Source: Mint
Context:
Suryoday Small Finance Bank (SSFB) has introduced secured credit cards designed to expand credit accessibility for first-time users by leveraging fixed deposits as collateral. The offering targets homemakers, retirees, and individuals new to credit, encouraging responsible credit habits.
Key Features:
- Card Variants:
- Suryoday SFB RuPay Select Credit Card
- Suryoday SFB RuPay Platinum Credit Card
- Collateral & Credit Limit:
- Cards are secured against fixed deposits.
- Minimum fixed deposit:
- Platinum: ₹1,000
- Select: ₹1,11,500
- Digital Integration:
- Linked with RuPay and UPI platforms
- Instant virtual card issuance available
About Suryoday Small Finance Bank (SSFB)
- Founded: 2008 as Suryoday Micro Finance in Chennai, Tamil Nadu.
- Transition: Became a Small Finance Bank in 2017 to promote financial inclusion.
- Headquarters: Mumbai, Maharashtra; serves over 2.8 million customers.
- Services: Savings accounts, fixed deposits, MSME loans, rural financing, and digital banking.
