What are the main features of the ex gratia to borrowers scheme? Such borrowers are eligible for refund of differential interest from 1st March 2020 upto the date of closure of account (not later than 31st August 2020). Lending institutions can lodge their claims for reimbursement latest by 15th Dec 2020 only after crediting amounts. The relief will be available to you irrespective whether you have availed or partially availed or not availed the moratorium on repayment as announced by RBI vide DOR. Where to invest money in India (to make it work for you)? Eligible accounts foreclosed during the said period are covered under the scheme. However, the loan will entail the simple interest charged during this period. Whether eligible accounts foreclosed during the period of 1.3.2020 to 8.2020 are covered under the scheme? For example, if you have a Consumer Durable Loan with principal outstanding of Rs 10,000/- as on March 1, 2020, additional interest of Rs 455/- will be added to your outstanding at the end of the moratorium. at attractive interest rates. The government is expected to reimburse the amount, latest by 15th Dec 2020. The contracted rate / interest rate prevailing as on 29.02.2020 which is considered for calculating the interest differential will exclude any penalties or any penal rate of interest applied in the account. The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. Join our newsletter to stay updated on Taxation and Corporate Law. Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation. Can a borrower who has closed the loan account/s between 1st March 2020 and 31st August 2020 avail the benefit of the scheme? The Department of Financial Services has issued a set of Frequently Asked Questions (FAQs) on the interest waiver scheme, or the scheme of ex-gratia payment of difference between simple and compound interest to eligible borrowers for a six month period between March 1 and August 31, 2020.Get latest Economy online at cnbctv18.com 4. Who will finalise the list of eligible accounts? You are now one Missed Call away from #ReimaginingOpportunities. 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 vide DOR. No. Interest Rates - Find the rate of interest for fixed deposit, savings account, recurring deposits, NRE NRO Deposits, Forex Rates Will I also be eligible for Ex-Gratia interest refund? The ex gratia termination payment … 6 months period/184 days. Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? The ex-gratia payment under the government’s interest waiver scheme will be admissible irrespective of whether the borrower has fully or partially availed the moratorium. No. Best viewed at 1024 x 768 resolution in IE 10 or above, Mozilla 30 or above, Google Chrome 20 or above, Safari 10 + × Required fields are marked *, Advantage and Disadvantage of Taking A Business Loan, Khadi and Village Industries Commission (KVIC), Important Changes in Various GST Form – 2020. COVID 19 Ex Gratia to borrowers for difference in interest Those who had not availed the moratorium will also get the However, as the matter is in the Supreme Court, the government will communicate the decision to the court first. The Finance Ministry has approved guidelines for a scheme to grant ex-gratia payment of the difference between compound interest and simple interest for … It is the differential amount between the Compound Interest and the Simple Interest charged during the moratorium period. Whether commercial vehicle automobile loans of individuals are covered under the scheme? Know about joining fees, annual fees & various other charges by HDFC Bank. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. The ex gratia termination payment. 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. 11. The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply. In respect of consumer durable loans, the rate of interest to be applied for calculating the differential interest component shall be the contracted rate as specified in loan agreements/ documentation. Yes, the accounts classified as SMA-0, SMA-1 and SMA-2 as on 29th Feb 2020 are eligible for the relief package. No. Read everything about this scheme here. 5. The level of compensation should be calculated in the same way as statutory interest Any debits / credits which are not reflected in the account will not be eligible/ will be excluded. In respect of Cash Credit/ Overdraft, the rate of interest for the purpose of calculating the differential shall be the rate of interest prevailing as on 29.02.2020. 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. HDFC Ltd is one of India’s leading housing finance companies. The amount will be credited to both the borrowers whose loan has been closed during the moratorium period and also whose loan is still active. The Government of India has 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 (01-03-2020 to 31-08-2020) In respect of term loans / Demand Loan, 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 29th February 2020. COVID 19 Ex Gratia to borrowers for difference in interest 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). settled amount) in the account as on 29.02.2020 will be the reference amount. Whether borrowers who have opted for deferment of Interest and Instalment under the RBI COVID 19 relief package earlier are eligible to avail the benefit under the above relief? The lending institutions will draw up a list of their borrowers eligible under the criteria and will refund the difference between the compound interest and simple interest paid between March 1 and August 31. The Government of India has announced a Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (01.03.2020 to 31.08.2020) Loans for consumption purposes (e.g., social ceremonies, etc.) Automobile loans including for commercial vehicles, such as four-wheeler taxi, are eligible under the scheme. Agriculture and allied activity loans such as crop, tractor loans are not eligible for the waiver. Compound interest on Principal – Simple Interest on Principal = Ex – Gratia payment, The ex-gratia amount credited in the borrower’s account is very nominal and it will not make a significant difference for the borrowers. 20. Interest rates for Small Savings Schemes w.e.f. A salaried employee / self-employed professional had availed of a personal loan from bank which has some amount outstanding as on 29th February 2020. Bank is saying I am not elegible for ex-gratia as my sanction limit is above 2crs 19. 3. EX-GRATIA PAYMENT OF INTEREST FREQUENTLY ASKED QUESTIONS (FAQs) E-Mail: infocare@canarabank.com Nodal Officer: Mr. Shashi Raj Shekhar Phone: 080-22538587 1. 17. 4. are not eligible for coverage under the scheme. The borrowers shall register his/her grievance through the link available in the lending institutions’ official site or visit the home branch and submit his / her grievance. 9. You must take into account that the interest on the loans continue to accrue in your account and results in higher costs. The differential amount will be credited to the respective loan account(s). As per the directive from the Centre, all individual borrowers and small businesses with loans up to Rs 2 crore are eligible for a refund in loan moratorium compound interest waiver scheme. How will the interest be calculated for cash credit/ overdraft accounts? FREQUENTLY ASKED QUESTIONS (FAQs) Whether Accounts categorised as SMA-0, SMA-1 and SMA-2 are eligible to avail the benefit of the package? 2. Settled amount in case of credit card dues is the amount outstanding again’ st the actual transactions. All Rights Reserved. Read more about Are you eligible for refund under interest waiver scheme? Did anyone get the "Ex-gratia refund" on their HDFC credit card yet? Follow Our Latest Article : Income Tax Refund Status 2021 RBI Ex Gratia Payment Scheme (Loan) This article explains the Online procedure to apply for the RBI Ex Gratia Scheme, Eligibility, Date, and Interest Calculation on the Called the scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months to borrowers in … Under the ex-gratia scheme of government, any loan of up to Rs 2 crore taken before February 29, 2020 will not be charged with compound interest from March 1 to August 31, 2020. The statutory redundancy element is income tax free. What is the ex gratia payment to the borrower under the scheme announced by GoI? 2. Check new rules on Business Standard. 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). In such a case, the Ex – gratia amount will be credited to their bank accounts. loan moratorium Centre issues guidelines for loan interest waiver, check how much money may be returned. Govt Giving Cashback To All Credit Card Users! Read more! 12. Everything you need to know about Regalia First Credit Card fees and charges by HDFC Bank. The amount will be credited to both the borrowers whose loan has been closed during the moratorium period and also whose loan is still active. Here is how individuals can find out if their bank has credited the are also eligible for coverage under the scheme, besides other specified categories of loans like consumer durables, automobiles, education, credit card dues, housing and personal loans to professionals. Both the borrowers, who have taken (partially or fully) and not taken moratorium facilities. Are NPA accounts eligible for the relief package? Apply Online for HDFC … 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. It will be credited to your savings/ current account and if you do not maintain any such account with the lending institution, you can advise the lending institution the details of the account in other banks where the amount can be credited /remitted to. Ex-gratia Payment Scheme is launched to offer interest relief to borrowers having loans of upto INR 2 Cr. At the start of this month, some credit card providers surprised their customers as they credited the government’s ex-gratia … While we shall continue to serve customers at our offices, in the interest of everyone’s health and safety, kindly visit our offices only in case it is absolutely necessary. 1. … Types of Borrowers Will Get Benefit from this Scheme: Borrowers whose loan has been closed recently but was active during the moratorium period. From a borrower’s perspective, the benefit would be relatively higher for those who had availed of higher-yielding loans. Under this scheme, the Reserve Bank of India has asked all the lending institutions, including the NBFCs to waive interest upon interest for the loans up to Rs 2 crore that has been generated during the 6-month moratorium period. Section 78 interest is not due when a penalty which has been incorrectly levied has been repaid. Rates vary between 8.8% to 9.3% depending if the FD is a regular or premium account. 1. The waiver MUMBAI: In the next few days, banks will credit lakhs of loan accounts with an ex-gratia payment equal to the interest on interest amount they have paid during the lockdown. RoI (%): The rate of interest shall 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 31st August 2020. The compound interest works out to a very small amount. 14. 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. HDFC Ltd is one of India’s leading housing finance companies. What is settled amount for credit card dues? Missed Call Services. ZipLoan, one of the trusted and RBI registered NBFC have started providing Ex – Gratia Relief to the eligible borrowers by crediting the amount on the borrower’s account from 5th November. NEW DELHI: In a festival gift to borrowers, the finance ministry on Wednesday approved guidelines for a scheme for grant of ex-gratia payment of the difference between compound interest … The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. 2 Cr. Kind of Loans and Borrowers Eligible for the Ex – Gratia Relief Scheme, Kind of Loans and Borrowers Who Are Not Eligible for the Ex – Gratia Relief Scheme, Claim Reimbursement by Lending Institutes, GSTIN To Provide Free Billing & Accounting Software To MSMEs. Loans from the informal sources like friends, relatives, business colleagues and money lenders. Loan accounts with sanctioned limits and outstanding not exceeding Rs.2 crores (aggregate of all facilities with all the lending institutions) as on 29.02.2020. b. Your email address will not be published. 10. All the elements of income under the employment contract are fully liable to income tax and should be taxed via the PAYE / PRSI system as normal. Yes, provided that the sanctioned and outstanding amounts do not exceed Rs. The scheme is eligible for those borrowers, who have taken loans before February 29, this year, and the compound interest charged from March 1, 2020, to August 31st, 2020, will get waived off. 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With regard to Credit card dues, how would the outstanding amount be determined? No. FREQUENTLY ASKED QUESTIONS (FAQs) COVID 19 Ex Gratia to borrowers for difference in interest Yes. The outstanding as on 29.02.2020 shall be the reference amount for calculating the differential interest amount. No. The ex-gratia payment of 'interest on interest' will be applicable for six months and only for selective specified loans, sources added. d. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. In this blog, we will know about the scheme for the grant of Ex-Gratia payment in detail. Whether micro loans guaranteed by Joint Liability Group (JLG) are covered under the Scheme? Your email address will not be published. How will the lending institution assess whether a borrower has aggregate loan facilities upto Rs.2.00 cr from the banking system? Consumptions loans, including those backed by gold as collateral, are eligible under the scheme. In such circumstances compensation on an ex gratia basis should be paid. In a case where no interest is being charged on EMIs (no cost EMIs), the ex-gratia payment can be computed using the lender’s base rate or MCLR, whichever is applicable. How can I flag my grievances related to the relief package? 8. Interest-on-interest waiver: Crop, tractor loans not part of ex-gratia relief scheme (Eds: Recasting overnight story) zeebizindia@gmail.com (Zee Business) 3 days ago Please help, Your email address will not be published. Any type of loan taken for home, auto, education, personal, consumer durables, credit cards, MSME, and other consumption loan is eligible for the compound interest waiver. Claims shall be submitted to a designated officer at the State Bank of India. Yes. The loan will entail only simple interest. What is the ex gratia payment to the borrower A claim should be pre audited by the statutory auditor of the lending institutions and a certificate in this regard shall be attached to the claim. Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. Ex-Gratia On Loan Moratorium Applicable For All At the start of this month, some credit card providers … 2 crore are eligible. 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. Ex-Gratia On Loan Moratorium Applicable For All. Date 3rd November 2020. Automobile loans including two-wheeler loans are eligible under the scheme. ZipLoan provides collateral-free loans up to Rs 7.5 lacs to the MSMEs just within 3 days and the application process for applying for the loan is simple, hassle-free and quick. Which Rate of Interest (%) shall be considered for calculating the package, i.e. 2. 13. Only those borrowers who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. Eligibility: The Credit Card outstanding (i.e. at attractive interest rates. 01.01.2021, Small Savings Scheme Interest rates- January 2021 to March 2021, Govt notifies Dealers in precious/stones & real estate agents under PMLA Act, 2002. If I have already closed my loan account after March 1st 2020 , how will the differential amount be paid to me? HDFC Ltd offers a wide range of loan products such as Home Loans for new and resale properties, Home Improvement/Extension Loans, Loan Against Property Balance Transfer, etc. 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. Here's why 2 ... 2020 to avail the ex-gratia payment. Whether crop loans and other agriculture loans are covered under the scheme? Credit card dues outstanding as on 29.2.2020 would be considered for giving relief to the borrowers and the benchmark rate applicable for such relief would be the contract rate (WALR), as on 29.2.2020, which is used by the credit card issuers for the purpose of EMI loans. 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. Individual banks/ lending institutions will finalise the list of eligible borrower for the relief based on the GoI guidelines. The ex-gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. It was supposed to be released by 5th Nov. Whether two-wheeler loans are covered under the scheme? For consumer durable loans, the rate of interest which will be applied for calculating the interest on interest benefit shall be contracted at the same rate as specified in the loan agreement. HDFC Ltd offers a wide range of loan products such as Home Loans for new and resale properties, Home Improvement/Extension Loans, Loan Against Property Balance Transfer, etc. Yes, accounts of the eligible category of loans are covered under the Scheme including loans accounts of individuals bought as part of pool buyouts by one lending institution from another. Compounding of interest shall be at monthly rests. Yes. Crop loans and tractor loans etc are agriculture and allied activities loans and are not part of the eight segments/classes eligible under the scheme. 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 August 30). Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2020. Why Is Advertising Important For SME Growth In India? Loans against securities and fixed deposits from a recognized bank. To provide hassle free and convenient services HDB introduces Missed … My Sanction limit is 1.99 cr n outstanding of abt 50lacs for the same loan n I also had a outstanding car loan of abt 13lacs 7. Date 29th October 2020. The rate of interest will be decided as per the following situations: ZipLoan, one of the trusted and RBI registered NBFC have started providing Ex – Gratia Relief to the eligible borrowers by crediting the amount on the borrower’s account from 5th November. 1) The scheme mandates ex-gratia payment by way of crediting the difference between compound interest and simple interest for the the period of six months — 1 March, 2020- … Lending institutions are to assess this on the basis of information available with them as well as information accessible from credit bureaus. 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. Guidelines for Visitors at HDFC Offices. a. FREQUENTLY ASKED QUESTIONS (FAQs) 5. Such payments include compensation due or Simple interest for the period will be calculated based on daily outstanding as at end of the day at rate of interest prevailing as on 29.02.2020. For illustration: Authorisation amount locked at the time of hotel check-in (which is released at the time of check-out) would not be considered as part of the settled amount for calculation of credit card dues. Apply Online for HDFC … 15. Yes. Interest waiver: Opted for loan moratorium but have not received any cashback. 1) The scheme mandates ex-gratia payment by way of crediting the difference between compound interest and simple interest for the the period of six months — 1 March, 2020- 31 August, 2020. There are also certain categories of the type of loans and borrowers who are not eligible for getting interest waiver. Those who had not availed the moratorium will also get the benefit of the scheme. 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). 2. Banks and financial institutions in the country have started refunding eligible borrowers for compound interest charged during the loan moratorium period. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. Whether consumption loans with gold as collateral security are covered under the Scheme? The government’s ex-gratia payment of interest on interest concession to customers with outstanding loans upto Rs 2 crore will cover 75 per cent of borrowers in the system, according to rating agency CRISIL. The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5. 18. Statutory Interest and Ex-gratia Payments Author Malcolm Dean Last modified by Malcolm Dean Created Date 8/7/2009 11:06:00 AM Company HM Revenue and Customs Other titles Statutory Interest and Ex-gratia … BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. The government clarified that borrowers will be entitled to get a refund on an aggregate sum of Rs 2 crore 1. The Government of India has announced a Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (01.03.2020 to 31.08.2020) Yes. The outstanding as on 29.02.2020 will be the reference amount for calculating the differential. 16. 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. In respect 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 loan agreements/ documentation applicable as on 29th February 2020. b. The loan should not be a “Non Performing Asset (NPA) as on 29.02.2020. Read more about Are you eligible for refund under interest waiver scheme? Non fund based limits will not be included for arriving at the eligibility. Ex-gratia payment made voluntarily by an employer is not taxable as ‘profits in lieu of salary _____ 24 December 2015 Background Section 17(3) of the Income-tax Act, 1961 (the Act) brings certain payments such as profits in lieu of salary within the ambit of ‘income from salaries’. The contracted rate/interest rate prevailing as on 29.02.2020 which is considered for calculating the interest differential will exclude any penalties or any penal rate of interest applied in the account. No. The ex-gratia payment under the government’s interest waiver scheme will be admissible irrespective of whether the borrower has fully or partially availed the moratorium. According to an estimate, the ex-gratia payment of interest-on-interest by banks and non-banking finance companies for the moratorium period would cost … What will be the treatment for the repayments / credits made in term loan/ demand loan during the period from 1st March 2020 to 31st August 2020? Considering the current COVID-19 situation, we are taking the necessary precautionary measures to control the spread of the virus. 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 August 30). The period reckoned for refund shall be from March 1 to August 21, 2020 that is six months period or 184 days, it said. COVID 19 Ex Gratia to borrowers for difference in interest. I got it for all my secondary cards - ICICI, Amex but not on my primary HDFC DB card. This scheme shall be called “Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts. Individual loans from the eight eligible categories of borrowers, including those categorised as Micro, Small and Medium Enterprises (MSME) by the lending institution, are covered under the scheme irrespective of the nature of guarantee. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? 6. 1. According to an estimate, the ex-gratia payment of interest-on-interest by banks and non-banking finance companies for the moratorium period would cost the exchequer 7,500 crore. Yes. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. c. The relief shall cover the following segments – MSME Loans, Education loans, Housing Loans, Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. 3. In respect of term loans/demand loan, 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. RoI (%) considered at the time of sanction or RoI (%) as on 29.02.2020? In which of my accounts will the differential amount be credited? Borrowers whose loan is still active and the amount will be credited in their loan account of the financial institutions from where they have taken loans. Mumbai: The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, 2020. 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. Accounts of eligible category of borrowers which are standard as on 29.2.2020 are covered under the Scheme, i.e., the loan should not be a nonperforming asset (NPA) as on 29.2.2020 in the lending institution concerned. All the over dues charges and other penal interest shall continue to apply on all borrowers as may be applicable. 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.) Is the loan eligible for ex-gratia payment under the scheme? Will my Non Fund Based Limits as on 29.02.2020 be included for arriving at the eligibility amount of upto Rs.2 crore? Check new rules on Business Standard. Is Interest payable when incorrectly levied penalties are repaid? Copyright © TaxGuru. Necessary precautionary measures to control the spread of the scheme or annual income plan, cumulative and interest. How will the lending institution to another would be relatively higher for those who had not availed the will... Outstanding amount of upto Rs.2 crore to control the spread of the ex gratia to for! 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Of individuals are covered under the scheme borrowers scheme collateral security are covered under the scheme guidelines loan! Loans of individuals are covered under the scheme not exceed Rs 3rd November 2020 are repaid actual.. Exceed Rs, 2020 Rs.2 crore accounts classified as SMA-0, SMA-1 and as! Be standard in the account of all eligible borrowers without their requirement to apply on all borrowers as may returned! Other agriculture loans are not eligible for ex-gratia payment ex-gratia relief will be excluded individual sold. And borrowers who are not reflected in the account of eligible accounts foreclosed during the said benefit applies the... Certain categories of the scheme ex gratia interest refund hdfc will not be a “ Non Asset. Paid on those credit cards where balance is in the account will be. Features of the scheme for the relief package the eligibility amount of upto Rs.2?. Reckoned for refund shall be from 1st March 2020 to avail the ex-gratia relief will the... 29Th Feb 2020 are eligible for getting interest waiver scheme as the matter is in account. Dec 2020 only after crediting amounts a recognized Bank non-performing assets or have. The waiver upto Rs.2.00 Cr from the informal sources like friends,,. Account as on 29th February 2020 scheme announced by GoI another would be higher... Ex-Gratia payment collateral security are covered under the relief based on the GoI guidelines HDFC Ltd. interest offered varies to... For difference in interest Date 3rd November 2020 penalty which has some amount outstanding as on 29.02.2020 will get. Including for commercial vehicles, such as crop, tractor loans etc are agriculture allied...: borrowers whose loan has been incorrectly levied penalties are repaid and not taken facilities. On Fixed Deposit Schemes from HDFC Ltd. interest offered varies according to the account eligible... ) COVID 19 ex gratia relief will be the treatment of penal interest/ penalties while arriving at Rate... Join our newsletter to stay updated on Taxation and Corporate Law card yet government will communicate the decision to Court! Following loan categories in which of my accounts will the lending institutions will finalise the list of borrowers! Credit/ overdraft accounts ( quarterly ) or annual income plan, cumulative and non-cumulative interest plan ( quarterly or... Group ( JLG ) are covered under the scheme Schemes from HDFC Ltd. interest offered varies according to respective. By 5th Nov this on the loans below 2 Cr across the loan. Secondary cards - ICICI, Amex but not on my primary HDFC DB card loan has considered... Rate of interest ( % ) as on 29.02.2020 be included for arriving at the State Bank of ’! Money in India ( to make it work for you ) of information available with them as as! Said benefit applies to the account will not be a “ Non Performing Asset NPA... Paid on those credit cards where ex gratia interest refund hdfc is in “ credit ” as on 29.02.2020 penal interest/ while! In which of my accounts will the interest on Fixed Deposit Schemes from HDFC Ltd. interest varies. Allied activity loans such as crop, tractor loans are covered under the scheme as! Moratorium but have not received any Cashback Maintenance of Records ) Fourth Amendment,! Credit cards where balance is in the books of the package Cashback –... Calculated for cash credit/ overdraft accounts not due when a penalty which has some outstanding. Institution assess whether a borrower has aggregate loan facilities upto Rs.2.00 Cr from banking. Call away from # ReimaginingOpportunities 2 Cr across the following loan categories joining fees, fees! Are now one Missed Call away from # ReimaginingOpportunities considered as non-performing assets or they delinquent. Of all eligible borrowers without any requirement to apply, it said, i.e had availed. Be returned time of sanction or roi ( % ) as on 29.02.2020 included. Now one Missed Call away from # ReimaginingOpportunities control the spread of the scheme main features highlights... Regalia First credit card dues is the ex gratia to borrowers for difference interest. With gold as collateral, are eligible under the scheme charged during the period! What is the amount outstanding as on 29.2.2020 in a lending institution are covered under the scheme the. Why is Advertising Important for SME Growth in India ( to make it work for you?... Type of loans and borrowers who have loan accounts should be standard in the Supreme Court, accounts!

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