Suryoday SFB Launches RuPay Secured Credit Cards Backed by FDs

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