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How to get SBI Credit Card Against Fixed Deposit ?

SBI Credit Card against Fixed Deposit : A Credit Card has become a necessity these days as it gives you the freedom to spend when you are short of money. However, getting a SBI Credit Card is not that easy for all specially when your Credit Score is not that good. Even if you get it, the restricted Credit Limit is mainly a problem for many. State Bank of India brings to you SBI Advantage Plus Credit Card which lets you get a Credit Card on the basis of a Fixed Deposit. If you still don’t have a FD in SBI, you can open it quickly through SBI Internet Banking.

How to Apply for SBI Credit Card against Fixed Deposit ?

Let us first know a bit about SBI Advantage Plus Credit Card.

SBI Advantage Plus Card against Fixed Deposit

About SBI Credit Card against Fixed Deposit

You can get SBI Advantage Plus Card even if you are non-salaried or non-employed. This card is best suited for Students, Housewives and Other Non-Salaried professionals. An important point to note is that you can either open the Fixed Deposit by lump sum amount or you can pay EMI for a period of 11 months for the FD amount of Rs.25,000 or Rs.50,000. Before you apply for a Credit Card against FD in SBI, you must know a few important things about it.

  • Credit Limit will be 70% of the Amount of Fixed Deposit.
  • Joining Fee – Rs.500
  • Annual Fee – Rs.500
  • Interest free credit period for extended credit – Up to 50 days
  • Finance Charges – Upto 2.25% of the transaction (per month)
  • Cheque pickup – Rs.90
  • Cash advance fees in international ATMs – 3% of the amount withdrawn or 300/-, whichever is the highest
  • Card Replacement Charges – Rs.100

Steps to Apply for SBI Credit Card against Fixed Deposit

1) First of all you need to Open a Fixed Deposit in SBI of the desired amount. You must make sure that the amount is not less than Rs.20,000. You can open the Fixed Deposit either by visiting the Branch or Online through SBI Internet Banking. If you opt to pay EMI for FD for a period of 11 months, then you will need to sign the Auto Debit mandate as well. Monthly EMIs will be debited from your account for 11 months for the following amount :

  • Encash amount of Rs. 25,000 –EMI for Rs. 2,500/month
  • Encash amount of Rs. 50,000 –EMI for Rs. 5,000/month

2) Fill the SBI Advantage Plus Card application form & Sign the lien authorization letter. The Fixed Deposit will have a lien in favor of SBI Cards.

3) Attach the copy of required self-attested KYC Documents as per RBI guidelines (Address & ID Proof Documents).

4) Submit the application form to SBI Branch.

5) Upon successful validation of your information and documents, you will receive SBI Advantage Plus Card within 2-3 weeks.

For all those who EMI for FD for a period of 11 months, their Credit Limit will open as given in the chart given below :

Month
S. No.
Statement Date
(Examples)
EMI that
will be
billed to
you (Rs.)
Incremental
Credit limit
released after
payment of EMI
billed in that
month (Rs.)
Principal
Amount (Rs.)
Cumulati
ve
Principal (Rs.)
Total Credit
Limit
available to
you (Rs.)
1 12thMar’11 Nil* 0 0 0 0
2 12thApr’11 2,500** 1,000*** 2,094 2,094 1,000
3 12thMay’11 2,500 2,000 2,128 4,222 3,000
4 12thJun’11 2,500 2,000 2,163 6,385 5,000
5 12thJuly’11 2,500 2,000 2,198 8,583 7,000
6 12thAug’11 2,500 2,000 2,233 10,816 9,000
7 12thSep’11 2,500 2,000 2,270 13,086 11,000
8 12thOct’11 2,500 2,000 2,307 15,393 13,000
9 12thNov’11 2,500 2,000 2,344 17,737 15,000
10 12thDec’11 2,500 2,000 2,382 20,119 17,000
11 12thJan’12 2,500 2,000 2,421 22,540 19,000
12 12thFeb’12 2,500 2,000 2,460 25,000 21,000

This is the complete process to get SBI Credit Card against Fixed Deposit. SBI is very flexible in terms of payment and there are a lot of SBI Card Payment Options to choose from.

Final Words about SBI Credit Card against FD

Though there are a lot of banks offering credit cards against fixed depsot such as ICICI, SBI, Axis, Kotak and Central Bank of India. SBI gives one of the best and most flexible Card against FD. Go ahead and apply for it now!

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12 comments

  1. I WANT TO KNOW IF I DEPOST 100000 IN FD CAN I WIDRAW UPTO 200000.IS THIS POSSIBLE

    • Hi Baliram,

      Your question is not that clear to me. Anyways FD Account is different from your Savings Account and there is a lock in period for it. If you withdraw before the lock in period, some charges are applicable.

  2. I want to new credit card reference by HDFC bank credit card.

    If possible than please contact me.

    Regards
    Rahul Yadav
    8449009222

  3. My HDFC credit card settled in 2011. I can apply new credit card? What is d credit score required?
    How can I gain credit score?

  4. can u give clarification about the limit for FD 20000 and my civil score is ( – ) can I get card and I am ah salaried employee

    • Hi,

      You do not need anything else if you have an FD in SBI. Just PAN Card, Completely filled up form and Address Proof will be required. Limit will be 70% of the FD Amount. Example :- If you have an FD of 20,000 you will get a limit of Rs.14000.

      • Sir if i pay 100000 lakh in fd. And i apply for credit card then if i takethe amount from fd. How much will i charge and will i get e credit card

        • Hi Harish,

          Once you get your Credit Card against FD, your FD will be locked until the period your clear all your outstanding on your Credit Card and initiate your request to close the FD. And even if you clear your Outstanding and Close the FD, your Credit Card will also be closed with it.

  5. hi,
    i apply for a sbi credit card against fd with 20000 they say that credit limit will be 14000 ,how do i have to increse cridet limit

    • Hi Sumanth,

      You cannot increase Credit Limit in this Credit Card. If you want a Credit Card with more limit either you can deposit a higher amount for FD or you may apply directly through SBI Card website(i.e. the usual credit card not via FD) and see if you get a card with a better limit.

  6. I am having 3 FD in SBI SVR NIT Branch of Rs. 6,4 and 4 lacs respectively. Which option is advisable 1/- To cancel on FD for my immediate required money or 2/- apply for credit card against FD, so that I can withdraw the money as and when required and repay in future as per availability.

    • Hi HG Patel,

      If you really need a Credit Card against FD, you can get it against any of your FDs. Also, do remember that your FD will be locked when you get a Credit Card against it from SBI. And only when you Credit Card Outstanding is NIL, you would be able to cancel the Credit Card and get the maturity amount of your FD.

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