|Key Highlights of Step UP Credit Card|
|Issuer||SBM Bank (India) Ltd. with Paisabazaar as co-branded partner|
|Best suited for|
|Joining fee||Nil (Rs. 200 applicable on an FD of Rs. 2,000)|
|Interest free period||20 to 50 days|
|Credit limit||100% of the FD amount (can be topped up anytime till Rs. 1 lakh)|
|Serviceable location||Across India|
|Reward points||Earn 1 reward point on every Rs. 100 spent|
|Redemption of Reward points||Reward points can be adjusted against credit card bill (1 Reward Point = 25p.)|
|Offers and discounts from Rupay partner brands||Attractive offers and discounts from top brands like Zomato, Swiggy, Nykaa, BookMyShow, Big Basket, Lifestyle, Yatra, Croma, Reliance Digital and many more. Check Offers.|
|Key Highlights of SBM Fixed Deposit|
|Interest Rate||8%* p.a.|
|Tenure||2 years 3 days (auto-renewal)|
|Min. deposit amount||Rs. 2,000|
|Max. deposit amount||Rs. 1 lakh|
|Pre-mature withdrawal facility||Yes|
|Deposit insurance||FDs of up to Rs. 5 lakhs insured by RBI|
*The fixed deposit interest rates are subject to change without prior notice.
Step UP Credit Card: Features & Benefits
- Instant virtual credit card – Start using your credit card instantly without having to wait for the physical card to arrive.
- Universal eligibility – From students to homemakers to self-employed individuals, all Indian residents are eligible for Step UP credit card.
- 100% FD amount as credit limit – No need to break your fixed deposit(s) as your card’s credit limit will be equal to your total deposit amount.
- Reward points – Earn 1 reward point on every Rs 100 spent (reward rate = 0.25%). Also, you can redeem your points in your current month’s statement.
- No annual fee – From the second year onwards, you don’t have to pay the renewal charges.
- Builds credit history – The credit card helps individuals in building or improving their credit scores.
- Contactless payment solution – Right from applying for the credit card to making purchases using virtual card details – users can do it all digitally from anywhere.
- No hassles – No hassles of opening a savings bank account.
- Increase your credit card limit anytime – Cardholders can deposit more and increase their initial credit card limit till Rs 1 lakh.
- Control your daily spends – Set sub-limit on your spends at online and POS and ATM withdrawals.
- No paperwork required – Except your Aadhaar Card and PAN details, there are no documents required to apply for this credit card.
- Offers and discounts – Get attractive offer and discounts at partner merchants like Big Basket, BookMyShow, Swiggy, Yatra, Croma, etc.
SBM Fixed Deposit: Features & Benefits
- High FD interest rates
Earn interest on your SBM Bank FD(s) at 8% p.a. (one of the highest FD rates for 2 years 3 days tenure).
- 100% secure
Fixed deposits of up to Rs 5 lakh insured by depositor insurance program of DICGC, an RBI subsidiary.
- Affordable deposit amount
Minimum deposit required by other lenders usually varies from Rs. 10,000 to Rs. 20,000. For this credit card, you need a minimum deposit of only Rs. 2,000.
- No lock-in period
Users can withdraw their fixed deposit amount anytime; however, this will also close their Step UP credit card.