SBI Secured Credit Card applications can now be completed digitally through SBI YONO, giving eligible SBI customers a faster way to apply ahead of the festive season.
The facility is available to customers who hold fixed deposits with State Bank of India.
SBI Card Offers Four Credit Card Variants
SBI Card announced the new digital facility on September 23. Under this facility, eligible FD customers can apply for four secured credit card variants — 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. The new facility allows customers to complete the application process online without going through a traditional paper-based process.
Fixed Deposit Will Act as Security
The cards offered through this facility are secured credit cards. This means the customer’s fixed deposit with SBI will serve as collateral for the credit card.
The facility could also provide an option for customers who want to enter formal credit or strengthen their credit profile. Since the card is backed by an FD, the bank has security against the credit facility.
Credit Card Can Be Generated Within 10 Minutes
SBI Card said the digital application journey has been designed to make the process simpler and faster. Eligible customers can apply online through SBI YONO, with the card generation process taking as little as 10 minutes, subject to eligibility and the application process.
SBI Card Managing Director and CEO Salila Pandey said the new facility allows customers to obtain a secured credit card through a fully paperless digital journey.
The company has not yet provided complete details about the rewards, benefits and charges applicable to all four variants under the new facility.
Joining Fee and FD Requirement Still Not Disclosed
SBI Card has also not disclosed the minimum fixed deposit amount required to obtain these secured credit cards through the new digital facility.
Details regarding joining fees and annual fees have also not been announced for the facility. Customers should therefore check the applicable terms and charges before applying.
Facility Launched Ahead of Festive Shopping
The digital facility has been introduced ahead of the upcoming festive season, when spending typically increases because of Dussehra, Diwali and other celebrations.
For SBI customers with fixed deposits, the new facility provides a digital route to apply for a secured credit card while keeping the FD as collateral.
The exact benefits and costs will depend on the card variant and terms announced by SBI Card.
