Bank of India Credit Card Against FD

What is a Bank of India Credit Card Against FD?

Bank of India Credit Card against an FD allows customers to use their deposit as collateral. At the same time, the FD continues to earn interest at prevailing Bank of India FD rates of 3% to 6.70%. The secured card comes with a credit limit based on the FD amount. You can withdraw 50% of your spending limit as cash, ensuring liquidity during urgent financial requirements.

Bank of India Credit Card Against FD Features

Here are the key features of the BOI credit card against FD:

• EMI Facility: Customers can conveniently convert purchases into EMIs at POS machines regardless of their issuing bank.
• No Income Proof Required: Customers can apply without submitting salary slips or income tax documents, making it accessible to students, homemakers, and first-time credit users.
• Credit Score Builder: Since this is a secured card backed by a fixed deposit, timely repayments help build or improve your CIBIL score, making it easier to qualify for unsecured credit in the future.
• Rewards: Enjoy double benefits with 2X Reward Points on eligible POS and e-commerce transactions, excluding restricted categories, boosting overall card value.
• Billing & Payment Cycle: The billing cycle spans from the 16th to the 15th of next month, simplifying expense tracking.
• Add-On Cards: Bank of India provides add-on cards with flexible credit limits, ensuring supplementary cardholders enjoy financial independence without exceeding controls.

Pros and Cons of Bank of India Credit Card Against FD

Here are the pros and cons of the Bank of India Credit Card Against FD:

Application Process for Bank of India Credit Card Against FD

Here’s how you can activate your Bank of India Credit Card Against FD using convenient online and offline methods:

Online Application Process

Follow the steps below to activate your Bank of India Credit Card against FD online:

• Log in to the Omni Neo Mobile Banking App and navigate to the “My Cards” section to start activation.
• Select the credit card you want to activate from the list displayed on your app dashboard.
• Scroll down and tap “Activate the card” to initiate the OTP-based activation process.
• Enter the OTP received on your registered mobile number to complete the card activation.
• Alternatively, visit the Bank of India website and register/log in with your Customer ID and password.
• Go to the “Requests” tab, select “Card Activation”, choose your card, and verify using OTP.

Offline Application Process

To activate your Bank of India credit card against FD offline, you can either use the IVR service or visit the branch:

• Dial the IVR number 022 4042 6006 or the toll-free number 1800 220 088.
• Select your preferred language: press 1 for English or 2 for Hindi.
• Choose the option for new card activation by pressing 2.
• Enter your 16-digit card number followed by the # key, then provide the expiry date (MMYY).
• Enter the OTP received on your registered mobile number to complete activation via IVR.
• Alternatively, you can visit any Bank of India branch with your card and valid identity documents, where the bank staff will verify your details and activate the card on the spot.

Closure Process for Bank of India Credit Card Against FD

These are the steps to close your Bank of India credit card against FD and release the linked fixed deposit:

• Clear Outstanding Dues: Ensure all pending amounts on your Bank of India credit card are fully paid on or before the 5th of the succeeding month.
• Submit Closure Request: You can request card closure conveniently through NetBanking, customer care, or by visiting any Bank of India branch.
• FD Hold Removal: After clearing all dues, the bank releases the hold on your linked fixed deposit within 7 to 10 working days.
• FD Closure on Non-Payment: If dues are not cleared, Bank of India may block or liquidate your FD to recover outstanding balances.

Who Should Consider a BOI Credit Card Against FD?

The Bank of India credit card against FD is best suited for the following category of customers:

• Individuals Without Income Proof: Suitable for people who do not have regular income documents but want to access credit through a secured FD-backed card. Eligible customers can also submit Form 15G or Form 15H to manage Tax Deducted at Source (TDS) on FD interest.
• New-to-Credit Customers: Beneficial for borrowers aiming to build or improve their CIBIL score using a fixed deposit as card security.
• Conservative Investors: Designed for investors who prefer their fixed deposit to continue earning interest while gaining the flexibility and benefits of a credit card.

Key Takeaways

Bank of India Credit Card on FD suits students, homemakers, first-time credit users, and conservative investors. The linked FD continues earning interest according to prevailing FD interest rates while providing a credit limit, with a maximum cash withdrawal of ₹15,000 per day from ATMs worldwide and up to 50% of the spending limit. The card offers global acceptance, EMI facilities, 2X reward points, and add-on options. Activation is easy via Omni Neo App, IVR, or the website, and closure requires clearing dues, making it a safe, convenient credit solution.