SBI Secured Credit Card apply online facility has been launched on SBI YONO, allowing eligible State Bank of India customers to apply digitally and get their credit card generated within about 10 minutes.
The facility has been introduced ahead of the festive season and is available to customers who maintain fixed deposits with SBI. The FD will serve as collateral for the secured credit card.
Four SBI Credit Card Variants Available
SBI Card announced the new digital facility on September 23. Under this facility, customers with eligible SBI fixed deposits can apply for four different credit card variants.
The options include SBI Card ELITE, SBI Card PRIME, SimplyCLICK SBI Card and SimplySAVE SBI Card. SBI YONO is the digital banking platform of State Bank of India.
All four cards come under the secured credit card category. This means the customer’s fixed deposit with SBI acts as security against the credit card.
SBI Credit Card Application Process Goes Digital
The new facility is designed to make the application process simpler and faster. Eligible customers can complete the application digitally through SBI YONO without going through a traditional paper-based process.
SBI Card Managing Director and CEO Salila Pandey said the company has introduced the facility to simplify access to secured credit cards. She said customers can now obtain a secured credit card through a fully paperless digital journey.
The facility could also be useful for customers who are looking to enter the formal credit system or build their credit profile through a secured credit product.
FD Required for SBI Secured Credit Card
The fixed deposit maintained with SBI is an important part of the secured credit card facility. Instead of being issued solely on the basis of an unsecured credit assessment, the card is backed by the customer’s FD.
However, SBI Card has not disclosed the minimum fixed deposit amount required to apply for these cards. Details about the exact FD requirement may therefore vary depending on the applicable card and eligibility conditions.
SBI Card has also not yet disclosed complete details about the rewards, benefits, joining fees and annual charges for the four variants under this facility.
SBI Card Launch Comes Ahead of Festive Season
The digital facility has been launched before the upcoming festive season, when spending and shopping typically increase. Customers who already maintain fixed deposits with SBI can use the new digital route to apply for a secured credit card.
The key difference is that the application process is now available digitally through YONO, while the fixed deposit provides the security for the card.
Customers should check the latest eligibility criteria, applicable charges, FD requirements and card-specific benefits on the SBI Card or SBI YONO platform before applying.
