SBI Card has introduced a new digital facility on the SBI YONO platform that allows eligible SBI customers with fixed deposits to apply for a secured credit card online. The facility is designed to make the application process faster and completely digital.
According to SBI Card, the new facility was announced on September 23. SBI’s YONO platform already provides access to several SBI Card products and digital application services.
Four SBI Credit Cards Available Under the Facility
SBI customers holding fixed deposits with the bank can access four credit card options through this facility. These include SBI Card ELITE, SBI Card PRIME, SimplyCLICK SBI Card and SimplySAVE SBI Card.
These cards are being offered as secured credit cards, meaning the customer’s fixed deposit with the bank serves as security against the card. This can provide an option for customers who want to access formal credit while building or strengthening their credit profile.
The company’s Managing Director and CEO, Salila Pandey, said the digital process has been introduced to make obtaining a secured credit card simpler. She said customers can complete the process through a paperless digital journey.
Rewards, Fees and FD Requirement Yet to Be Detailed
SBI Card has not yet provided details about the rewards, benefits and charges applicable specifically under this new secured-card facility. The minimum fixed deposit required to obtain the card has also not been disclosed in the information provided.
Details about the joining fee and annual fee for these cards under the new facility are also awaited. SBI Card’s existing product information shows that the regular versions of SimplyCLICK and SimplySAVE have their own applicable fee structures, but those details should not be assumed to be the same for this new secured-card facility.
Digital Facility Comes Ahead of the Festive Season
The new facility has been introduced ahead of the upcoming festive period, when consumer spending typically increases. With applications being handled digitally through YONO, eligible SBI customers with fixed deposits can apply for a secured credit card without following a traditional paper-based process.
The facility is expected to make the credit card application process more convenient for SBI customers who meet the eligibility requirements.
Disclaimer: This article is intended for general informational purposes only. Credit card eligibility, fees, rewards, fixed-deposit requirements and other terms may vary and can be changed by SBI Card. Customers should check the latest official SBI Card and YONO terms before applying.