Source: Mint
Context:
Suryoday Small Finance Bank (SSFB) launched two secured credit cards – RuPay Select and RuPay Platinum, backed by fixed deposits (FDs) as collateral.
Credit Cards Backed by FDs (Fixed Deposits)
- A secured credit card issued against a customer’s Fixed Deposit (FD) kept with the bank.
- The FD acts as collateral, reducing risk for the bank.
- Useful for people with no credit history, low income, or bad credit score.
About Suryoday Small Finance Bank Ltd:
- Incorporated: 2008; began SFB operations in 2017
- MD & CEO: Mr. Baskar Babu Ramachandran
- Focus: Financial inclusion and innovative credit solutions for underserved segments
