To make a credit card on a fixed deposit, you neither have to go round the bank nor have any paper mess. You can also get it made with your mobile banking app.
Credit Card on Fixed deposit
Fixed deposits have been considered the oldest and safest medium of investment. Because it comes in handy at the time of trouble as well as there is complete guarantee of money in it too with interest. But fixed deposits are also a good option for people whose credit score is poor or due to any other reason, the bank does not give them credit card. If you have a fixed deposit, you can get a credit card of up to 90 percent of the total amount of your FD.
Neither do you have to go round with banks nor do any paperwork to get a credit card on a fixed deposit. Also, the biggest advantage is that you can also decide the amount of your credit card on your own. For example, if you have made a fixed deposit of 5 lakhs, then you can get a credit card of up to 90 percent of it, ie up to 4.5 lakh rupees.
These are the advantages of FD card
– This is a very profitable deal for those whose credit score is poor or due to other reasons, the card is not made.
– It does not require any paperwork
– You can choose your own credit limit
– Those who do not have proof of income
– No fee has to be paid, plus FD interest continues to be available as before.
– Low interest rate compared to other credit cards
Service available in these banks
Nearly all major banks provide credit cards on fixed deposits. These include banks like SBI, ICICI Bank, Axis Bank, Union Bank, Bank of Baroda, DCB Bank, Kotak Mahindra. If your fixed deposit is not in these banks, then there is no need to panic, you can find out about this facility from your bank.
This is the process of making a card
To make a credit card on a fixed deposit, you neither have to go round the bank nor have any paper mess. You can also get it made from your mobile banking app. For example, if your fixed deposit is in ICICI Bank, then you can go to its app iMobile and click on the credit card on FD and follow the process. Your credit card will be approved in just 5 minutes.
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