SBI Card launches FD-backed credit cards on YONO: Who is eligibility? What does it offer? Check variants & other details
SBI Card on Wednesday launched a new secured credit card backed by a fixed deposit, allowing customers to apply for the product digitally through the SBI YONO platform without submitting physical documents, ahead of the festive season.
According to the press release, the Advantage SBI Card can be obtained through an entirely online application process, which takes around 10 minutes to complete. A secured credit card is issued against a fixed deposit, which acts as security for the credit facility. SBI Card’s latest offering is available to customers who maintain an FD with SBI.
The card is designed for customers looking for credit facilities secured against an FD. SBI Card said the product could also serve as a starting point for individuals seeking to build or improve their credit history by connecting their credit line to a fixed deposit.
The press release said the card could help customers access formal credit and build or improve their credit history. However, the announcement did not specify the detailed eligibility requirements or confirm whether every SBI fixed deposit customer would be eligible to apply.
It did not provide further details on the conditions applicable to this timeline or specify when customers would be able to start using the card for transactions.
The key feature highlighted in the launch is an end-to-end digital application process through the YONO platform. SBI Card did not announce any additional launch benefits such as festive cashback, fee waivers or other seasonal offers.
Variants
Under the secured card offering, customers can select from four options — SBI Card Elite, SBI Card Prime, SimplyCLICK SBI Card and SimplySAVE SBI Card. The initiative enables customers to apply for these fixed deposit-backed cards directly through SBI’s banking platform.
What the launch does not clarify
The four variants offer customers multiple options under the secured credit card programme. However, SBI Card has not outlined how the variants differ in terms of rewards, features or charges, nor clarified whether their secured versions follow the same terms as the corresponding regular cards.
While it has detailed the digital application journey, several important product-related details remain unclear. The announcement does not specify the minimum FD amount required, what percentage of the deposit would determine the card’s credit limit, or the joining and annual fees applicable to each variant.
The release has also not disclosed the rules governing the pledged fixed deposit, including how customers can access or release the deposit after closing the credit card.
For prospective applicants, these details could be important in assessing the product beyond the convenience of its digital application. The required deposit, credit limit offered against it and applicable fees will determine the overall cost and usability of the secured card.
