Business Standard

Covid-19 relief: Citi Bank

releases FAQ on deferred
EMIs and its impact

RBI had ordered a moratorium of three months on EMIs.

The Reserve Bank of India announced a slew of measures to deal with the
coronavirus (Covid-19) pandemic. The measures were aimed at providing relief
to the common people by allowing a moratorium of three months on
payments of EMIs. Citi Bank released an FAQ on what its customers can expect.

Q1. What is the allowed “Moratorium”?

Moratorium is an option provided to not make payments towards the cards
dues for 3 months starting 1st Mar 2020 and ending

31st May 2020. During this period, customers can choose not to make
payments which are otherwise due on the payment due dates per the credit
card statements. There will be no late payment charges or payment return
charges payable during this period. In addition, this would not adversely affect
the credit bureau records.

Q2. Who is eligible for moratorium benefits?

Customers who have received the communication from Citi via Email and/or
SMS are eligible for the moratorium benefits.

Q3. Is there an opt-in required to avail moratorium benefits?

No, there is no explicit opt-in required. The customers who have received the
communication and from whom the Minimum Amount Due for the credit card
in Mar’20 statement is not received will receive moratorium benefits.

Q4. What is the moratorium period in which will receive the benefits from
the bank?
The moratorium offered by Citibank posts the customer's receipt of the email
and SMS for the offer for dues falling upto May 31st, 2020.

Q5. Is a customer allowed to stop paying for my credit card?

Yes, a customer can choose not to make payments during the moratorium
period including the Minimum Amount Due (MAD). This is a temporary relief
measure for payments due between 1st March and 31st May in accordance
with the RBI’s COVID-19 regulatory package.