How to get SBI Credit Card Against Fixed Deposit ?

admin March 29, 2016 Credit Card Comments Off on 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.

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Cash advance fees in international ATMs – 3% of the amount withdrawn or 300/-, whichever is the highest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	12^thMar’11	Nil^*	0	0	0	0
2	12^thApr’11	2,500^**	1,000^***	2,094	2,094	1,000
3	12^thMay’11	2,500	2,000	2,128	4,222	3,000
4	12^thJun’11	2,500	2,000	2,163	6,385	5,000
5	12^thJuly’11	2,500	2,000	2,198	8,583	7,000
6	12^thAug’11	2,500	2,000	2,233	10,816	9,000
7	12^thSep’11	2,500	2,000	2,270	13,086	11,000
8	12^thOct’11	2,500	2,000	2,307	15,393	13,000
9	12^thNov’11	2,500	2,000	2,344	17,737	15,000
10	12^thDec’11	2,500	2,000	2,382	20,119	17,000
11	12^thJan’12	2,500	2,000	2,421	22,540	19,000
12	12^thFeb’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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