Got An SBI FD? You Can Now Get A Secured Credit Card On YONO Without Paperwork; Check How to Apply

SBI Card has launched today the Advantage SBI Card on SBI YONO,that will let customers get a secured credit card backed by a fixed deposit. Eligible customers can apply directly on the platform in about 10 minutes without any paperwork.

How to Apply For SBI FD-Backed Credit Cards

Customers can apply for four secured Advantage SBI Cards on YONO: SBI Card Elite, SBI Card Prime, SimplyClick SBI Card and SimplySAVE SBI Card.

The facility is open to customers who hold a fixed deposit with SBI, and the entire application is 100% paperless. The FD acts as collateral against the credit facility, which is what makes these secured cards.

It was inaugurated by SBI Chairman Challa Sreenivasulu Setty, who said "customers can now access a secured credit card through a simpler and more convenient journey, with the whole process designed to be quick and hassle-free."

Secured cards are typically meant for people who are new to credit or looking to build or strengthen their credit profile, since the deposit lowers the risk for the lender.

However, SBI Card has not disclosed the minimum FD required for these cards, nor the joining and annual fees. Details such as the credit limit as a share of the FD amount, the interest rate on dues and the terms for releasing the lien on the deposit have also not been made public so far. Customers should check these on the SBI Card website or YONO once its live before applying.

The launch is quite timely just ahead of the festive season, with Dussehra next month followed by Diwali, when spending typically picks up.

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