SBI Card Launches FD-Backed Secured Credit Cards With Digital Application Through YONO

SBI Card has introduced fixed-deposit-backed secured credit cards, allowing eligible customers to apply through a digital process. The company says the application can be completed through the YONO platform without paperwork. Such secured cards can be useful for customers who have no credit history or are looking to build or strengthen their credit profile, subject to the issuer’s eligibility criteria.

Customers can choose from cards including SBI Card ELITE, SBI Card PRIME, SimplyCLICK SBI Card and SimplySAVE SBI Card, according to the information provided. In a secured credit card, the fixed deposit serves as security for the credit facility. Unlike an unsecured credit card, an FD-backed card requires a security deposit, while unsecured cards generally do not require collateral and are issued based on factors such as credit profile and income.