Best Credit Cards against Fixed Deposit in India for 2023

A fixed deposit is one of the most popular types of investment in India, and an FD that also includes a credit card is known as a credit card against FD. Customers with insufficient income or a low credit score are known to be denied credit cards by financial organisations. This is when secured credit cards backed by fixed deposits come in handy. Here is a list of some of the best credit cards against FD.

What is a Credit Card against FD?

A secured credit card is one that is secured by a fixed deposit or FD. Obtaining a credit card against a fixed deposit account is a requirement. Numerous banks, like SBI and SBM Bank (India), provide this functionality with their FDs. The associated FD is lien tagged, which means it acts as security for this credit card. In most cases, the credit limit is 80%-90% of the FD amount. It is worth noting that the lien-marked FD continues to collect interest. If the cardholder fails to pay the monthly credit charge, the bank may redeem the connected FD to reclaim the unpaid balance. Taxes and charges on a credit card against FD are often cheaper than on an unsecured card, and these cards are easy to obtain.

List of best credit cards against fixed deposit

SBI Card Unnati-

• SBI Card Unnati is free for the first four years, then charges Rs. 499 yearly beginning in the fifth year.
• 1 point for every Rs. 100 spent
• Redeem your Credit Card Reward Points for a variety of goodies from the Rewards Catalogue.
• Get Rs 500 cashback after spending Rs 50,000 or more in a calendar year.
• Valid for all membership years
• The card is issued with a lien on the cardholder's fixed deposit of Rs. 25,000 or more
• Waiver of the 1% fuel fee (on purchase between Rs. 500 - Rs. 3,000)
• Accessible around the globe

ICICI Bank Instant Platinum Credit Card

• If you require a quick and free Credit Card, the ICICI Bank Instant Platinum Credit Card is a fantastic option. Obtain this safe fast credit card that is offered in exchange for a fixed deposit.
• 2 points for every Rs. 100 spend
• Globally recognised
• There is no joining or yearly cost

Axis Bank Insta Easy Credit Card-

• Up to 80% of FD deposit amount available as the credit limit
• Cash withdrawal for up to 100% of the credit limit
• Free credit for 50 days if there is no outstanding balance
• 1% surcharge waiver on fuel purchase pan-India
• 15% off on partner restaurants in India

Bank of Baroda Assure credit card

• Obtain a credit card against your fixed deposit that allows you to withdraw cash up to 100% of your credit limit in an emergency.
• There is no fuel surcharge.
• Based on card usage, there are no yearly costs (the % fuel surcharge is Waived for all purchases between 400 and 5,000).

Kotak Mahindra Bank Aqua Gold Credit Card

• A credit limit of up to 80% of the term deposit amount is available.
• The credit limit is known at the time of application for the card.
• Credit limit is high, up to Rs. 12 lakhs or 90% of your credit amount.
• Interest-free cash for up to 48 days during the year
• Joining fees- 1499
• Annual fees- Nil