TestCloud
Prep • Practice • Perform
Log In

ZET and SBM Bank India Jointly Launch FD-Backed Credit Card for First-Time Borrowers.

Banking & Finance | Dated: 03 Jun 2025

In May 2025, Bengaluru (Karnataka)-based ZET, a credit score builder platform, in collaboration with Mumbai (Maharashtra)-based SBM Bank India, a wholly owned subsidiary of Mauritius-based SBM Holdings, jointly launched the SBM ZET Credit Card — a Fixed Deposit (FD)-backed credit card designed for first-time borrowers.

🎯 Key Highlights:

  • - This card is powered by the RuPay network and can be linked to any Unified Payments Interface (UPI) app for day-to-day transactions.
  • - The card is tailored for individuals with no or limited credit history, aiming to help them establish and strengthen their credit score.
  • - Applicants do not require an existing credit history, income proof, or high credit score to apply.

💡 Other Important Facts:

  • (i) The credit card is secured against an FD opened with SBM Bank, with a minimum deposit starting from ₹5,000.
  • (ii) The FD offers up to 7% interest per annum and is insured up to ₹5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC), Mumbai (Maharashtra).
  • (iii) The SBM ZET Credit Card comes with zero annual fees and offers in-app rewards on services such as utility bill payments and voucher purchases.

📚 Test Your Knowledge:

Recently, which bank partnered with ZET to launch an FD-backed credit card for first-time borrowers?

Correct Answer: SBM Bank India

🚀 Quick Recap: