ICICI Bank moratorium on debit card EMIs: All questions answered

ICICI Bank, along with issuing details on availing the moratorium on loans and credit card dues, also issued a set of FAQs on moratorium for equated monthly instalments (EMIs) taken on debit cards.

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On March 27, the Reserve Bank of India (RBI) said that all lending institutions, including banks and housing finance companies, will have to give its borrowers a three-month moratorium on term loans. RBI also stated that the moratorium will apply to credit card dues as well.

ICICI Bank, along with issuing details on availing the moratorium on loans and credit card dues, also issued a set of FAQs on moratorium for equated monthly instalments (EMIs) taken on debit cards. All of these details are available on the bank's website.

The borrower(s)/ customer(s) can choose to OPT-IN or OPT-OUT, for availing of the Moratorium in respect of the credit facility(ies) availed.

ICICI Bank has, as per the Bank’s approved policy extended Moratorium to the borrower(s)/customer(s) for certain loans/ credit facilities such as Kisan Credit Card (KCC), Farm Equipment (FE), Self-Help Group (SHG)/Joint Lending Group (JLG)/Loans given through Business Correspondent (BC), Jewel Loan, Corporate Farmer Finance, Business Lending -Unsecured (Current Account Over Draft/Small Business Loan/Roaming Protect/Loan Against Credit Card Receivable, Dealer Funding, Working Capital/Trade Advance to Auto Dealers, Commercial Business, Working Capital/Trade Advance to Commercial Business customers, Consumer Finance, Two Wheeler Loans.

With respect to above loan/ credit facilities if the borrower(s) / customer(s) (whose cash flows are not impacted) do not wish to avail of the Moratorium, borrower(s) / customer(s) may OPT-OUT from the Moratorium by clicking on the link shared with the borrower(s) /customer(s) by the Bank through (i) SMS or (ii) e-mail. You may also visit ICICI Bank’s website www.icicibank.com failing which it will be deemed that borrower/ customer has opted for Moratorium.

In respect of all other types of facilities, borrower(s)/customer(s) will need to specifically OPT-IN for availing of Moratorium and postponement of payments falling due for payment between the period beginning Mar 01 until May 31, 2020.

In case of customer(s)/ borrower(s) enjoying multiple credit facility(ies) from the Bank, the Moratorium option will have to be exercised individually/ separately for each type of credit facility.


  1. Do I need to pay my EMI on Debit Card outstanding during the moratorium period?
    No, if you have opted for moratorium on your EMI on Debit Card, no payment needs to be made during the moratorium period. While outstanding including interest levied as per EMI on Debit Card policy needs to be paid once the moratorium period is over i.e. by the payment due date of Jun 2020 statement.During the moratorium period, as per the statement cycle dates, interest charges at standard interest rate as specified at the time of availing of the EMI on Debit Card will be levied if your dues are not cleared within the payment due date.
  2. What would be the interest accrued/charged on my EMI on Debit Card dues?
    For all EMI transactions, the interest rate specified at the time of availing of EMI would be levied.Can I make payment if I opt for moratorium on EMI on Debit Card?Yes, you can make payment against the outstanding amounts during moratorium period. The interest would be levied only for remaining outstanding amount as per applicable terms and conditions.
  3. Will Late Payment charges be levied during moratorium period?
    If you opt for moratorium on your EMI on Debit Card, no late payment charges will be levied.
  4. Will the interest be charged from due date of payment or purchase date?
    The interest will be levied as per the applicable terms and conditions.
  5. Will I be charged interest for all purchases/ transactions made during moratorium period?
    Any unpaid dues in moratorium period will also attract interest charges on the contracted rate if it is not paid within its interest-free (Grace) period i.e. by the respective payment due date.
  6. When do I need to make the payment after the moratorium period is over?
    The payment for the moratorium period needs to be made as per your Jun 2020 statement billing cycle’s payment due date. The amount mentioned in your Jun 2020 statement would include all previous outstanding against which payment is not done, principal amount on transactions done during moratorium period and interest levied on the EMI transactions.
  7. If I avail of the moratorium facility, how will my EMIs be recovered after the period is over, will it be a single debit of all the EMIs put together or will my EMIs will be debited monthly as usual?
    As EMIs are billed in your regular EMI on Debit Card statement cycle, EMIs would continue to be billed as per the original amortisation schedule in your statement.For example, if your EMI was to be billed on Apr 16, May 16 and Jun 16. If you availed of the moratorium benefit on Apr 05, the EMIs would still be billed on Apr 16, May 16 and Jun 16. The payment for these billed transactions will need to be done as per the payment due date of the Jun 2020 statement to avoid any penal late payment or interest charges.In case on non-payment of statement dues (which includes EMIs billed) by the respective payment due dates, interest charges will be accrued at the contracted interest rate and will be levied at every statement generation in moratorium period which will need to be paid after the end of moratorium.
  8. Will my EMI on Debit Card statement be generated during the moratorium period?
    Yes, the EMI on Debit Card statements will be generated during the moratorium period, but no payment needs to be made against the same.In case of non-repayment of total statement dues by the respective payment due dates, interest will be accrued and levied in the statements generated during the moratorium period also, which will need to be paid after the end of moratorium.
  9. I have set an auto debit on my EMI on Debit Card for payment. Will the auto debit facility be triggered during moratorium period?
    Auto debit will not be triggered during the moratorium period if you have opted in for moratorium. Auto debit facility would start again from Jun 2020 statement cycle at pre moratorium configuration.
  10. Can I close my EMI on Debit Card during moratorium period?
    You will be able to foreclose the EMI on Debit Card and 2% foreclosure fee will be charged on the outstanding amount plus interest charges of the subsequent month as per the applicable terms and conditions.
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