For those who wish to avail a moratorium on their SBI Cards, here are some of the details that you should know:
1. You will be eligible to opt for the moratorium if your account was in current status (non-delinquent with no overdue) as on 29 February 2020
2. Should you avail of the moratorium, all outstanding balance payments falling due in March, April & May 2020 can be deferred. However, interest charges will continue to accrue during this period at an interest rate of up to 3.35% per month
3. Similarly, EMI payments (included in your outstanding balance) falling due in March, April & May 2020 would also be deferred if you opt for the moratorium and will be payable in June 2020. Interest rate of up to 3.35% per month would be applicable, on unpaid EMIs during this period, and there will be no extension of tenure for EMI payments
4. Once the moratorium period ends, the accumulated outstanding balance (including EMIs), along with the interest and other applicable charges (other than Late Payment Charges) will need to be paid together as per your June 2020 payment due date
5. All eligible cardholders wishing to avail of the moratorium can opt-in for the same.
It's important to remember that a moratorium, does not mean you do not have to pay. Interest on delayed payment is applicable and you have to honour all obligations.