Interest 0 60 95
Total outstanding 0 8,262 16,447
18-Aug-20 Payment made 0 2,479 0
30-Aug-20 Outstanding from previous statement 0 5,784 16,447
Interest charged @3.49% 0 247 556
GST on Interest 0 44 100
Total outstanding 0 6,075 17,102
Total interest charged during moratorium 0 1,209 1,781

8. What will happen after the Moratorium is completed?
All statements generated after the moratorium period w.e.f. September 1, 2020 reflect the following
a. Minimum Amount Due will be applicable to keep card in good credit standing
b. Total Amount Due
We encourage cardholders to make full payments towards the outstanding wherever possible to avoid / minimise levy of interest charges thereon. For details please refer the Most Important Terms & Condition https://av.sc.com/in/content/docs/in-common-stmnt-reverse.pdf

9. Does this Moratorium period affect my credit standing?
a. The credit standing shall remain unchanged for eligible cardholders who opt in for the Moratorium.
b. Credit standing for cardholders who are not part of the Moratorium shall be governed as per the existing process.

10. If I opt for the moratorium, am I allowed to stop making payments for my credit cards?
Yes, you can choose not to make payments during the Moratorium period including the non-payment of Minimum Amount Due (MAD). This is a temporary relief measure in accordance with the RBI’s COVID-19 regulatory package.            
Please note that interest will be levied if the Cardholder does not pay the previous bill in full, by the payment due date as mentioned on 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. For further details please refer to the Most Important Terms & Conditions.
https://av.sc.com/in/content/docs/in-common-stmnt-reverse.pdf

11. What if I make a payment during the Moratorium period?
If you make any payment against the credit card outstanding during the Moratorium period, the same will get adjusted against the credit card outstanding and interest would be levied only on the remaining outstanding amount from the date payment is applied (as per prevailing interest rate of the card as per the applicable terms and conditions). For details please refer the Most Important Terms & Condition https://av.sc.com/in/content/docs/in-common-stmnt-reverse.pdf

12. I have multiple Credit Cards of Standard Chartered Bank; can I opt for moratorium on only one of my cards?
No, if you opt for moratorium on any one Credit Card, it will be applicable on all Credit Cards held by you.

13. Will I be able to transact with my Credit Card during the Moratorium period?
While you will be able to transact, your transaction privileges may be modified as per the discretion of the Bank during the Moratorium period.

14. If I opt for the moratorium will my SI / ECS be debited for my credit card payment?
We will not be presenting the SI / ECS if you have opted for the moratorium. If you wish to make a payment to your card during the moratorium we would request you to make a payment directly to your card. Post the moratorium period, the SI / ECS will be debited towards your credit card payment.

15. After I opt for the Moratorium, how can I make online payments towards my credit card dues? Payment of your Card bills can be done by the following means:
a. Bill Desk: From different bank accounts directly to your Card account.
Visit http://www.sc.com/in/documents/billpay/billpay.html
b. NEFT / IBFT: From your bank account directly to your Card account by quoting the IFSC code SCBL0036001 and the address as MG Road, Mumbai.
c. Visa Money Transfer: In case of Visa franchisee credit cards, pay through your bank account using Visa Money Transfer. Fees for Visa Money Transfer may be levied by the initiating bank.
d. Standard Chartered Online Banking: Standard Chartered account holders can pay through an account transfer.
e. NACH: NACH (National Automated Clearing House) facilitates standing instructions from your account to the credit card. This can be initiated by submitting an NACH form authorizing transfer of funds. This form needs to be attested by the bank from where the payment needs to be made. You are responsible for ensuring that the debit instruction is honoured.

Additional FAQs for Loan on Card/EMI facilities                               
                     
1. Does the Moratorium cover Loan & EMI facilities on my Credit Card?
If you OPT-IN under the moratorium, it will cover all Loans/Kuch-Bhi-on-EMI linked to your Credit Card. Loan on Credit Card is any loan availed and linked to your credit cards and Kuch-Bhi-on-EMI is a purchase transaction converted into EMI.

2. If I OPT-IN for the Moratorium, will I be billed EMI(s) for my Loan on Card / KBE?
a) If you OPT-IN for the Moratorium, all EMI(s) due post the OPT-IN date will be deferred and no EMI will be billed in the statement generated during Moratorium period.
b) Please note that EMI (s) which are billed before the OPT-IN date will be part of your total outstanding due in the statement generated during the Moratorium period and we encourage cardholders to make payments towards the outstanding.

3. If I OPT-IN how does the Moratorium work for EMIs & Credit Card monthly outstanding against?
Statements generated after the OPT-IN date till August 31, 2020 will not have any minimum payment requirement against your Credit Card & EMI dues. However, Interest will be levied on the unpaid Card & EMI dues and will be added to the total amount due (TAD) in the credit card statement
a) For your Credit Card dues, Interest would be levied on any unpaid outstanding amount as per prevailing interest rate of the card. For details please refer the Most Important Terms and Condition https://av.sc.com/in/content/docs/in-common-stmnt-reverse.pdf
b) For your EMI dues, Interest would be levied on the unbilled EMI (s) as per the contracted interest rate agreed at the time of availing the Loan / Kuch-Bhi-on-EMI.

4. How will the EMIs be billed after the end of the Moratorium period?
During the moratorium period the cardholders will be offered an extension of loan tenure for the number of statement cycles which are due after opt in and before end of moratorium period i.e. August 31, 2020.
After the end of the moratorium period the EMI billings will resume as per the remaining loan schedule.

 

Moratorium for Credit Cards under COVID-19 regulatory package dated March 27, 2020

In accordance with the COVID-19 Regulatory Package notification dated March 27, 2020 by the Reserve Bank of India (“RBI”) and as may be updated from time to time, Standard Chartered Bank (“Bank”) a per its approved policy has decided to extend a moratorium of 3 (three) months in respect of payment of credit card dues between the period beginning March 01, 2020 until May 31, 2020 (“Moratorium”).

With respect to credit cards, eligible cardholder(s) will need to specifically OPT-IN for availing the Moratorium between the period beginning March 01, 2020 until May 31, 2020.

Please refer to the below Frequently Asked Questions (FAQs) in respect of the Moratorium for further details.

1. What is the relief RBI has provided under COVID-19 regulatory package?
a. As part of COVID-19 regulatory package, RBI has rolled out a notification: RBI/2019-20/186 dated March 27, 2020 to reduce the burden of debt servicing caused due to disruptions in business on account of the COVID-19 pandemic and to ensure continuity of business.
b. For more details please refer the link below: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11835&Mode=0

2. Is this applicable to all cardholder of Standard Chartered Bank?
a. Cardholders who qualify as per the banks approved policy will be considered ‘Eligible’ for this moratorium.
b. ‘Eligible’ cardholders will be informed about the moratorium and will have to OPT-IN for availing the moratorium.

3. As a cardholder of Standard Chartered Bank, how do I OPT-IN for the Moratorium?
Bank will communicate through SMS/Emailers to eligible cardholders on steps to be followed to OPT-IN for the Moratorium. The Cardholder can OPT-IN by:
a. Sending an SMS “OPT-IN” to 57575 from the cardholders registered mobile number.
b. Clicking on the “Register now” icon on the email sent by the Bank.

4. As a credit card holder of Standard Chartered Bank, how does the Moratorium affect me?
Standard Chartered Bank shall allow deferring payment of credit card dues during the Moratorium period and the following will apply.
a. Once a cardholder OPT’s IN for the Moratorium the monthly statement will continue to be generated with total outstanding dues (TAD). However, there will be no minimum payment requirement from Cardholder till May 31, 2020.
b. Cardholder who OPT’s IN for the Moratorium, will not be levied with any late payment charges during the Moratorium Period. However other charges like Overlimit Fee, Annual / Renewal Fee, Rewards Redemption Fee and Overseas Transaction Fee if applicable, will be levied to the cardholder, as per the terms & conditions. For further details please refer to ‘Tariff of Charges’ section in the Most Important Terms & Conditions https://av.sc.com/in/content/docs/in-common-stmnt-reverse.pdf

5. How will the Moratorium work?
The Moratorium will work as follows:
a. Any Late Payment Fee Charges levied during the Moratorium period for eligible cardholders who have opted in will be reversed by the Bank.
b. Cardholders have the flexibility to continue to pay during the Moratorium period to prevent accrual of interest charges.
c. Interest will continue to accrue on unpaid outstanding during the Moratorium period.

6. If I OPT-IN for a Moratorium, will there be a waiver of interest for the deferred payments?
Kindly note the moratorium is only for deferment of payment till May 31, 2020. Interest will continue to accrue on your unpaid credit card outstanding. We encourage cardholders to make full payments towards the outstanding wherever possible to avoid / minimise levy of interest charges for this period.
For e.g. If you opt-in on April 5, 2020, and the credit card bill is generated on April 8, 2020 and you choose not to pay. Then you will be charged an applicable monthly interest rate. In case you don’t pay on May 8, 2020 as well, interest shall continue on the total outstanding amount for May 2020.

For Illustration purposes only

 

Date

 

Details

Scenario 1:

Full (100%) payment

Scenario 2:

Part (30%) payment

Scenario 3:

Nil (0%)

payment

20-Mar-20 Statement Outstanding 15,000 15,000 15,000
8-Apr-20 Payment made 15,000 4,500 0
20-Apr-20 Outstanding from previous statement 0 10,500 15,000
Interest charged @3.49% (from 10 Mar) 0 630 698
GST on Interest 0 113 126
Total outstanding 0 11,243 15,824
8-May-20 Payment made 0 3,373 0
20-May-20 Outstanding from previous statement 0 7,870 15,824
Interest charged @3.49% 0 332 528
GST on Interest 0 60 95
Total outstanding 0 8,262 16,447
8-Jun-20 Payment made 0 2,479 0
20-Jun-20 Outstanding from previous statement 0 5,784 16,447
Interest charged @3.49% 0 247 556
GST on Interest 0 44 100
Total outstanding 0 6,075 17,102
Total interest charged during moratorium 0 1,209 1,781

7. What will happen after the Moratorium is completed?
All statements generated after the moratorium period w.e.f. June 1, reflect the following
a. Minimum Amount Due will be applicable to keep card in good credit standing.
b. Total Amount Due.
We encourage cardholders to make full payments towards the outstanding wherever possible to avoid / minimise levy of interest charges thereon. For details please refer the Most Important Terms & Condition https://av.sc.com/in/content/docs/in-common-stmnt-reverse.pdf

8. Does this Moratorium period affect my credit Standing?
The credit standing during the Moratorium period shall remain unchanged. Credit standing will get impacted for Cardholders who do not pay their dues as per the monthly statement generated after the end of the Moratorium period.

9. If I opt for the moratorium, am I allowed to stop making payments for my credit cards?
Yes, you can choose not to make payments during the Moratorium period including the non-payment of Minimum Amount Due (MAD). This is a temporary relief measure in accordance with the RBI’s COVID-19 regulatory package.
Please note that interest will be levied if the Cardholder does not pay the previous bill in full, by the payment due date as mentioned on 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. For further details please refer to the Most Important Terms & Conditions
https://av.sc.com/in/content/docs/in-common-stmnt-reverse.pdf

10. What if I make a payment during the Moratorium period?
If you make any payment against the credit card outstanding during the Moratorium period, the same will get adjusted against the credit card outstanding and interest would be levied only on the remaining outstanding amount from the date payment is applied (as per prevailing interest rate of the card as per the applicable terms and conditions). For details please refer the Most Important Terms & Conditions https://av.sc.com/in/content/docs/in-common-stmnt-reverse.pdf

11. I have multiple Credit Cards of Standard Chartered Bank; can I opt for moratorium on only one of my cards?
No, if you opt for moratorium on any one Credit Card, it will be applicable on all Credit Cards held by you.

12. Will I be able to transact with my Credit Card during the Moratorium period?
While you will be able to transact, your transaction privileges may be modified as per the discretion of the Bank during the Moratorium period.

13. If I opt for the moratorium will my SI / ECS be debited for my credit card payment?
We will not be presenting the SI / ECS if you have opted for the moratorium. If you wish to make a payment to your card during the moratorium we would request you to make a payment directly to your card. Post the moratorium period, the SI / ECS will be debited towards your credit card payment.

14. After I opt for the Moratorium, how can I make online payments towards my credit card dues?
Payment of your Card bills can be done by the following means:
a. Bill Desk: From different bank accounts directly to your Card account. Visit http://www.sc.com/in/documents/billpay/billpay.html
b. NEFT / IBFT: From your bank account directly to your Card account by quoting the IFSC code SCBL0036001 and the address as MG Road, Mumbai.
c. Visa Money Transfer: In case of Visa franchisee credit cards, pay through your bank account using Visa Money Transfer. Fees for Visa Money Transfer may be levied by the initiating bank.
d. Standard Chartered Online Banking: Standard Chartered account holders can pay through an account transfer.
e. NACH: NACH (National Automated Clearing House) facilitates standing instructions from your account to the credit card. This can be initiated by submitting an NACH form authorizing transfer of funds. This form needs to be attested by the bank from where the payment needs to be made. You are responsible for ensuring that the debit instruction is honoured.

Additional FAQs for Loan on Card/EMI facilities

1. Does the Moratorium cover Loan & EMI facilities on my Credit Card?
If you OPT-IN under the moratorium, it will cover all Loans/Kuch-Bhi-on-EMI linked to your Credit Card. Loan on Credit Card is any loan availed and linked to your credit cards and Kuch-Bhi-on-EMI is a purchase transaction converted into EMI.

2. If I OPT-IN for the Moratorium, will I be billed EMI(s) for my Loan on Card / KBE?
a. If you OPT-IN for the Moratorium, all EMI(s) due post the OPT-IN date will be deferred and no EMI will be billed in the statement generated during Moratorium period.
b. Please note that EMI (s) which are billed before the OPT-IN date will be part of your total outstanding due in the statement generated during the Moratorium period and we encourage cardholders to make payments towards the outstanding.

3. If I OPT-IN how does the Moratorium work for EMIs & Credit Card monthly outstanding against?
Statements generated after the OPT-IN date till May 31, 2020 will not have any minimum payment requirement against your Credit Card & EMI dues. However, Interest will be levied on the unpaid Card & EMI dues and will be added to the total amount due (TAD) in the credit card statement.
a. For your Credit Card dues, Interest would be levied on any unpaid outstanding amount as per prevailing interest rate of the card. For details please refer the Most Important Terms and Condition https://av.sc.com/in/content/docs/in-common-stmnt-reverse.pdf
b. For your EMI dues, Interest would be levied on the unbilled EMI (s) as per the contracted interest rate agreed at the time of availing the Loan / Kuch-Bhi-on-EMI.

4. How will the EMIs be billed after the end of the Moratorium period?
During the moratorium period the cardholders will be offered an extension of loan tenure for the number of statement cycles which are due after opt in and before end of moratorium period
i.e. May 31, 2020. After the end of the moratorium period i.e. from the June 2020 statement EMI billings will resume.