SBI Card launches FD-backed credit card on YONO: Check eligibility, cards and how to apply

SBI Card has launched a fixed deposit-backed secured credit card facility on the State Bank of India’s YONO platform, allowing eligible customers to apply for a credit card through a digital process.

The facility was launched by State Bank of India (SBI) Chairman Challa Sreenivasulu Setty in the presence of SBI Managing Director Ashwini Kumar Tewari and SBI Card Managing Director and CEO Salila Pande.

Application process to be fully digital

The application can be completed through YONO without physical paperwork. SBI Card said the process can be completed in around 10 minutes.

The facility is also aimed at customers looking to establish or strengthen their credit profile.

What SBI Card said

Speaking about the launch, SBI Card MD and CEO Salila Pande said, “Customers can now experience a simpler and more convenient way to access secured credit cards through a seamless, 100% paperless digital journey.”

She added, “The new digital journey for Advantage SBI Card on SBI YONO is designed to bring greater ease to the entire process, enabling customers to access a secured credit card backed by a fixed deposit within minutes.”

Pande said the availability of different SBI credit cards on YONO would give customers more choice.

“The diverse portfolio of SBI Credit Cards available on SBI YONO further enhances customer choice, providing the flexibility to select a proposition best suited to their needs,” she said.

Four card options available

Customers with an SBI fixed deposit can apply for the following secured cards through YONO:

• SBI Card Elite

• SBI Card Prime

• SimplyCLICK SBI Card

• SimplySAVE SBI Card

SBI Card said the facility is intended to provide an additional route to formal credit for customers who want to establish or build their credit profile.

The company said the new facility forms part of its efforts to expand digital credit card application and servicing options through SBI's digital platforms.