No Income Proof Needed: Get a Credit Card Against Your Fixed Deposit
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When Anjali, a 32-year-old homemaker in Pune, applied for a credit card, she was denied — not due to lack of savings, but because she could not provide regular income proof. This is a common challenge for millions of Indians such as homemakers, retirees, and young professionals. For them, access to formal credit often feels out of reach.
Suryoday Small Finance Bank (SSFB) is aiming to change this narrative with the launch of its Secured Credit Card backed by Fixed Deposits (FDs). The new product allows individuals to use their savings as collateral to unlock credit, offering both security for the bank and financial empowerment for the customer.
Anjali deposits ₹50,000 in a Fixed Deposit (FD) with the bank. This FD continues to earn her interest, up to 8.40% annually. The bank, in turn, uses this FD as collateral and issues her a credit card. The credit limit typically ranges between 80–100% of the FD value, which means Anjali could get a card with a spending limit of ₹40,000–₹50,000.
If she pays her card dues on time, her credit history improves, paving the way for future access to unsecured credit cards and personal loans. If she defaults, the bank has the security of her FD and can adjust the dues against it, ensuring minimal risk.
Cardholders also have repayment flexibility — they can either pay the full outstanding within 30 days to enjoy interest-free credit or pay as little as 10% of the bill and roll over the balance.
"The Suryoday SFB Secured Credit Card offers 0.5% cashback on all transactions, with a maximum capping ₹3,000 per billing cycle, and comes with seamless UPI integration, enabling customers to link their card to BHIM or any UPI app for everyday payments. By securing the card against a Fixed Deposit, customers not only gain easy access to credit but also enjoy industry-leading returns of up to 8.40% on their FD. The card is issued instantly in a virtual format, ensuring immediate usability from the moment of approval," the bank said in a statement.
As Gaurav Pawra, Chief Business Officer, SSFB, explains:
“This card is not just a financial product, but a stepping stone. Customers get access to credit while continuing to earn on their deposits. Over time, responsible usage helps them transition into the broader credit ecosystem without fear of rejection or financial stress.”
This FD-backed card combines the safety of savings with the flexibility of credit, offering a win-win for both the bank and its customers. For individuals like Anjali, it represents an opportunity to move from being denied credit to actively building financial credibility.
Suryoday Small Finance Bank (SSFB) is aiming to change this narrative with the launch of its Secured Credit Card backed by Fixed Deposits (FDs). The new product allows individuals to use their savings as collateral to unlock credit, offering both security for the bank and financial empowerment for the customer.
How the FD-Backed Card Works
Take the case of Anjali, who has ₹50,000 in savings but no salary slip to show. Traditionally, her credit card application would be rejected because of the absence of steady income proof. With SSFB’s secured credit card, the process is different.Anjali deposits ₹50,000 in a Fixed Deposit (FD) with the bank. This FD continues to earn her interest, up to 8.40% annually. The bank, in turn, uses this FD as collateral and issues her a credit card. The credit limit typically ranges between 80–100% of the FD value, which means Anjali could get a card with a spending limit of ₹40,000–₹50,000.
If she pays her card dues on time, her credit history improves, paving the way for future access to unsecured credit cards and personal loans. If she defaults, the bank has the security of her FD and can adjust the dues against it, ensuring minimal risk.
Variants of the Suryoday Secured Credit Card
SSFB has launched the product in two variants catering to different customer segments:- Suryoday SFB RuPay Select Credit Card – requires a minimum FD of ₹1,11,500.
- Suryoday SFB RuPay Platinum Credit Card – available with a minimum FD of just ₹1,000, making it highly accessible.
- 0.5% cashback on all transactions (capped at ₹3,000 per billing cycle).
- Exclusive RuPay partner offers on dining, shopping, and travel.
- UPI integration, allowing the card to be linked with BHIM or other UPI apps for everyday use.
- Instant issuance in virtual form, enabling customers to start using the card immediately.
Benefits Beyond Credit Access
The FD-backed structure makes the card attractive for savers. Customers not only earn up to 8.40% on their deposits but also gain access to a functional credit card. Responsible usage helps them build a credit score, which can unlock higher card limits, personal loans, or home loans in the future.Cardholders also have repayment flexibility — they can either pay the full outstanding within 30 days to enjoy interest-free credit or pay as little as 10% of the bill and roll over the balance.
"The Suryoday SFB Secured Credit Card offers 0.5% cashback on all transactions, with a maximum capping ₹3,000 per billing cycle, and comes with seamless UPI integration, enabling customers to link their card to BHIM or any UPI app for everyday payments. By securing the card against a Fixed Deposit, customers not only gain easy access to credit but also enjoy industry-leading returns of up to 8.40% on their FD. The card is issued instantly in a virtual format, ensuring immediate usability from the moment of approval," the bank said in a statement.
A Stepping Stone into the Credit Ecosystem
For individuals excluded from mainstream credit due to lack of salary slips or traditional income proof, this product bridges a crucial gap. Homemakers, freelancers, gig workers, retirees, and new earners can now enter the credit ecosystem on the strength of their savings.As Gaurav Pawra, Chief Business Officer, SSFB, explains:
“This card is not just a financial product, but a stepping stone. Customers get access to credit while continuing to earn on their deposits. Over time, responsible usage helps them transition into the broader credit ecosystem without fear of rejection or financial stress.”
Why It Matters
India has a large segment of population that remains underserved by the formal credit system. By tying credit access to FDs, SSFB ensures that even those without fixed monthly incomes can leverage their savings for short-term liquidity, build a credit history, and gain financial independence.This FD-backed card combines the safety of savings with the flexibility of credit, offering a win-win for both the bank and its customers. For individuals like Anjali, it represents an opportunity to move from being denied credit to actively building financial credibility.
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