SBM ZET Credit Card: FD-Backed Card for First-Time Borrowers Launched

Credit score building platform ZET, and SBM Bank (India) have collectively launched the SBM ZET Credit Card, which is a fixed deposit (FD)-backed credit card.

Who Is This Card For?

This card is for individuals with no or limited credit history and it aims to help them build a strong credit score.

Powered by RuPay network, this card can be linked to any UPI app for daily payments.

Applicants applying for this card do not need an existing credit history, income proof, or high credit score. Instead, customers can secure the card by opening a fixed deposit with SBM Bank, starting from Rs 5,000.

Applicants can also use 90% of their deposit as the credit limit while continuing to earn an interest of up to 7% per annum.

This card can be of immense use for the millions of people who remain out of the  formal credit system, either due to no prior credit history or limited access to credit products.

The fixed deposits will be insured up to the limit of Rs 5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

SBM ZET Credit Card Features

The SBM ZET Credit Card comes with no annual fees and includes in-app rewards on services like mobile recharges, electricity bill payments, and voucher purchases.

ZET is also planning to introduce UPI-specific rewards in the near-future and within a month of regular usage and timely repayments.

How To Apply?

Consumers can apply for the card through the ZET mobile app, available on both Android and iOS platforms.

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