Bandhan Bank Credit Card Against FD

What is Bandhan Bank Credit Card Against FD?

A Bandhan Bank Credit Card Against FD is a secured credit card issued based on a fixed deposit held with the bank. Applicants must be 18 years old to apply as primary or add-on cardholders. The card can be used for everyday transactions under standard terms, and the fixed deposit continues to earn interest at prevailing Bandhan Bank FD rates (ranging from 2.95% to 7.20% per annum for general citizens). No income proof or credit history is required; applicants can access credit without liquidating their fixed deposit.

Bandhan Bank Credit Card Against FD Features

Bandhan Bank offers Fixed Deposit (FD)-backed credit cards, providing an accessible credit option for depositors. The key features of this facility are as follows:

• Credit Limit Linked to FD Value: The credit limit is determined by the fixed deposit amount, typically up to 90% of the FD’s value.
• No Income Proof Needed: Suitable for students, homemakers, or new credit users who lack salary slips or credit history.
• Credit Profile Building: Responsible usage and timely payments help users establish or improve their credit score.
• Secure and Hassle-Free Access: The card provides a low-risk way to access credit without affecting the principal amount of the deposit.

Pros and Cons of Bandhan Bank Credit Card Against FD

The table below highlights the key pros and cons of a Bandhan Bank Credit Card on FD for easy comparison:

Application Process for Bandhan Bank Credit Card Against FD

Applying for a Bandhan Bank credit card against FD can be done online or offline.

Online Application Process

The Bandhan Bank credit card on FD online application process allows customers to apply from the comfort of their home using the bank’s digital platforms.

• Visit the Official Website: Go to the Bandhan Bank official website and open the Credit Card section.
• Select FD-Backed Credit Card: Choose the option for a credit card against Fixed Deposit (FD).
• Link or Open FD: Link your existing FD or create a new FD with a minimum deposit of ₹1,000 and tenure between 7 days to 10 years.
• Fill Application Form: Accurately enter required personal, contact, and FD details.
• Upload Documents: Upload PAN, valid address proof, and a passport-sized photograph as part of KYC.
• Verification & Dispatch: Upon successful verification, the bank approves and dispatches the credit card to your registered address within 7-10 business days.

Offline Application Process

For in-person assistance for Bandhan Bank credit card against FD, visit the nearest branch:

• Visit Nearest Branch: Call the nearest Bandhan Bank branch for in-person application assistance.
• Collect Application Form: Request the credit card against FD application form from the bank representative.
• Link or Open FD: Link an existing FD or open a new FD meeting the minimum deposit and tenure criteria.
• Attach Required Documents: Submit PAN, address proof, passport-sized photograph, and FD receipt marked with a lien.
• Submit Application: Hand over the completed form and documents to the bank official for verification.
• Approval & Card Issuance: After successful verification, the credit card is approved and dispatched to your registered address within a few working days.

Closure Process for Bandhan Bank Credit Card Against FD

Here’s how you can close your credit card linked to a fixed deposit with Bandhan Bank:

• Clear Outstanding Balance: Ensure all dues on the credit card are settled before initiating the closure request.
• Submit Closure Request: Place a closure request by visiting the nearest Bandhan Bank branch, through customer care, or internet banking.
• Lien Release on FD: Once the request is processed and the dues are cleared, the lien marked on your fixed deposit will be removed, usually within a few working days.
• Adjustment Against FD: If there are unpaid amounts on the card, the bank reserves the right to recover them by adjusting against the fixed deposit.
• Impact on FD Interest: In case of recovery from the FD, applicable charges or a reduction in interest may be applied per Bandhan Bank’s policy.

Who Should Consider a Bandhan Bank Credit Card Against FD?

A Bandhan Bank FD-backed credit card is designed for customers seeking access to credit with more relaxed eligibility conditions than regular unsecured cards. The following groups may find this option beneficial:

• Applicants Seeking Minimal Paperwork: Since the card is secured against an FD, documentation requirements are minimal, making the process faster and simpler.
• Students and Homemakers: Depositors without regular income proof can use a fixed deposit as security, making this card accessible for students, homemakers, or others without formal earnings.
• First-Time Credit Card Users: Investors new to credit can use this card to build a credit history and gradually improve their credit score.

Key Takeaways

Bandhan Bank offers a credit card secured by a Fixed Deposit (FD), providing a reliable credit option for deposit holders. The credit limit is typically up to 90% of the FD amount, and customers continue to earn returns as per the applicable FD interest rates. No income proof is required, making it suitable for those with limited or no credit history. The facility involves no processing fee and enables users to build or improve their credit score while their FD continues to earn interest.