CSB Bank Credit Card Against FD

What is a CSB Bank Credit Card Against FD?

CSB Bank credit card against FD provides a reliable credit option by linking your fixed deposit to the credit card facility. Instead of relying on credit history, the card is issued based on the deposit held with the bank. This allows you to access credit while your deposit continues to earn interest as per CSB Bank FD Interest rates, making it a balanced choice for building financial credibility.

CSB Bank Credit Card Against FD Features

Below are some important features of the CSB bank credit card against FD:

• Credit Limit Structure: CSB Bank typically provides a credit limit ranging from 70% to 90% of the FD amount, based on the deposit value.
• Eligible Age Group: Individuals aged 18 years and above with a valid CSB Bank FD can apply for this card.
• No Interest Charges: No interest is charged if the outstanding amount is paid in full by the due date. Interest applies only to overdue balances.
• No Income Documents Needed: The credit card is issued without salary slips, income tax returns, or employment verification.

Pros and Cons of CSB Bank Credit Card Against FD

The following table outlines the advantages and limitations of the CSB Bank credit card against FD.

How to Apply for a CSB Bank Credit Card Against FD

To apply for the CSB bank credit card against FD, follow these simple steps:

1. Open a Fixed Deposit

   • Begin by opening a fixed deposit with CSB Bank if you don’t already have one.
   • Ensure that the deposit amount is at least ₹5,000 and meets the bank’s tenure requirements.

2. Fill Out the Application Form

   • Complete the online application form on the CSB Bank website.
   • Link your fixed deposit to the credit card as part of the application.

3. Submit Required Documents

   • Provide valid proof of identity and address.
   • Include your FD receipt or confirmation to complete the verification process.
   • If you aim to reduce TDS on FD interest earnings, submitting Form 15G or 15H to CSB Bank can help minimise deductions.

4. Verification and Card Issuance

   • CSB Bank will review your application and verify the FD details.
   • Once approved, the credit card will be dispatched to your registered address.

Closure Process for CSB Bank Credit Card Against FD

Here’s how you can close your CSB bank credit card against Fixed Deposit:

• Pay Outstanding Dues: Before closing the card, ensure all outstanding payments are fully cleared before closing the card.
• Submit Closure Request: You can initiate the closure by contacting CSB Bank’s customer care, using the Jupiter app, or visiting a CSB Bank branch.
• FD Hold Removal: CSB Bank will lift the hold on your fixed deposit after settling dues, typically within 7 to 10 business days.
• FD Closure and Unpaid Dues: If there are unpaid dues, the bank may use the FD amount to recover them before releasing the remaining balance.
• Penalty Clause on Unpaid Dues: In such cases, interest earned on the FD may be reduced, and additional penalties may apply per the bank's policy.

Who Should Consider a CSB Bank Credit Card Against FD?

Check if you fall under any of these categories:

• Individuals Without Income Proof: The CSB bank credit card against FD is a suitable choice for those who do not have formal income documents or an existing credit profile.
• First-Time Credit Card Users: It’s ideal for students, homemakers, freelancers, or individuals new to credit who need a hassle-free way to access credit with basic documentation.
• Individuals Aiming to Build Credit History: Since no income verification is required, this card is a convenient tool to begin or rebuild your credit score using a secured deposit.

Key Takeaways

The CSB Bank credit card against FD is a secured credit card taken against a fixed deposit with the bank. You need to deposit at least ₹50,000 and be over 18 years of age to apply. The threshold of the credit is usually between 70% and 90% of the amount of the FD. It does not require an income verification or a credit score. Moreover, your fixed deposit does not miss out on the interest rate as per the changing FD interest rates within the tenure, because it comes at a favourable rate of interest on the money you have deposited.