ZET and SBM Bank India Jointly Launch FD-Backed Credit Card for First-Time Borrowers.

Banking & Finance

In May 2025, Bengaluru (Karnataka)-based ZET, a credit score builder platform, in collaboration with Mumbai (Maharashtra)-based SBM Bank India, a wholly owned subsidiary of Mauritius-based SBM Holdings, jointly launched the SBM ZET Credit Card — a Fixed Deposit (FD)-backed credit card designed for first-time borrowers.


      - This card is powered by the RuPay network and can be linked to any Unified Payments Interface (UPI) app for day-to-day transactions.

      - The card is tailored for individuals with no or limited credit history, aiming to help them establish and strengthen their credit score.

      - Applicants do not require an existing credit history, income proof, or high credit score to apply.

Main Point :-   (i) The credit card is secured against an FD opened with SBM Bank, with a minimum deposit starting from ₹5,000.

      (ii) The FD offers up to 7% interest per annum and is insured up to ₹5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC), Mumbai (Maharashtra).

(iii) The SBM ZET Credit Card comes with zero annual fees and offers in-app rewards on services such as utility bill payments and voucher purchases.

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