SBM And ZET Launch FD-Backed Credit Card to Help Users Build Credit Scores

ZET, a credit score builder platform, has partnered with SBM Bank (India) to introduce the SBM ZET Credit Card. This fixed deposit (FD)-backed credit card is designed to help individuals with no or limited credit history enter the formal credit ecosystem and build a healthy credit score.

Accessible Credit for New Borrowers

The SBM ZET Credit Card is powered by the RuPay network and is compatible with UPI apps for everyday transactions. Importantly, users do not need an existing credit score, income proof, or prior credit history to apply. Instead, they must open a fixed deposit with SBM Bank, starting from just ₹5,000.

Cardholders can use up to 90% of their FD value as the credit limit, all while continuing to earn interest, up to 7% per annum, on the deposit.

Bridging The Credit Gap

Millions of Indians are currently outside the formal credit system due to limited access or no previous credit use. The new SBM ZET Credit Card aims to solve this by offering a simple, secured way for first-time borrowers to access credit responsibly.

Zero Annual Fees and Reward Benefits

The card comes with no annual charges and includes reward points for in-app services such as mobile recharges, electricity bill payments, and voucher purchases. ZET also plans to roll out UPI-linked rewards soon. With regular usage and timely repayments, users may see improvements in their credit score within a month.

How To Apply and Security

The SBM ZET Credit Card can be applied for directly via the ZET mobile app, available on both Android and iOS. The fixed deposits backing the card are insured up to ₹5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC) scheme, ensuring added security.

About SBM Bank (India)

SBM Bank India is a wholly owned subsidiary of Mauritius-based SBM Holdings and operates under the Reserve Bank of India’s Wholly Owned Subsidiary (WOS) model.

Conclusion

The SBM ZET Credit Card offers a low-risk, secure entry into the world of credit for those with little or no credit history. With no income proof needed, FD-based backing, and UPI compatibility, it provides a practical way for users to build creditworthiness while earning interest.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.