Bajaj Finance Credit Card Against FD

What is a Bajaj Finance Credit Card Against FD?

A Bajaj Finance credit card against FD is issued by pledging a fixed deposit as security. In contrast, the deposit continues to earn at competitive Bajaj Finance FD rates of up to 6.95% p.a. for general citizens. The card provides a credit limit of up to 90% of the FD value, and the limit can be increased anytime by topping up the deposit. Since it is backed by the FD, no income proof or credit history is required, making it a simple way to access credit and build a profile while keeping savings active.

Bajaj Finance Credit Card Against FD Features

Bajaj Finance offers this FD-backed credit card with simplified approval and credit limits linked to the deposit value. Some key features include:

• Interest-Free Period: Rupicard offers an interest-free period of up to 45 days on purchases. This allows cardholders to manage their bills and avoid paying additional interest easily.
• Easy ATM Withdrawals: Cardholders can withdraw up to 90% of the credit limit from any ATM. This ensures quick access to cash during emergencies whenever needed.
• Lifetime-Free Card: This credit card has no joining or annual fees. Cardholders can enjoy all benefits without paying any extra charges.
• No Credit Score Needed: The card can be availed without a strong CIBIL score. Even those with no or low credit history can get it by booking an FD.
• No Income Proof Required: As the card is secured against a fixed deposit, there is no need to provide salary slips or bank statements during application.
• Reward Points on Spends: Cardholders earn 2 points for every ₹100 spent on eligible e-commerce and retail purchases.
• Cashback Conversion: Accumulated reward points can be converted into cashback, which is directly adjusted against the next credit card bill.

Pros and Cons of Bajaj Finance Credit Card Against FD

The table below gives a clear view of the major benefits and possible limitations of the Bajaj Finance Credit Card on FD, helping applicants make an informed choice:

Application Process for Bajaj Finance Credit Card On FD

Applicants can apply for Rupicard online on Bajaj Markets or by visiting a Bajaj Finance branch for offline assistance. Both methods are simple and require only basic details and a fixed deposit booking.

Online Application Method

Applying online for Rupicard is quick and can be done entirely through Bajaj Markets:

• Visit Bajaj Markets Website: Go to the official Bajaj Markets portal and select the Rupicard option under credit cards.
• Check Eligibility: Enter basic details like date of birth, mobile number, and occupation to verify eligibility.
• Enter OTP for Verification: Provide the One-Time Password (OTP) sent to your registered mobile number to proceed.
• Confirm Pre-Filled Details: Review pre-filled information such as PAN, PIN code, email ID, and income details to ensure accuracy.
• Create Fixed Deposit & Complete Video KYC: Book the required FD online and complete the mandatory Video KYC process.
• Download and Activate Rupicard App: Once the process is complete, Rupicard is issued instantly, and you can track and manage it through the mobile app.

Offline Application Method

Applicants who prefer face-to-face assistance can apply offline at a Bajaj Finance branch:

• Visit the Nearest Bajaj Finance Branch: Approach a branch that offers credit card services under FD-backed products.
• Fill out the Application Form: Provide personal details and mention the FD you want to link to the credit card.
• Submit KYC Documents: Carry a valid ID proof, address proof, and PAN card for verification.
• Book the Fixed Deposit: Open a new FD at the branch or link an existing FD that meets the minimum requirements.
• Complete In-Person KYC: Branch officials will verify your documents and complete the KYC process.
• Card Approval and Dispatch: Rupicard will be approved and dispatched to your address within a few working days after verification.

Closure Process for Bajaj Finance Credit Card Against FD

Closing a Bajaj Finance FD-backed credit card is simple and requires clearing all obligations linked to the account. The steps are as follows:

• Clear Outstanding Dues: Ensure that all pending payments, including the principal amount, interest, and charges on the card, are fully paid.
• Submit a Closure Request: Raise a closure request through Bajaj Finance customer care, the online portal, or by visiting the nearest branch.
• Lien Removal on FD: Bajaj Finance removes the lien placed on the fixed deposit within a few working days once the dues are settled.
• Adjustment of FD for Unpaid Dues: Bajaj Finance may block or adjust the equivalent sum from the fixed deposit if any amount remains unpaid.
• Penalty on Defaults: In prolonged defaults, penalties may be applied, and the FD interest may be reduced per Bajaj Finance policy.

Who Should Consider a Bajaj Finance Credit Card Against an FD?

The Bajaj Finance Credit Card on FD is beneficial for customers who want easy access to credit with minimal requirements. It is especially suitable for:

• Applicants Without Income Proof: Can apply using minimal documentation, such as PAN and address proof. This makes this card accessible for students, homemakers, or freelancers without regular income records.
• Beginners to Credit Cards: Can use this option to start their credit journey and build a consistent repayment history over time.
• Customers Aiming to Strengthen Credit Profile: May use the linked credit card to enhance their CIBIL score through disciplined usage gradually.
• Existing FD Account Holders: They can extend their deposit's utility by availing a credit card while their FD continues to earn interest.

Key Takeaways

The Bajaj Finance Credit Card against FD is linked to a fixed deposit with a minimum requirement of ₹5,000. It offers a credit limit of up to 90% of the FD value, while the deposit continues to earn at competitive FD interest rates. The limit can also be increased anytime by topping up the deposit. It is a flexible option for students, homemakers, first-time credit card users, and FD investors who want to build or improve their credit profile while keeping their savings active.