Frequently Asked Questions (FAQs)

The main features of the scheme are as follows:

1. Loan account(s) active as on February 29, 2020 are eligible.
 
2. Loan account(s) which were standard as on February 29, 2020 (including SMA 0, SMA 1, and SMA 2) and where compound interest / interest on interest / penal interest for non-payment / delayed payment was applied during the moratorium period (March 1, 2020 to August 31, 2020) are eligible.
 
3. The period reckoned for refund shall be from March 1, 2020 to August 31, 2020, i.e. six months period / 184 days.
 
4. The benefit / refund under the ex-gratia scheme has not been availed.

No. The refund in respect of the Interest on Interest will be credited to the respective account and you need not apply for the same.

The list of eligible accounts will be finalised by the respective Banks / lending institutions in accordance with the provisions of the guidelines issued by the Reserve Bank of India (RBI) and the Indian Banks Association (IBA).

No. The non-fund based limits will not be considered for arriving at the eligibility amount.

Yes, the accounts classified as SMA-0, SMA-1 and SMA-2 (Special Mention Account) as on February 29, 2020 are eligible for the refund.

• Accounts which were NPA as on February 29, 2020 and were upgraded during the moratorium period (March 1, 2020 to August 31, 2020) and where interest on interest / penal interest for non-payment / delayed payment was applied during the moratorium period (March 1, 2020 to August 31, 2020) are eligible for the refund.
• Accounts which were NPA as on February 29, 2020 and if continued as NPA during the entire moratorium period (March 1, 2020 to August 31, 2020) will not be eligible for the refund.

In respect of loan accounts which are eligible for the refund and which are closed, the amount of interest to be refunded will be credited to your savings / current account(s) / Cash Credit / Overdraft account(s) through which the repayments were being made.

If the amount cannot be credited to your savings / current account(s) / overdraft account(s) as mentioned above, the following would be applicable:

Scenario 1 : If you don’t hold any account with the Bank and where the refund amount in respect of ‘Interest on Interest’ is greater than or equal to INR 100, the Bank would dispatch the Demand Draft to your registered address. A communication in respect of the same would be sent vide SMS to your registered mobile number.

Scenario 2 : If the amount is less than INR 100, you would be required to visit the nearest loan centre with the requisite documents to claim the refund amount.

If Interest on Interest (IOI) has been charged anytime from March 1, 2021 to August 31, 2020, the customer is eligible for the refund even if the card is in credit balance as on February 29, 2020.

Simple interest for the period will be calculated based on daily outstanding as at end of the day in respect of Cash Credit / Overdraft. It will be calculated at the contracted rate as specified in loan agreement(s) / documentation and applicable to the loan account during the period March 1, 2020 to August 31, 2020. Daily outstanding will be considered for calculating the interest and compounding of interest shall be at monthly intervals.

If you are a retail borrower, you may register your grievances and queries through our dedicated Phone Banking numbers, 1860-419-5555 / 1860-500-5555 (call charges apply).

If you are a non-retail / corporate borrower, you may reach out to your service relationship manager / relationship manager for any grievances and clarifications.

Additionally, you may also raise your grievances and queries by visiting:

https://www.axisbank.com/contact-us/grievance-redressal/retail-banking-grievance-redressal