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Frequently Asked Questions (FAQs) - Moratorium on Credit Card Dues:

1. What is the 3-month moratorium period for Credit Card dues?

The bank has decided to offer a moratorium to its customers for the ‘Billed Credit Card
dues’ falling between March 1, 2020 to May 31, 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.

2. Who is eligible to avail the moratorium?

If you have been regular with your payments and loans availed on your Credit Card and
have outstanding balance as on March 31, 2020, you are eligible to avail the moratorium.
If you have any dues unpaid falling prior to March 1, 2020 on your credit card account, the
same will continue to age and will subsequently result in classification of account as NPA.
Reporting of such accounts to Credit Information Companies (CIC) will continue.
To avail the moratorium, you will need to clear all such prior overdue payments.

3. How will I be able to avail the moratorium facility in Kotak Credit Card dues?
If you do not pay Minimum Amount Due (MAD) by the Due Date as per credit statement
in respect of Credit Card dues falling due between March 1, 2020 and May 31, 2020, 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. .
If you have an active auto debit instruction set on your Credit Card, and you want to avail
the moratorium, we request you to call our Customer Contact Center to deactivate the
same during this period. You can re-enable auto debit post the moratorium is over.

You can also send an e-mail to pay.later@kotak.com seeking for moratorium

4. Should I avail the moratorium?
Availing moratorium will entail additional interest during moratorium period. We
recommend paying the Total Amount Due (or as much as possible), within the due date
to avoid accumulation of Interest charges on your Credit Card. 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.

5. Which charges will not be applicable to my Credit Card dues during moratorium?
 Late payment fees
 Cheque return fees
 Auto debit return fees
 Overlimit fees

6. Can I continue to use my available Credit Card limit during moratorium?

If you have an available credit limit on your Credit Card, you may continue to use the same
for fresh purchases.

7. I have already paid my Credit Card dues post March 1, 2020. Can I still avail

You can avail this facility any time between March 1, 2020 and May 31, 2020. If you have
already cleared your dues for any particular month, you may still avail this facility for the
remaining period till May 31, 2020.

8. I have already made a payment towards my Credit Card outstanding post March 1,
2020. Can I get a refund for the same?

No. Request for refund of payment/s made towards the Credit Card dues during this period
will not be accepted by the bank.
9. How will I know my Credit Card outstanding during this period?
We will continue to send your monthly Credit Card statement. You can also check your
statement sent to your registered email ID or through digital channels (Net Banking, Mobile
Banking and website). Due to the ongoing COVID-19 situation, physical statements may
not get delivered in time during this period.

Your Credit Card statement will carry following details:

 Accumulated Interest Charges and GST (if any)
 All new purchases
 Total Amount Due
 Minimum Amount Due
 Payment Due Date
 Details of transactions

10. What happens to my Credit Card outstanding post the moratorium period?

For all credit cards, normal billing method will be restored after May 31, 2020.
After moratorium is over, if you pay the total amount due as per Credit Card statement by
due date mentioned therein, no further interest charges will accumulate on your Credit
If you pay your “Minimum Amount Due” or more but not full amount due, your card will
continue to attract applicable interest charges.
If you do not pay the Minimum Amount Due, apart from applicable interest charges, your
Credit Card account will also start attracting penal charges as applicable. The bank will
report default in repayment to Credit Information Companies (CIC).
11. Post the moratorium period, when do I need to pay my Credit Card dues?

You need to pay your credit card dues by the Due Date specified in your credit card
For example, if your statement is generated in May 2020, where the due date is in June
2020, you would need to clear your dues by the Due Date or else the bank will report your
account as unpaid to Credit Information Companies (CIC). Such non-payment of dues will
also attract penal charges.
If your statement is generated in the month of May 2020 with due date in May 2020 itself,
credit card dues will be eligible for moratorium since this due date falls between March 1,
2020 to May 31, 2020. However in the subsequent month, you would be required to pay
“Minimum Amount “or “Total Amount Due” by the due date or else the bank report your
account as unpaid to Credit Information Companies (CIC).

12. I have availed EMIs on my Credit Card. What happens to that during the

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.

13. I had availed a Balance Transfer on my Kotak Credit Card. If that becomes due
during the moratorium, how would it work?

Balance transfer which is due within during moratorium would be billed in full and will form
a part of your statement. The same will start attracting Interest charges at the regular rate
applicable on your Credit Card.
Similarly, if you have withdrawn any cash on your Credit Card, that will also start attracting
Interest charges on a daily basis at regular rate and will be charged at the end of each
billing cycle.

The bank’s policy is available on our website www.kotak.com. Click here to read the same.