Covid-19 relief: SBI relaxes payment timeline for one time settlement

The bank said it would not charge any interest on the amount for this extended period

State Bank of India (SBI) has extended the timeline for payment of settlement amount under its one-time settlement scheme by three months. Now, customers on board the scheme, SBI OTS 2019 / Rin Samadhan 19-20 / General compromise, can meet payment obligation by June 30, 2020.  

Under One Time Settlement (OTS) 2019, the extension will be available if the first two instalments of 5 per cent/15 per cent, and 20 per cent/25 per cent have been received within stipulated time of 30 days and 60 days respectively. The balance OTS amount can be paid by June 30, 2020. Bank will