Context:
ZET, a fintech platform focused on credit score building, has partnered with SBM Bank (India) to launch a fixed deposit-backed credit card — the SBM ZET Credit Card. The product is aimed at new-to-credit users, individuals without income proof, and those looking to build or repair their credit score.
Key Features
- FD-Linked Credit Limit:
- Users must open a fixed deposit (FD) starting at ₹5,000 with SBM Bank.
- The credit limit is up to 90% of the FD amount.
- FD earns up to 7% annual interest.
- No Credit History or Income Proof Required:
- Ideal for first-time borrowers or users with poor/no credit history.
- Zero Annual Charges:
- Lifetime free card with no joining or annual fees.
- UPI-Enabled RuPay Card:
- Operates on the RuPay network.
- Fully UPI compatible, can be used on UPI apps like PhonePe, Google Pay, etc.
- Instant Digital Issuance:
- Virtual credit card issued within minutes after online FD creation and video KYC.
Credit Score Benefits
- Helps users build and maintain a credit score above 750 through responsible usage.
- Credit behaviour is reported to credit bureaus, aiding formal financial inclusion.
Security & Regulation
- FD is insured up to ₹5 lakh under RBI’s DICGC scheme.
- Card transactions are secured and regulated under SBM Bank’s banking license.
User Engagement Benefits
- Offers rewards and discounts on partnered brands and categories.
- Enables disciplined credit usage backed by a collateral FD.
Target Audience
- Students and gig workers with no credit history.
- Salaried/self-employed individuals without formal documentation.
- Users seeking to rebuild a poor credit profile.
