Credit Cards Against FD

A credit card against Fixed Deposit (FD) is a secured type of credit card. This means, you pledge your FD investment as collateral. Such cards may be preferred by individuals with a low credit score or no credit history since it does not require extensive credit checks. 

 

The credit limit is usually a certain percentage of the FD value, typically ranging from 75% to 90%. While you enjoy the benefits of a regular credit card, your FD continues to earn interest. However, in case of default or non-payment for a prolonged period, the bank has the right to recover the dues from the pledged asset.

 

On Bajaj Markets, you can apply for an FD-backed credit card from a reputed issuer by paying zero joining fees.

Before you select a card, be aware of the associated charges and make a well-informed choice. Refer to the following table for a list of credit cards against fixed deposits and their fees: 

Disclaimer: The above-mentioned figures are subject to change at the discretion of the issuer. Note that the cards marked with ‘*’ are available on Bajaj Markets.

Check the features of each card to choose the right one as per your usage requirements. Here is a brief overview:

Rupicard

Get an opportunity to build your CIBIL score with this credit card.

• Earn interest on your FD of up to 7% p.a.

• Enjoy a high credit card limit of up to 90% of FD amount

• Get an opportunity to select your own credit limit

   

Axis Bank MY ZONE EASY Credit Card

Apply for this secured card with minimal formalities.

• Enjoy cashback of 25% on online as well as box office movie tickets all week

• Make cash withdrawals of up to 100% of your credit limit from the first day onwards

• Tap the card to make secure transactions of up to ₹5,000

• Enjoy interest-free credit on purchases for a period of up to 50 days

   

ICICI Bank Instant Platinum Credit Card

This card offers a way to build or enhance your credit score while providing easy access to credit.

• Earn reward points that are redeemable against various categories such as travel, electronics, fashion, etc.

• Get a discount of 25% (up to ₹100) on purchase of at least 2 tickets up to 2 times in a month via BookMyShow

• Get 2 ICICI reward points on every purchase of ₹100 in various categories, except fuel purchases

   

SBI Unnati Credit Card

This secured card is offered against FDs of ₹25,000 or more.

• Pay zero annual fees for keeping the account active for the first 4 years

• Get 1 reward point for every ₹100 spent, which is redeemable against various gifts from the Rewards Catalogue

• Enjoy cashback of ₹500 within 15 days of completing the annual spending milestone of ₹50,000 or more

• Get a 1% fuel surcharge waiver on transactions between ₹500 and ₹3,000

   

BOB PRIME Credit Card

This credit card offers a way to enhance your savings.

• Get guaranteed issuance against a fixed deposit of ₹15,000 or more without any proof of income

• Enjoy 500 reward points by spending at least ₹5,000 in 60 days of issuance and 2 points when you spend on other categories

• Convert purchases of more than ₹2,500 into Smart EMIs for a duration of 6 to 36 months

• Get a free Personal Accidental Death Cover (Air: ₹15 Lakhs and Non-air: ₹5 Lakhs)

• Receive up to 3 free add-on cards for your family members

• Get a 1% fuel surcharge waiver on fuel refill transactions between ₹400 and ₹5,000

Before you finalise and apply for a card, check whether you meet the issuer’s parameters. While these may differ among issuer, here are the general criteria:

• You must be a resident of India

• You must be at least 18 years of age

• You should have a fixed deposit with the institution from which you are getting the credit card

• Minimum value of the FD must meet the issuer's requirements

Know the documents required to complete the credit card application process with fewer hassles. Here are some common documents required:  

Note that the aforementioned criteria and documents may vary from one issuer to another. Kindly check the issuer’s website before applying for a secured card.

Here are the steps you may have to follow when submitting your application for an FD-based credit card:

1. Finalise a secured credit card option after checking the eligibility and documentation requirements

2. Go to the official website of the card issuer that you have chosen

3. Get the application form and fill in all the required fields, including your personal, contact, income, and other details

4. Make a security deposit if you do not have an existing FD with the issuer

 

Post-approval, you will receive the credit card