As per the RBI circular dated 22.05.2020, banks are allowed to convert the accumulated interest for the deferment period upto 31.08.2020 into FITL, which shall be repayable by 31.03.2021..
All NICB customers who have availed working capital facility with the Bank are eligible for FITL.
The FITL will be granted equivalent to the amount of unapplied interest between 1st March 2020 to 31st August 2020 in your CC/OD account.
Standing instruction from your existing CC/OD account.
The FITL shall be repayable in 6 EMIs, by March 31, 2021.
The ROI of FITL will be the same as that of your existing CC/OD account.
To opt for FITL, you will have to send an email to firstname.lastname@example.org.
E-mail should include the following details:
Email Subject should be <CC/OD No.> - <Borrower Name>
• In the mail body please mention the following details
• Name of the borrower(s).
• CC/OD account number.
• Customer to mention in the email that "I wish to opt-in for the FITL facility offered by the Bank."
25th August 2020 will be the last date for opting for FITL.
You shall receive a confirmation from the email id - email@example.com