New Delhi: Earlier this month, all lending institutions were asked to implement provisions of Scheme for grant of ex-gratia payment of the difference between compound and simple interest for six months to borrowers in specified loan accounts (1 March to 31 Aug). According to this, retail borrowers and small business who have loans up to ₹2 crore won’t need to pay the compounded interest or interest on interest that accrued during the moratorium. This means that it will take time anywhere from a week to two months. Remove some to bookmark this image. Interest-on-interest is also referred to as compound interest. New Delhi: The Reserve Bank of India (RBI) issued directions to all lending institutions to implement provisions of Scheme for grant of ex-gratia payment of the difference between compound and simple interest for six months to borrowers in specified loan accounts (1 March to 31 Aug), earlier this week.Lenders have been asked to take all necessary action within the stipulated time. Good will: Nothing in the above prevents us from offering a good will or ex-gratia credit or refund if we feel it would be a appropriate, at our discretion. It will be at the discretion of HDFC Bank to reject any payment made above the outstanding on your card." refund also credit on outstanding amount. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. interest is being charged on EMI for a specified period, for the purpose of ex-gratia payment, interest may be. Stripe is a suite of payment APIs that powers commerce for online businesses of all sizes, including fraud prevention, and subscription management. Banks are paying customers who had outstanding as of 29 February. Let’s look at the whole process in detail to understand it. Join Mint channel in your Telegram and stay updated with the latest business news. HDFC Bank Credit Card No. Some mentioned that they received a credit of paltry sum of ₹10 or some got even lesser amount. Get all loan related information along with latest offers available with HDB. The repayment during the period of ex-gratia scheme should be ignored and the difference between this compound and simple interest will be credited to the customer by the 5th of November.” Join thousands of savvy shoppers who share the best deals, discount coupons & online shopping tips. You will be securely redirected to the bank payment interface of your chosen net banking option. * Please make the payment only to the extent of outstanding on your HDFC Bank Credit Card. Connect with your social account for easy signup and faster login. The interest on interest waiver scheme also covers credit card dues and it seems the govt is offering an ex-gratia amount to those who paid on time. My card has an outstanding of 42000 as on date but i had used the card for only around 25 thousand and have been payin a mnimum amount due of 2 thousand for almost last two years out of which not even 10 % was going towards principle but the complete amount wasbeing adjusted against late payment fee,finance retial … Before November 5. Community Driven Bargain Hunting. Use Stripe’s payment platform to accept and process payments online for … One of the perks of having a credit card is that you can borrow money without having to pay off your balance in full every month. shared. Many thought their issuer had made a mistake. Important. Debit Card Green PIN generation Debit Card Offers Register your Card for Online Payment Introducing OTP for E-com transactions Card Safety Tips Important Notice for Rupay Cardholders Important Notice for Credit Card holders Important Notice for Credit Card holders FAQ COVID 19 Ex Gratia Payment for Credit Cardholders Interest Rates Your issuer will charge interest on any balance not paid off by the end of the month. Take the example of a borrower who had a car loan (EMI) of ₹10,000 each month and an outstanding of ₹4 lakh. How to watch IPL 2020 for FREE or with Special Recharge Plans? It is the interest earned when interest payments are reinvested. Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry clarified on Thursday. Some diligent credit card customers were surprised when they received a message from their issuers informing that the government’s ex-gratia money has been credited to their accounts. You may be aware of the recent directive from the Reserve Bank of India (RBI) regarding an ex-gratia payment of interest charged during the payment moratorium program. But it was postponement of EMI and not a waiver. 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