Credit Cards Against Fixed Deposit: Credit Cards everyone these days wants to own one for them, because it’s a great way to shop online or offline for us. Buy expensive products, clothes and gadgets. We just have to use our card and make the payment to the seller, our card provider will make the payment for now and later on when we get our salary we can pay our card provider with the credit amount we have used. We have to pay some interest too after all they are doing business 🙂 Every bank has it’s own T&C and interest rates which they will apply on the credit amount we have used with our card.
But the problem is when we apply with direct application, bank check for various factors before providing us the card. Factors like our annual income, number of Credit Cards we hold and many other factors. It’s tough to get one for us, one more thing I would like to tell you even Low income earners can get credit cards for them. You can read this linked article and check out the banks who are providing CC for those who are earning Rs. 7000 to Rs. 15000 per month.
In this article of Online Indians, we will tell you about the banks which are providing Credit card against fixed deposit. But before that we would like to tell you the benefits which you will get when you take your Credit Card against Fixed Deposit and how this works.
How Credit Card against Fixed Deposit works?
As we have already mentioned in the beginning part of this article that bank’s check for various factors before giving you CC it’s because to get an guarantee to the bank that you will repay the credit you have taken from them. In other way we can say they calculate your eligibility of repayment of the credit you have taken from them by keeping your salary in mind including many other factors.
But in this case you will not be asked for your annual income or salary, Income tax returns or anything like that. The bank will use your fixed deposit as the guarantee of your repayment. In case you fail to make the repayment of your credit, the bank will deduct the money from your fixed deposit.
Benefits of Credit Cards against Fixed Deposit:
- You will not be asked for any kind of income proof, income tax returns or something like that as we have already mentioned above.
- Because you are getting your CC against the FD you make in the bank, the documentation limit is very less.
- Your credit history will not be checked by the bank.
- In this case you will not be disturbed repeatedly by any of the recovery agent, calls or messages. Because if you fail to make the repayment the money will be deducted from your FD.
- You will still earn interest on the amount of Fixed Deposit you make in the bank.
Credit Cards Against Fixed Deposit in India
So here are the list of banks which are providing CC aganist the FD you make with them.
| Bank Name | Credit Card Name | Minimum Amount of Fixed Deposit | Credit limit offered |
| Kotak Mahindra | Solaris Card | Rs. 25,000 | 80% |
| Kotak Mahindra | Galaxia Card | Rs. 1,00,000 | 80% |
| ICICI Bank | Coral Card | Rs. 20,000 | 85% |
| Andhra Bank | Signature Card | Rs. 10,000 | 75% |
| Bank of Baroda | BOB Cards Assure | Rs. 25,000 | 80% |
| Axis Bank | Insta Easy Card | N/A. | 80% |
| State Bank of India | Advantage Plus Card | N/A. | 85% |
| State Bank of India | Advantage Gold | N/A | N/A |
| HDFC Bank | Business Platinum | N/A | N/A |
| HDFC Bank | Business Gold | N/A | N/A |
| Syndicate Bank | Classic | N/A | N/A |
| Syndicate Bank | Gold | N/A | N/A |
| Central Bank | Aspire | Rs. 16,000 | 80% |
Choose whichever you want, and in the table above wherever you see N/A you can contact the Bank for the amount of fixed deposit which you need to make and the credit limit offered.
In case you have any kind of doubts or difficulties you can leave your comment below we will respond to you as soon as possible and clear your difficulties. Comments are always welcome here on Online Indians.
Happy Banking !! 🙂