The banks nowadays provide credit cards against the fixed deposits. There is a minimum documentation requirement. The cards are sanctioned irrespective of the credit history. The short term liquidity is available without having to compromise with the long term asset allocation.
The following are the major banks that provide credit cards against the fixed deposits:
ICICI bank offers Coral Credit Card against the fixed deposit. The credit card is linked to the fixed deposit. 85% of the fixed deposit amount will be issued as your credit limit on your ICICI Bank Coral Credit Card. The fixed deposit account must be active while the credit card is live. If the dues on the credit card are not paid in 60 days, then the outstanding amount will be recovered from the fixed deposit.
Above 18 years of age and should have a fixed deposit of Rs.20,000 and above for a minimum period of 180 days.
The fixed deposit account cannot be linked/quantum/80C/NRE/NRO/HFC or in the name of a third person/HUF/Trust/companies.
- Special joining fee of Rs.500.
- Double rewards on dining, groceries and at supermarkets.
- Get one movie ticket free with one ticket throughout the week.
- 15% saving on dining at 800 restaurants.
- Complimentary airport lounge access.
- The card comes with a fixed microchip that provides security against forging and duplication of the card.
- Only identification proof needs to be provided and no other documents needs to be submitted to the bank.
- A welcome gift from Provogue worth Rs.999 will be delivered from 45 days of paying the joining fees.
- The payback point can be redeemed against gift voucher and against cash equal to Rs.0.25.
State Bank of India:
SBI Advantage Premium Credit Card:
This card can be used across 24 million outlets across the world and in 3,25,000 outlets in India. The card is available on the basis of fixed deposit with the State Bank group.
- Flexibility in payment.
- Extended credit option. The minimum amount can be paid per month and the unpaid balance can be carried forward on lowest charges at 2.55% per month.
- Credit free period up to 50 days.
- 100% cash withdraw limit.
- Allows you to transfer credit form other credit card to the SBI card at a nominal processing fee.
- Can book railway tickets online using the card.
- The cards benefits can be shared with your family with supplementary cards.
- The card can be replace anywhere in the world.
- Earn rewards on dining, departmental stores and international spends.
- Gives you access to over 200 golf courses across the world.
- Enjoy complimentary membership to Elite Priority Pass Program and access to Airport Lounges in India and Abroad.
- You get a welcome gift worth Rs.3,000 and anniversary gift on renewal for up to Rs.3,000.
- A maximum of 40,000 cash points can be earned in a year.
SBI Advantage Plus Card:
The card gives you a credit limit of up to 85% of the FD amount.
- Enjoy interest rate at 2.25% per month.
- As you keep paying the EMII’s every month, the credit limit will keep opening every month.
- You will still continue to enjoy the interest on your fixed deposits.
- Hassle free loan sanctions.
- The card lets you apply for add-on cards for your family to avail the benefits of the card.
- With the utility bill payment facility all your utility bills will be paid before the due date.
- You can transfer the credit balance from other credit cards to SBI card.
- The card lets you repay in easy monthly instalments.
Insta Easy Credit Card:
To avail this card all you need to have is a fixed deposit at the Axis bank. The minimum fixed deposit amount should be Rs.20,000 and the maximum is Rs.25,00,000.
- No income proof and additional address and identity proof needs to be submitted.
- The joining fee is Rs.500.
- The charges per month is at the rate of 2.50% and 34.49% per annum.
- Cash withdrawal fees is 2.5% of the cash withdrawn.
- Fee for cash payment is Rs.100.
- Highest level of security with thee inbuilt platinum chip.
- Up to 100% cash withdrawal.
- Free credit period up to 50 days.
- 2.5% fuel surcharge waiver on all fuel transactions.
- Flexibility in the credit limit.
- Guaranteed credit card approval.
- Can convert the purchase made on the credit card to EMI.
- Earn eDGE loyalty reward points that can be redeemed at 500 selected reward items.
Central Bank of India:
Aspire Credit Card:
This card is secured by term deposits of the bank.
- It is EMV chip based providing high security.
- Issued against Cent Aspire Term Deposits.
- The credit limit is 80% of the term deposit amount.
- 1.20% per month interest is charged.
- CIBIL verification is not required.
- The card has maximum validity of 3 years.
- 100% cash withdrawal facility.
- Personal accident cover against death is provided if you are under Group Insurance Scheme.
- Benefits are offered for movies, dining and travelling etc.
- Accepts domestic as well as international transactions.
Kotak Mahindra Bank:
Aqua Gold Card:
This card is available on the term deposit provided by Kotak Mahindra. The primary card holder must be between 18-75 years of age. The add-on card holders must be above 18 years of age. The minimum term deposit amount must be Rs.25,000. This card is suitable for businessmen.
- Credit limit is up to 80% of the term deposit amount.
- Up to 48 days are interest free.
- If your card is stolen, you get a cover of up to Rs.50,000 on the fraudulent usage of the card.
- You can avail add-on cards with the same benefits of your card.
- The card is valid internationally.
- Enjoy up to 90% of cash limit.
- Enjoy fuel surcharge waiver up to Rs.3,500.
- Railway surcharge waiver up Rs.500 is allowed.
- Credit can be transferred for a processing fee of Rs.349 per Rs.10,000.