Frequently Asked Questions(FAQs) for Corporate Credit Card Moratorium.
1. Do I need to inform bank, if I want moratorium or not.
No, you need not specifically inform bank.
- If you want to opt for moratorium then do not make payment.
- If you do not want to opt for moratorium then make payment as usually.
2. Do I need to pay my Corporate Credit Card outstanding during the moratorium period?
Yes, payment needs to be made during the moratorium period if you do not want to opt for moratorium. During the moratorium period, as per the billing cycle dates, interest charges (at standard interest rate as per the card variant in accordance with the applicable terms and conditions) will be levied.
If you do not make payment then late payment charges will not be levied during moratorium period. Interest will be levied as per standard terms and condition.
3. What would be the interest accrued/charged on my Corporate Credit Card dues?
For all Corporate Credit Card dues (including any unpaid EMIs till the respective payment due date), standard interest rates of the card variant as per the applicable terms and conditions will be levied.
4. Can I make payment during the period of moratorium on Corporate Credit Card?
Yes, you can make payment against the outstanding amount during moratorium period. The interest would be levied only for remaining outstanding amount (as per standard interest rate of the card variant as per the applicable terms and conditions).
5. Will Late Payment charges be levied during moratorium period?
No, late payment charges will not be levied.
6. Will the interest be charged from due date of payment or purchase date?
The interest will be levied from purchase/transaction date as per standard interest rate of the card variant as mentioned in the applicable terms and conditions.
7. For all purchases made on the Corporate Credit Card during moratorium period, will I be charged interest?
Any unpaid dues in moratorium period will also attract interest charges (as per standard interest rate of the card variant as mentioned in applicable terms and conditions) if not paid within its interest-free period (Grace period) i.e. by the respective payment due date.
8. When do I need to make the payment after Moratorium period is over?
The payment for all unpaid balances, all new transactions done between Moratorium start date till August 31, 2020 and interest charges levied during the period need to be made as per your September 2020 billing cycle’s payment due date. The amount mentioned in your September 2020 statement would include all previous outstanding against which payment is not done, principal amount on transactions done during Moratorium period and interest levied on these transactions and interest on EMI transactions.
9. Will my Corporate Credit Card statement be generated during the moratorium period?
Yes, the Corporate Credit Card statements will be generated and shared during the moratorium period. In case of non-payment of total statement dues by the respective payment due dates, interest will be accrued at standard interest rate (as per standard interest rate of the Credit Card variant as mentioned in Corporate Credit Cards Most Important Terms and Conditions) and levied in statements generated during the moratorium period also, which will be needed to be paid after the end of moratorium i.e. by payment due date of September 2020 statement.
10. I have set an auto debit on my Corporate Credit Card for payment. Will the auto debit facility be affected during moratorium period?
Yes, Auto debit will be affected during the moratorium period and based on availability of funds, account will be debited.
11. Will I be able to transact with my Corporate Credit Card during the moratorium period?
Yes, you will be able to transact as per the available balance and card/account status.