Frequently Asked Questions

Moratorium for Credit Cards under COVID-19 regulatory package

In accordance with the COVID-19 Regulatory Package notification dated 27 March 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 2 (two) months in respect of payment of credit card dues between
the period beginning 01 April 2020 until 31 May 2020 (“Moratorium”).

With respect to credit cards, the cardholder(s) will need to specifically OPT-IN for availing the Moratorium
between the period beginning 01 April 2020 until 31 May 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?
- As part of COVID-19 regulatory package, RBI has rolled out a notification: RBI/2019-20/186 dated
27 March 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.
- For more details please refer the link below:
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11835andMode=0

2. 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.
The Moratorium period will commence after the cardholder OPT’s IN, and upto 31 May 2020.
- 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 31 May 2020.
- Cardholders who OPT’s IN for the Moratorium, will not be levied with any late payment charges.
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 and conditions. For
further details please refer to ‘Tariff of Charges’ section in the Most Important Terms and Conditions
https://av.sc.com/in/content/docs/in-common-stmnt-reverse.pdf

3. Is this applicable to all cardholders of Standard Chartered Bank?

a. Eligible cardholders who qualify as per the internal policy of the Bank will be informed about the
Moratorium and those cardholders will have to OPT-IN for availing the Moratorium; and
b. The Cardholder must not be delinquent as on the date of OPT-IN for the moratorium

4. As a cardholder of Standard Chartered Bank, how do I OPT-IN for the Moratorium?

Bank will communicate through SMS and Emailers to all eligible cardholders on steps to be followed to
OPT-IN for the Moratorium. The Cardholder can OPT-IN by:
- Sending an SMS “OPTIN” to 57575 from the cardholders registered mobile number
- Clicking on the “Register now” icon on the email sent by the Bank

5. 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 31 May 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 5 April 2020, and the credit card bill is generated on 8 April 2020 and you choose
not to pay. Then you will be charged an applicable monthly interest rate. In case you don’t pay on 8 May
2020 as well, interest shall continue on the total outstanding amount for May 2020.
For Illustration purposes only

Date Details Scenario 1: Scenario 2: Scenario 3:

Full (100%) Part (30%) Nil (0%)
payment payment 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% 0 630 698

(from 10 March)

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

6. What will happen after the Moratorium is completed?

All statements generated after the moratorium period w.e.f. 1st June 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 and
Condition https://av.sc.com/in/content/docs/in-common-stmnt-reverse.pdf

7. 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.

8. 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
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 and Conditions
https://av.sc.com/in/content/docs/in-common-stmnt-reverse.pdf

9. 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 only 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 and Condition
https://av.sc.com/in/content/docs/in-common-stmnt-reverse.pdf

10. How will the Moratorium work?

(i) For statements generated prior to date of OPTIN clients need to do the following as of the payment
due date
a. Ensure timely payment as of Payment Due Date to avoid levy of Late Payment Charge
b. Ensure atleast the Minimum Amount Due is paid to keep the card in good credit standing. Any
payment less than Total Amount Due will attract interest charges as per the Terms & Conditions
applicable to your card. 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
(ii) For statements generated during the moratorium period for clients who successfully OPTIN for
the moratorium
a. No levy of Late Payment Charge
b. No impact to credit standing
c. Interest will be levied 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.

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?
If you opt in for Moratorium, 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

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?
If you OPT for the moratorium, statements generated after the OPT-IN date till 31 May 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 of applicable interest rate, 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. 31 May 2020. After the
end of the moratorium period i.e. from the June 2020 statement EMI billings will resume

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