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How interest will be calculated if you opt for moratorium on credit card dues amid Covid lockdown

Normally, one can defer payment by paying 'minimum due amount' and roll over the balance outstanding amount to the next month. In this process, the unpaid amount is carried forward to the next billing cycle and 2-4 percent interest is levied on it. Should you opt for the three-month moratorium on payment of credit card dues being offered by some banks as a relief measure, after a nudge from the Reserve Bank of India (RBI).As per the recent RBI notification, banks are permitted to grant a moratorium of three months for payment of all credit card dues falling between March 1, 2020 to May 31, 2020 but interest will continue to accrue on the unpaid dues during the moratorium period. RBI took this step to provide borrowers temporary relief in the economic upheaval caused by the coronavirus related lockdown . Let's first take a basic illustration of a credit card statement. Here in this example, the total credit card dues to be...

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