Bank of Maharashtra Credit Card Against FD

What is the Bank of Maharashtra Credit Card Against FD?

The Bank of Maharashtra credit card against FD is a fixed deposit-backed credit card issued against a minimum fixed deposit of ₹12,500. The fixed deposit continues to earn interest at competitive Bank of Maharashtra FD rates, while the credit card can be used for shopping, online transactions, and everyday expenses like any other credit card. This helps build a credit history while earning steady returns on your savings.

Bank of Maharashtra Credit Card Against FD Features

The following are some key features of the Bank of Maharashtra credit card against FD:

• Savings and Travel Benefits: The Bank of Maharashtra credit card against FD offers perks like up to ₹200/month fuel surcharge waiver, lounge access (2 times/quarter), and reward points redeemable for e-vouchers or purchases.
• Free Add-on Cards: Customers can avail of free add-on cards with their Bank of Maharashtra credit card against FD, making it easier to extend benefits to family members.
• EMI Conversion: The Bank of Maharashtra credit card against FD allows easy EMI conversion on transactions above ₹2,500.

Pros and Cons of Bank of Maharashtra Credit Card Against FD

The table below highlights some key pros and cons of the Bank of Maharashtra credit card against FD to help you make an informed decision:

Application Process for Bank of Maharashtra Credit Card Against FD

To apply for a Bank of Maharashtra credit card against an FD, follow these steps:

1. Open a Fixed Deposit (FD)

   • Visit the nearest Bank of Maharashtra branch or use net banking.
   • Open a fixed deposit of ₹12,500 or more under your name.
   • Ensure the FD meets the tenure and minimum amount criteria for securing the credit card.

2. Fill Out the Credit Card Application

   • Request the Secured Credit Card application form from the branch.
   • Provide basic details such as your name, address, FD account number, and contact information.

3. Submit KYC Documents

   • Submit valid Know Your Customer (KYC) documents:
     • PAN Card
     • Aadhaar Card or any government-approved address proof
   • No need for income proof or credit score.

4. Instant Approval & Processing

   • Once documents and FD are verified, the application is processed.
   • Instant approval is granted if all conditions are met.

5. Card Personalisation (Optional)

   • Choose a personalized card design if desired.
   • This step is optional and adds a custom look to your credit card.

6. Receive and Activate Your Card

   • The credit card is dispatched to your registered address within a few working days.
   • Follow the instructions to activate the card via phone banking, net banking, or ATM.

Closure Process for Bank of Maharashtra Credit Card Against FD

Here’s how you can close your Bank of Maharashtra credit card against FD:

1. Clear Outstanding Dues

   • Before initiating the closure, ensure that all outstanding payments on your credit card are cleared in full.
   • You can check your dues via net banking, monthly statements, or by calling customer care.

2. Submit Closure Request

   • Visit your nearest Bank of Maharashtra branch to place a written request for card closure.
   • Alternatively, contact the Bank’s customer care to understand if postal or online options are available.

3. Request FD Release

   • Once the credit card is closed and all dues are settled, the FD linked to the card is released.
   • You can choose to withdraw the FD or continue it as a regular deposit.

Who Should Consider a Bank of Maharashtra Credit Card Against an FD?

Bank of Maharashtra credit card against FD is a practical choice for individuals in the early stages of their financial journey. Consider applying if you fall into any of these groups:

• New-to-Credit Individuals: Students, recent graduates, or first-time credit users who haven’t yet built a credit history can start safely with a secured card.
• Salaried Employees Without Credit Access: Employees in early-stage careers or contractual roles without steady income documentation can use their FD to access credit facilities.
• Homemakers and Retired Individuals: People without regular income but with savings can use this card by securing it with a fixed deposit, avoiding the need for income proof.
• Credit Rebuilders: Individuals with a low or poor credit score can use the Bank of Maharashtra credit card against FD to rebuild their credit profile with disciplined use.
• Low-Risk Credit Users: Those who prefer credit cards with spending limits backed by their own deposits for better control over finances.

Key Takeaways 

The Bank of Maharashtra credit card against FD is issued against a fixed deposit and is designed for individuals without income proof or an existing credit score. It provides all standard credit card features such as online transactions, bill payments, reward points, fuel surcharge waivers, and EMI conversion (excluding gold/jewellery purchases). The linked fixed deposit remains active and continues to earn interest at prevailing FD interest rates. The credit limit on the Bank of Maharashtra Secured Credit Card can go up to 80% of the FD amount, making it a practical option for building or improving your credit profile.