INFO : Credit Cards against Fixed Deposits
INFO : Credit Cards against Fixed Deposits
For : Any Individual with low/no credit score and low salary.
The credit limit of the customers in this case is decided based on the amount of fixed deposit they have
Features :
Minimum Amount : You should have minimum of 20,000 in your Fixed Deposit Account.
Credit Limit : Based on the amount of money in your FD, Generally Bank offers 70-85%
Minimum Documentation
Minimum Tenure : Minimum Tenure of the FD must be 6 Months.
Interest Free Period : 48-55 Days
Rewards : Reward Points, Cashbacks
Interest on Fixed Deposit : Yes, You will be getting interest on FD, no issues.
How to Avail :
Very Simple, You must have a FD in that bank where u are applying with minimum amount required, otherwise open an FD Account in the bank from where u need the Credit Card.
Once its opened, simple apply for the Credit Card and get it approved from Bank.
Impact :
it won’t affect your FD and you will keep earning interest on it.
In case of you default on your card payment, then the bank will adjust the outstanding amount against your FD account
in case of financial emergencies, you do not have to pre-close your FD account immediately, instead you can use your secured credit card to make the payment
Banks Offering Credit Card against Fixed Deposit:
Some of the banks that offer credit card against fixed deposits in India are:
- ICICI Bank.
- State Bank of India.
- Axis Bank.
- Kotak Mahindra Bank.
- Central Bank of India.
- Bank of Baroda.
Source : https://www.bankbazaar.com/credit-card/credit-c...
P.S. Just tried to make the whole article simpler to give an idea. Thank You!
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Does HDFC gives CC against FD???
What is fd amount
Yes, But it varies from Bank to bank
Ok good but credit card fees if I don’t pay in some days then ?
Read my post again.
Thanks !
I don’t have fds with any state or pvt banks
Do mention that kotak charges one time fees of almost 1000rs for credit card (Aqua ).
any annual charges there after?
Anyone here took a card based on FD? Which bank activates the card very quickly?
Any information on HDFC cards against FD?
@akhilsharma1664795 is aqua gold cc against fd is available for kotak 811 zero balance account ?
Yes.
A List of Credit Cards which You can get against FD
Hope This Helps !