Detailed Moratorium OPT-IN Guide for ICICI Bank | Axis Bank | CitiBank | AMEX | SCB | HDFC Bank | SBI Cards

Moratorium Opt-in Guidelines for All Major Banks

The Reserve Bank of India has extended the Moratorium on loan EMIs by three months, i.e., till August 31, 2020. The earlier three-month Moratorium has ended on May 31. This makes it a six-month Moratorium on term loan EMIs starting from March 1, 2020, to August 31, 2020. 

Although, the RBI's Circular had advised banks to auto-enroll its borrowers into Moratorium, our money loving banks have brought in a stratagem wherein individuals needs to register or opt-in to avail Moratorium relaxations separately. They know a huge chunk of people would miss it because they communicated this requirement via SMS or email, which usually gets stamped under hundreds if not thousands of spam SMS and emails we receive these days. A lot of borrowers, including me, ended up paying the Financial charges, including the Late Payment Fee, which was supposed to be waived off as per Moratorium guidelines. Banks will again exploit its borrowers if they do not opt-in for the extended Moratorium. 

Hence, below I am listing the procedures on how to opt-in for this extended Moratorium. 

• ICICI Bank

Click HERE for Step by Step guide for opting-in ICICI Bank's Moratorium Program.  

• AXIS Bank

Click HERE for Step by Step guide for opting-in Axis Bank's Moratorium Program. 

• HDFC Bank

HDFC is yet to publish its Moratorium guidelines. You can click here to fetch the updated information.

• SBI Cards

Click HERE for Step by Step guide for opting-in SBI Cards' Moratorium Program.

• CitiBank

As per the CitiBank's Moratorium FAQs publish here, there's no need to Opt-in for the Moratorium separately. Refer to the snippet below.

• Standard Chartered Bank

SCB has kept it simple. Just SMS 'OPTIN' to 57575 from your registered mobile number.

• American Express

Amex has sent out emails to all its clients, confirming that they will be auto-enrolled into their Moratorium program and that you do not have to reach out to them for enrolment. Below I'm providing a snippet of the email that I received from American Express.

Your feedback in the comments section below will be highly appreciated. Thanks for reading!