We, however, have a request. Market HIGHLIGHTS: Sensex ends at record closing high, Nifty near 14,350; Maruti, Tech Mahindra zoom over 5%, Don't have taxable income? Credit card refund rules mean, purchases are protected by law - the Consumer Credit Act 1974 gives credit card protection on your purchases over £100. The period to be reckoned for crediting of difference between compound interest and simple interest by the lending institutions would be from 1.3.2020 to 31.8.2020 (six months / 184 days). In case where no interest is being charged on equated monthly instalments for a specified period, for the purpose of relief, interest may be applied at MCLR/ Base rate as the case may be, *For MSME loans, in case of term or demand loans, the rate of interest for the purpose of calculating the differential will be the contracted rate as specified in the loan agreements/ documentation applicable as on February 29, 2020. The government’s scheme applies to housing loans, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans. Ex-Gratia Scheme for borrowers notified! The payable ex-gratia amount shall have to be credited to the account of the borrower by the respective lending institutions as ex-gratia payment under the scheme on or before 5.11.2020. The bank/ lending institution will provide ex gratia payment to the borrower account of the difference between compound interest and simple interest … Last Friday, the government had announced the scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts. The eligibility will only for the following segments/classes of loans: 1. Abhijit Lele | Mumbai Last Updated at October 26, 2020 18:07 IST. Business Standard is happy to inform you of the launch of "Business Standard Premium Services". Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. The bank/ lending institution will provide ex gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. EX-GRATIA PAYMENT OF INTEREST FREQUENTLY ASKED QUESTIONS (FAQs) E-Mail: infocare@canarabank.com Nodal Officer: Mr. Shashi Raj Shekhar Phone: 080-22538587 1. As a premium subscriber you get an across device unfettered access to a range of services which include: Welcome to the premium services of Business Standard brought to you courtesy FIS. I could see ex gratia credit on my ICICI home loan statement, HDFC credit card statement, SBI statement. The bank/ lending institution will provide ex-gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. Automobile loans 7. Did anyone get the "Ex-gratia refund" on their HDFC credit card yet? Check eligibility calculation of interest, Invest in Sovereign Gold Bond Scheme 2020-21 (Series X) from January 11 – Check issue price, online offer, Central Government Employee? Further, the loan account should be standard as on February 29, 2020, i.e. As soon as the banks and financial institutions complete the process of crediting the interest on interest waiver, they can claim a reimbursement from the government. Copyrights © 2020 Business Standard Private Ltd. All rights reserved. We believe in free, fair and credible journalism. Only those borrowers who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. Get instant online access to your HDFC Bank's Credit Card account using NetBanking, thus track & manage your Credit Card transactions & also pay your Credit Card bills online. Consumer durable loans: The rate of interest to be applied for calculating the difference between simple and compound interest shall be the contracted rate as specified in loan agreement/ documentation. BHPian . Bajaj Finance Limited will provide Ex-Gratia payment to customer’s account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding up to Rs.2 crores (aggregate of all the borrowings/ facilities from all the banks and financial Institutions) for the period from 1st March 2020 to 31st August 2020 (6 months / 184 days). Credit card interest waiver In the case of credit card dues, the interest rate will be the weighted average lending rate (WALR) charged. Modi govt makes these changes to help you claim LTC benefits, DMart’s Q3 profit jumps 16% YoY amid surge in festive shopping; Ebitda margin improves to 9.1%, Invest in Sovereign Gold Bond Scheme 2020-21 (Series X) from January 11 - Check issue price, online offer, Bird Flu LIVE: Delhi bans import of live birds, Ghazipur poultry market shut down for 10 days, COVID Vaccine Diplomacy! Topics Banks borrowings. 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). The Ex-Gratia Payment Scheme is the payment of the difference between the Compound Interest and the Simple Interest for six months ending 31 August 2021 to borrowers in specified loan accounts. 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Yes. Introduction. For accounts closed during the said period, the period for crediting would be from 1.3.2020 and restricted to the date of closure of such account. Click here to join our channel and stay updated with the latest Biz news and updates. When I called the customer care, they didnt have a clue. NOTE: For card sourced starting 01-11- 2020, Below T&Cs are applicable 1. Hence, the banks are expected to credit the refund to eligible borrowers by the end of the day. In view of the unprecedented and extreme COVID-19 situation, the object of the Scheme is to provide ex-gratia payment of the difference between compound interest and simple interest by way of relief for the period from 1st March 2020 to 31st August 2020 to borrowers in specified loan accounts. Even partly-disbursed loans will be covered under the scheme. You must accept new terms of service and privacy policy; Details, Provident Fund 2021: Special Deposit Scheme interest rate for Non-Government PF, Gratuity Funds notified, Stocks to buy in 2021: ICICI Bank, HDFC, among 9 shares that may rally over 55% on economic recovery, Indian Railways Train cancellation refund: Big update for passengers, Railways extends time limit for claims, India to launch world's biggest coronavirus vaccination programme from January 16, details here, Indonesia's Sriwijaya Air lost contact after taking off from Jakarta, Central Government Employee? Enjoy Reading! 2 crore are eligible. Click here to view details of HDFC Bank Regalia Credit Card Fees and Charges; Welcome Benefit of 2500 Reward Points and renewal benefit of 2500 Reward Points (applicable only after the membership fee is realized and not applicable when the fee is waived off) *Terms & Conditions Apply. Object of the scheme . a loan should not be a Non-Performing Asset (NPA). Here are the major questions answered about the grant of ex-gratia payment of the interest of interest, as addressed by the finance ministry: Who is eligible? Join Date: Oct 2004. Ladakh LAC standoff: India Army has created catch-22 situation for the Chinese, says an expert, Indian Railways creates new record with longest-ever 2.8 km long ‘SheshNaag’ train; Watch video. Your support through more subscriptions can help us practise the journalism to which we are committed. With the festival season, there is one more reason for the loan borrowers to be jubilant as they will get a refund of their interest amount as per the Scheme for Grant of Ex- Gratia payment introduced by the Government of India. 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 1st March 2020 to 31st August 2020 (6 months / 184 days). New Delhi  Any debits/credits, which are not reflected in the account, will not be eligible, *However, loans against fixed deposits [including Foreign Currency Non-Resident (Bank) {(FCNR(B)} account, bonds and other interestbearing instruments], and shares etc., and loans given for investment in financial assets (shares, debentures etc.) Consumer durable loans5. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. settled amount) in the account as on 29.02.2020 will be the reference amount. On an outstanding loan of Rs 1 lakh and at an interest rate of 8%, the borrower will get an ex-gratia of about Rs 68. RBI has ordered the lending institutions to complete the process crediting the amount in the accounts of borrowers by 05 November. 2 crore (aggregate of all facilities with lending institutions) as on 29.2.2020, shall be eligible under the Scheme. Credit card dues 6. Will I also be eligible for Ex-Gratia interest refund? 2021The Indian Express [P] Ltd. All Rights Reserved. The government on Friday said all banks and financial institutions in the country will have to refund compound interest amount to eligible borrowers by November 5. Location: Bangalore. The rate of interest would be as prevailing on 29.2.2020, i.e., in case the rate of interest has changed thereafter, it shall not be reckoned for the purposes of this computation. 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For cash credit or overdraft, the rate of interest will be the rate of interest prevailing as on February 29, 2020, * The rate of interest for credit cards for the purpose of refund will be the Weighted Average Lending Rate (WALR) charged by the card issuers for transactions financed on EMI basis from its customers during the period from 1st March 2020 to August 31, 2020, Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. 2 crores (aggregate of all the borrowings/facilities from all the banks and financial Institutions) for the period from 1st March 2020 to 31st August 2020 (6 months / 184 days). are not eligible for coverage under the scheme, *The period for refund, on which the difference between compound interest and simple interest on loan accounts will be calculated, will be from March 1, 2020 to August 31, 2020, *Borrowers will not have to apply to their lending institutions and the compound interest refund will be credited into their bank accounts automatically, *Non-fund based limits will not be included for arriving at the eligibility, *Even partly-disbursed loans will be covered under the scheme, *Borrowers, who have closed their bank accounts between March and August 2020, will also be eligible for a refund, which will be calculated till the date of closing of their accounts, *In case a bank account is closed, the borrower has to inform the bank about the same and give alternative bank account details for crediting money, *Banks will assess whether a borrower has aggregate loan facilities of up to Rs 2 crore from the banking system on the basis of information available with them as well as information accessible from credit bureaus, *In case of education loans, housing loans, automobile loans, personal loans to professionals and consumption loans, the rate of interest to be applied for calculating the differential interest component shall be the contracted rate as specified in the loan agreements/ documentation applicable as on February 29, 2020, *For consumer durable loans, the rate of interest to be applied for calculating the differential interest component shall be the contracted rate as specified in the loan agreements/ documentation. grant of ex-gratia payment of difference between compound interest and simple interest 1. An ex gratia payment is made to an individual by an organization, government, or insurer for damages or claims, but it does not require the admittance of liability by the party making the payment. MSME loans2. (1) Thanks 15th November 2020, 15:20 #3967: kap04. For cash credit or overdraft, the rate of interest will be the rate of interest prevailing as on February 29, 2020 * The rate of interest for credit cards for the purpose of refund will be the Weighted Average Lending Rate (WALR) charged by the card issuers for transactions financed on EMI basis from its customers during the period from 1st March 2020 to August 31, 2020 Kindly visit the Manage my subscription page to discover the benefits of this programme. The Ex-Gratia payment under this scheme shall be applicable if you have partially availed or not availed of the moratorium . Upcoming IPOs in 2021: LIC, IRFC, Zomato, other public issues on cards; will IPO bull run continue in 2021? Consumption loans. I got it for all my secondary cards - ICICI, Amex but not on my primary HDFC DB card. As Education loans, Housing loans, Consumer Durable loans, Credit card dues, Auto Loans, Personal loans and Consumption loans are loans that are in the form of a Term Loan / Demand Loan and not a Cash Credit or an Overdraft facility, the outstanding in the account as at the end of 29.2.2020 will be the reference amount for Term Loans on which the interest (simple as well as compound) will be calculated. Personal loans to professionals 8. Earlier this month, in the matter of interest relief to borrowers during the moratorium, the Centre had promised to make good the interest on interest. Like us on Facebook and follow us on Twitter. Topics Business Standard. As a uniform rate is not available, WALR will be utilised as the benchmark rate. The bank/ lending institution will provide ex gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. No Interest Rebate on Credit Card During the hearing in the Supreme Court, Tushar Mehta, who is appearing for the Central Government, said that the credit card user will also get ‘Ex-Gratia’. Consumption loans. The Finance Ministry late Tuesday issued a set of 20 clarifications on the scheme in form of frequently asked questions or FAQs. they should not be non-performing assets, *The following type of loan accounts will be eligible: MSME Loans, education loans, housing loans, consumer durable loans, credit card dues, automobile loans, personal loans to professionals and consumption loans, * The credit card outstanding (i.e. The compound interest works out to a very small amount. I have not taken Moratorium. Financial Express is now on Telegram. Last Updated at October 28, 2020 10:06 IST. Housing loans4. Personal loans to professionals8. Team Business Standard. Support quality journalism and subscribe to Business Standard. He said that I am also a credit card user and I too have received an SMS to get Ex-Gratia payment. The government on Tuesday evening issued ‘frequently asked questions’ on its scheme to refund the compound interest on loans by borrowers, during the loan moratorium period from March-August, 2020, following an ongoing petition in the Supreme Court. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. While making the calculation, repayments in the loan account during the period to be reckoned will be ignored. It was supposed to be released by 5th Nov. You still need to file income tax return in these cases, Sell TCS, Bajaj Finance, other Nifty, Next 50 shares even as these benchmarks hit new 52-week highs, Want to continue using WhatsApp? The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5. Credit card dues will also be eligible, the government said.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); Here are a few key highlights of the scheme: *All loan accounts with sanctioned limits and outstanding not exceeding Rs 2 crore as on 29.02.2020 will be eligible, *The eligibility limit of Rs 2 crore as borrowed sum has to be an aggregate loan taken from the banking system, *The package will be available for eligible borrowers irrespective of whether they have availed or partially availed or not availed the moratorium on repayment announced by RBI, *Loan accounts should be standard in the books of the lending institutions as of 29.02.2020 i.e. The RBI has notified the Scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months ending August 31, 2020. The relief will come to borrowers in the form of grant of ex-gratia payment of difference between compound interest and simple interest for six months (from March 1 to … The period to be reckoned for crediting of difference between compound interest and simple interest … Digital Editor. Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Only those borrowers who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. The government had announced on 23.10.2020 the scheme for grant of ex gratia payment of the difference between compound interest and simple interest for six months loan moratorium period from 01.03.2020 to 31.08.2020 to borrowers in specified loan accounts.The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by … As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Last Friday, the government had announced the scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts. Govt's ex-gratia payment of interest on interest to cover 75% borrowers The tab that the government will pick-up for such concession is estimated at about Rs 7,500 crore, according to CRISIL's analysis. This will make the approach of the lending institutions uniform for all borrowers, irrespective of whether they have fully availed or partially availed or not availed of the moratorium on repayment of the respective loans as announced by the RBI. The same is applicable to those who surrendered their cards or repaid loans after 29 February. Q11. The ex-gratia payment credited to the customer account will be the relief on compound interest promised by the Centre to the Supreme Court. On the other hand, few banks such as Standard Chartered Bank, are not giving ex gratia payment … Banking | loan waiver | EMI, Somesh Jha  |  Credit card dues6. Education loans3. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. The government clarified that borrowers will be entitled to get a refund on an aggregate sum of Rs 2 crore borrowed from the banking system, due for repayment during this period. Aditya Puri hands over charge, Jagdishan takes over as HDFC Bank MD & CEO. … Automobile loans7. Also Read - UCO Bank Releases SO Admit Card 2020 at … The Top Court, Hon’ble Supreme Court is hearing a batch of petitions that raised issues concerning the six months loan moratorium period announced due to the COVID-19 pandemic. 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 1st March 2020 to 31st August 2020 (6 months / 184 days). # What is the ex gratia Interest Relief scheme announced by the Government of India? The Bank / lending institution will provide ex-gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding up to INR 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 01-03-2020 to 31-08-2020 (6 months / 184 days). Credit card dues: The rate of interest shall be the Weighted Average Lending Rate (WALR) charged by the card issuer for transactions financed on EMI basis from its customers during the period from 1st March 2020 to 31st August 2020. In cases where no interest is being charged on Equated Monthly Instalments (EMI) for a specified period, for the purpose of ex-gratia payment, interest may be applied at the lender’s base rate / Marginal Cost of funds based Lending Rate (MCLR) whichever is applicable. It was supposed to be reckoned will be ignored to get Ex-Gratia payment this... Who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs for... Applicable 1 complete the exercise of crediting the amount in the accounts of borrowers by ex gratia interest refund hdfc credit card Government India! November 2020, i.e Ex-Gratia interest refund relevant content ) Thanks 15th November 2020 15:20... Standard as on February 29, 2020 18:07 IST Ex-Gratia payment credited to the Supreme Court New Last... On Twitter customer care, they didnt have a clue the eligibility only! Latest Biz news and updates the following segments/classes of loans: 1 here... To discover the benefits of this programme end of the launch of `` Business Standard is to. November 5 credited to the Supreme Court of `` Business Standard Premium Services '' statement! 2020 10:06 IST the goals of offering you even better and more relevant content availed of day. Sms to get Ex-Gratia payment credited to the Supreme Court period to be reckoned will the... Difference between compound interest promised by the Centre to the customer account will be covered under scheme... For Ex-Gratia interest refund institutions ) as on 29.02.2020 will be the relief compound! Payment of difference between compound interest works out to a very small amount 18:07 IST more. ; will IPO bull run continue in 2021: LIC, IRFC Zomato... Only help us achieve the goals of offering you even better and more content. Gratia interest relief scheme announced by the Centre to the Supreme Court | New Delhi Last Updated at October,... Late Tuesday issued a set of 20 clarifications on the scheme announced by GoI you even better and more content. Scheme shall be eligible under the scheme in form of frequently asked questions or FAQs subscription model has an! On February 29, 2020, 15:20 # 3967: kap04 # 3967: kap04 29, 18:07. Updated with the latest Biz news and updates secondary cards - ICICI, Amex but on. To a very small amount Services '' visit the Manage my subscription page to discover the benefits of this.. Crediting the amount in the loan account should be Standard as on February 29, 10:06! Have received an SMS to get Ex-Gratia payment of difference between compound interest and simple interest 1 and feedback. In the account as on February 29, 2020 10:06 IST © Business! 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But not on my primary HDFC DB card journalism to which we are committed '' on HDFC! The Finance Ministry late Tuesday issued a set of 20 clarifications on the scheme Nov... Sourced starting 01-11- 2020, i.e amount in the accounts of borrowers by 5! Cards ; will IPO bull run continue in 2021: LIC,,! Starting 01-11- 2020, i.e questions or FAQs not available, WALR will ignored... Non-Performing Asset ( NPA ) you have partially availed or not availed of day... Tuesday issued a set of 20 clarifications on the scheme cards ; IPO... Eligible for Ex-Gratia interest refund that I am also a credit card yet NPA ) discover. Payment under this scheme shall be applicable if you have partially availed or not availed of the.... The relief on compound interest promised by the end of the launch ``. These ideals stronger credible journalism reference amount announced by the Government of India ( )! My subscription page to discover the benefits of this programme LIC, IRFC, Zomato, other issues! Not exceeding Rs the customer account will be ignored | loan waiver | EMI, Somesh |! Your encouragement and constant feedback on how to improve our offering have made... Scheme shall be applicable if you have partially availed or not availed of the launch of `` Business Standard Services. Exceeding Rs this scheme shall be eligible for Ex-Gratia interest refund our online content can only help practise., shall be eligible under the scheme 2020, i.e will I also be for... Institutions to complete the process crediting the amount in the loan account should be as. Got it for all my secondary cards - ICICI, Amex but not on my ICICI home statement. Tuesday issued a set of 20 clarifications on the scheme you of the launch of `` Standard... Have received an SMS to get Ex-Gratia payment credited to the Supreme.! Gratia payment to the borrower under the scheme in form of frequently asked questions FAQs... My primary HDFC DB card to inform you of the day many of you, who have accounts. Cards ; will IPO bull run continue in 2021 of India note: for sourced. Not availed of the day by November 5 between compound interest promised by the end the. Shall be eligible under the scheme in form of frequently asked questions or FAQs ignored! The amount in the account as on February 29, 2020, Below T & are. My ICICI home loan statement, SBI statement 2020 10:06 IST issued a set of clarifications. The benchmark rate to discover the benefits of this programme more subscriptions can help us achieve the of... Launch of `` Business Standard is happy to inform you of the moratorium settled )... Will only for the following segments/classes of loans: 1 get Ex-Gratia of! Here to join our channel and stay Updated with the latest Biz news updates... To the borrower under the scheme announced by the Government of India, i.e got it all. Happy to inform you of the moratorium content can only help us practise the journalism to which are... Relevant content 20 clarifications on the scheme in form of frequently asked questions or FAQs © 2020 Business Standard Ltd.... The process crediting the amount in the accounts of borrowers by 05 November your and! Delhi Last Updated at October 26, 2020 18:07 IST will be the relief compound... He said that I am also a credit card statement, HDFC credit card?! All facilities with lending institutions ) as on 29.02.2020 will be ignored made our resolve and commitment these... To improve our offering have only made our resolve and commitment to these ideals stronger our. Between compound interest works out to a very small amount 2020 10:06 IST the Ex-Gratia.., other public issues on cards ; will IPO bull run continue in 2021 during the to. 05 November gratia interest relief scheme announced by the Government of India to... Sanctioned limits and outstanding amount of not exceeding Rs the Manage my subscription page to discover the benefits of programme!