Bank of Baroda Credit Card Against FD

What is a Bank of Baroda Credit Card Against FD?

A Bank of Baroda Credit Card Against FD is a secured credit card issued by placing a fixed deposit with the bank. Applicants between 18 and 85 years can apply as primary cardholders, while add-on cardholders must be above 18 years. The card can be used for everyday transactions under standard terms, and the fixed deposit continues to earn interest at prevailing Bank of Baroda FD rates ranging from 3.50% to 6.60% per annum for the general public. No income proof or credit history is required, making it a convenient option to access credit while maintaining savings. However, the card may not be available for CIBIL-deliquent customers.

Bank of Baroda Credit Card Against FD Features

Bank of Baroda offers FD-backed credit cards with clear eligibility criteria and minimal documentation. The following are the key features of this facility:

• Welcome Benefit: New cardholders can earn 500 reward points by spending ₹5,000 within the first 60 days from the date of card issuance. This benefit gives an early start to rewards and adds extra value to initial usage of the card.
• Smart EMI Facility: Purchases of ₹2,500 or more made with the card can be converted into convenient EMIs ranging from 6 to 48 months, making payments more manageable.
• Fuel Surcharge Waiver: The card offers a 1% fuel surcharge waiver on transactions between ₹400 and ₹5,000 at fuel stations across India, with the waiver capped at ₹250 per statement cycle.
• Insurance Cover: The card includes free personal accidental death insurance, offering coverage of ₹15 lakhs for air accidents and ₹5 lakhs for non-air accidents, ensuring financial protection for the family.
• Helps improve credit score: You can build and improve your credit score with timely payments on your Bank of Baroda Credit Card against FD.
• No income proof or credit history required: You can get a Bank of Baroda Credit Card against your Fixed Deposit without any income proof or credit history.

Pros and Cons of Bank of Baroda Credit Card Against FD

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

Application Process for BOB Credit Card Against FD

Applying for a Bank of Baroda FD-backed credit card can be done online and offline. Below are the detailed steps for each method:

Online Application Process

You can apply for a Bank of Baroda Credit Card Against FD directly through the bank’s digital platforms, as follows:

• Visit the Official Website: Go to the Bank of Baroda or BOBCARD official website and navigate to the section for credit cards.
• Select BOBCARD PRIME: Choose the BOBCARD PRIME credit card against FD option and click on “Apply Now.”
• Open or Link a Fixed Deposit: Open a new fixed deposit of at least ₹30,000 online or link your existing FD that meets the minimum requirement.
• Fill in the Application Form: Provide personal details, FD information, and other required fields in the online application form.
• Upload Documents: Submit scanned copies of documents such as PAN card, valid address proof (Aadhaar, Voter ID, Passport, Driving Licence), and a passport-size photograph.
• Verification and Approval: The bank verifies your details and FD. After successful verification, the BOBCARD PRIME credit card is approved and dispatched to your registered address.

Offline Application Process

Applicants who prefer in-person assistance can visit a Bank of Baroda branch and apply for the credit card against FD by completing the required paperwork.

• Visit the Nearest Branch: Go to your nearest Bank of Baroda branch and request the application form for a credit card against FD.
• Place a Fixed Deposit: If you don’t already have one, open a fixed deposit of at least ₹30,000. Ensure the FD tenure meets the bank’s requirement.
• Complete the Application Form: Fill in the form with details of the FD you want to link to the credit card.
• Submit Required Documents: Attach a passport-size photograph, PAN card, valid address proof, and FD receipt marked with a lien in favor of the bank.
• Bank Verification: The branch staff will verify your documents and FD details before forwarding the request for processing.
• Issuance of Card: Once verification is complete, the BOBCARD PRIME credit card is approved and dispatched to your address within a few working days.

Closure Process for BOB Credit Card Against FD

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

• Clear Outstanding Balance: All dues on the credit card must be settled before requesting closure.
• Submit Closure Request: Place a closure request either by visiting the nearest Bank of Baroda branch, through customer care, or using available digital banking channels.
• 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 Bank of Baroda’s policy.

Who Should Consider a Bank of Baroda Credit Card Against FD?

A Bank of Baroda FD-backed credit card is designed for individuals who want access to credit without strict eligibility barriers. The following groups can benefit the most:

• Students and Homemakers: Those without regular income proof can apply using a fixed deposit, 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.
• Applicants Seeking Minimal Paperwork: Since the card is secured against an FD, documentation requirements are minimal, making the process faster and simpler.

Key Takeaways

Bank of Baroda’s BOBCARD Prime Credit Card Against FD is a practical choice for those who want access to credit with minimal requirements. By placing a fixed deposit of at least ₹30,000, applicants can get a card with a credit limit linked to their deposit, while continuing to earn interest at prevailing FD interest rates. With simple eligibility, minimal paperwork, and useful features, this FD-backed card is especially suited for first-time users, students, homemakers, and existing FD holders who wish to make the most of their savings.