CSB Bank Credit Card Against FD

CSB Bank credit card against FD is a secured credit card issued against a fixed deposit with CSB Bank. To apply, a minimum deposit of ₹50,000 is required. Applicants must be Indian residents with an active CSB Bank fixed deposit.

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7.1%***

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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.

Information About
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.1% (TAX-FREE)
Returns After Tax
7.1%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

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.
fd return beater

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.

Pros Cons
Helps build credit history through timely repayments Only individual FDs are accepted; joint deposits are not eligible
FD continues to earn interest while the card is active The FD is locked as collateral and not withdrawable
Lifetime free for early users; zero joining/annual fees Limited variants compared to unsecured credit cards
No income proof or credit score required Early FD closure may lead to card deactivation
FD interest rates India have fallen consistently over the last 12 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

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.
Guaranteed return plan Guaranteed return plan

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.
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*Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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.

FAQs

  • What is the minimum deposit for a CSB bank credit card against FD?

    To apply for the CSB bank credit card against FD, you must maintain a fixed deposit of at least ₹50,000.
  • Is income proof required to apply for the CSB bank credit card against FD?

    No. CSB Bank does not require income proof to issue a credit card against an FD, making it accessible for students, homemakers, and freelancers.
  • What credit limit is provided on the CSB Bank credit card against FD?

    CSB Bank typically offers a credit limit of 70% to 90% of the fixed deposit value, depending on the applicant's profile and FD tenure.
  • Can I close my FD before the CSB bank credit card against the FD expires?

    Premature FD closure may lead to credit card cancellation and possible penalties, as the FD serves as security. In most cases, the bank will not allow premature closure until you have paid all the credit card bills and EMIs.
  • Is the CSB bank credit card against FD lifetime free?

    Yes, for the first two lakh users, the CSB FD-backed credit card is lifetime free with no joining or annual fees.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ ˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

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