Kotak Credit Card Dues payment missed | COVID-19 RBI Moratorium Rules for Credit Card and Loans Kotak Bank Interest Rates for Missing Credit Card Payment/ Delay Payment Charges and Interest Rates Calculator
RBI has issued a notification on 27 March 2020 regarding the Moratorium for Credit Card, Terms Loans including Car Loan, Home Loan, Personal Loan, Auto Loan, Agriculture Loan, Proverpty or Construction Loan Education Loan, etc. RBI has stated that 3 Month EMI period is extended to all the customers availing the Moratorium. Also, People who are facing a financial crunch should avail for Moratorium/ Avoid the EMI.
Note: Moratorium allows a deferment of credit cards dues, but interest charges will continue to accumulate on the outstanding amount. The charged interest will get added to your next month outstanding on which further interest will be levied thereby having a compounding effect.
Also Read >> Axis Bank Loan/ Credit Card Rules – 3 Month EMI Interest Charges
Kotak Bank Credit Card Dues Moratorium
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Due to the Lockdown and Coronavirus, the RBI offers Moratorium. The bank has decided to offer a moratorium to its customers for the ‘Billed Credit Card dues’ falling between March 1, 2020, to 31 M 2020. Please note that the payment is only “deferred” by 3 months. All credit cards dues, thus, falling due between March 1, 2020 and May 31, 2020 as per your credit card statement are eligible for moratorium.
In case, you have Loan from Kotak Bank, then also you can avail the Moratorium for Credit Card Dues Payment
Kotak Bank Credit Card Charges in Moratorium
The following are the charges or penalties that will be not applicable to the Credit Card availing the Moratorium.
- Late payment fees
- Cheque return fees
- Auto debit return fees
- Overlimit fees
Also Check: COVID-19 Relief: SBI Credit Card Due Payment Interest Rates for 3 Months Moratorium
Interest Rates: Moratorium on Credit Card
In case, you are applying for the Moratorium and rescheduling the Credit Card payment (Kotak Bank) or any other bank Credit Card. Below is the example of interest rates applicable:-
| Date | Details | Scenario 1: 100% payment | Scenario 2: 50% payment | Scenario 3: 10% payment | Moratorium: 0% payment |
|---|---|---|---|---|---|
| 12-Mar-20 | Outstanding | 10,000 | 10,000 | 10,000 | 10,000 |
| 02-Apr-20 | Payment made | 10,000 | 5,000 | 1,000 | 0 |
| 12-Apr-20 | Outstanding from previous statement | 0 | 5,000 | 9,000 | 10,000 |
| Interest charged @3.5% + GST (from 12th Feb) | 0 | 413 | 743 | 826 | |
| Total outstanding | 0 | 5,413 | 9,743 | 10,826 | |
| 02-May-20 | Payment made | 0 | 2,707 | 974 | 0 |
| 12-May-20 | Outstanding from the previous statement | 0 | 2,707 | 8,769 | 10,826 |
| Interest charged @3.5% + GST | 0 | 112 | 362 | 447 | |
| Total outstanding | 0 | 2,818 | 9,131 | 11,273 | |
| 02-Jun-20 | Payment made | 0 | 1,409 | 913 | 0 |
| 12-Jun-20 | Outstanding from the previous statement | 0 | 1,409 | 8,218 | 11,273 |
| Interest charged @3.5% + GST | 0 | 58 | 339 | 466 | |
| Total outstanding | 0 | 1,467 | 8,558 | 11,739 | |
| Total interest charged during the moratorium | 0 | 583 | 1,445 | 1,739 |
Note: In case, you have doubts. Please contact via Comment below.
Question: I have availed EMIs on my Credit Card. What happens to that during the moratorium?
Answer: EMIs and any Loan installments would be billed as usual and will form a part of your statement. EMI Installments which are billed to you as a part of the monthly statement but remain unpaid will start attracting Interest charges at the regular rate applicable on your Credit Card till they are paid. This is also applicable to any loan on your Credit Card.
| Kotak Bank | Credit Card Reschedule of Dues |
| Kota Bank Avail Moratorium | Send Email to [email protected] |
| Kotak Bank FAQ | Check Here |
Reply by Kotak – After Credit Card due Moratorium Acceptance
Dear Customer,
Hope this email finds you and your family safe and healthy.
In line with the advisory issued by the Reserve Bank of India on March 27, 2020 due to the Covid-19 situation, we are pleased to provide you a moratorium for your Credit Card dues from March 1, 2020 to May 31, 2020 against your Kotak Credit Card.
You can now avail a 3-month moratorium on your Credit Card dues falling due between March 1, 2020, and May 31, 2020. Please note that interest shall continue to accrue on the outstanding portion of the credit card dues during the moratorium period.
Kindly note that at any time between March 1, 2020 and May 31, 2020, if you do not pay any amount towards your outstanding credit card dues or pay less than the Minimum Amount Due (MAD) by the due date, you shall be deemed to have consented to and agreed for moratorium* on the outstanding Credit Card dues and to the terms and conditions applicable to it. The moratorium allows you to defer the payment till May 31, 2020.
We would like to highlight that you will be charged Interest towards the unpaid dues during this period. The moratorium allows a deferment of credit cards dues from March 1, 2020 to May 31, 2020, but it is not a waiver of interest charges which will continue to accumulate on the outstanding amounts. The interest charged will get added to your next month outstanding on which further interest will be levied thereby having a compounding effect.
In case your cash flows are not affected because of COVID-19, we would recommend you to pay the Total Amount Due (or as much as possible) within the due date to avoid an accumulation of Interest charges on your Credit Card.
The bank’s policy is available on our website www.kotak.com. Click here to read the same.
In your monthly Credit Card statement, we will include details of accumulated interest charges. We thank you for your continued patronage and assure of our best services at all times.
Stay home, stay safe!
Warm regards,
Team Kotak Mahindra Bank