Dhanlaxmi Bank Credit Card Against FD

What is a Dhanlaxmi Bank Credit Card Against FD?

Dhanlaxmi Bank Credit Card against FD is a secured card offered against a fixed deposit with the bank. The minimum FD tenure required is 12 months, with the deposit kept in auto-renewal mode. The credit limit can go up to 80% of the FD amount, giving customers easy access to credit. At the same time, the fixed deposit continues to earn returns at prevailing Dhanlaxmi Bank FD rates. If dues remain unpaid for more than 90 days (DPD), the bank can liquidate the FD to recover the outstanding balance.

Dhanlaxmi Bank Credit Card Against FD Features

The Dhanlaxmi Bank Credit Card against FD has simple eligibility rules and minimal documentation. Here are its main features:

• No Joining Fee: The Dhanlaxmi Bank Credit Card against FD has zero joining charges for primary and add-on cardholders.
• Helps Improve Credit Score: Timely repayments on the Dhanlaxmi Bank Credit Card against FD enable customers to build and strengthen their credit profile.
• No Income Proof or Credit History Required: The Dhanlaxmi Bank Credit Card against FD can be availed without income proof or an existing credit record.
• No Renewal Fee: The Dhanlaxmi Bank Credit Card against FD carries no renewal charges, making it cost-effective to maintain.
• Annual Fee Benefit: The Dhanlaxmi Bank Credit Card against FD carries an annual fee of ₹400 for the primary cardholder, while add-on cards are free.

Pros and Cons of Dhanlaxmi Bank Credit Card Against FD

The table below outlines the advantages and limitations of the Dhanlaxmi Bank Credit Card against FD, helping customers make an informed decision:

Application Process for Dhanlaxmi Bank Credit Card Against FD

The application can be made through both online and offline modes. The following are the steps for each process:

Online Application Process

The application can be completed seamlessly through the bank’s website for those who prefer a digital journey. The steps are as follows:

• Visit the official website: Open the credit card section on Dhanlaxmi Bank’s portal.
• Select the FD-linked card option: Choose the credit card against FD.
• Open or link a deposit: Create a new FD with a tenure of at least 12 months in auto-renewal mode, or link an existing eligible FD.
• Fill in the application form: Provide personal and FD details.
• Upload documents: Submit PAN, address proof, and a passport-size photograph.
• Verification and approval: Once the bank verifies the details, the card is approved and dispatched to the registered address.

Offline Application Process

Applicants who prefer in-person assistance can complete the process by visiting a Dhanlaxmi Bank branch. The steps are as follows:

• Branch Visit: Go to the nearest Dhanlaxmi Bank branch and request the credit card against FD application form.
• Deposit Placement: Open a new fixed deposit with a minimum tenure of 12 months under auto-renewal, or link an existing eligible FD.
• Form Filling: Complete the application form with accurate personal and FD-related details.
• Document Submission: Provide PAN, address proof, a passport-size photograph, and the FD receipt for lien marking.
• Bank Verification: The branch staff reviews the documents and confirms lien-marking of the FD.
• Card Issuance: After approval, the credit card is processed and delivered to the customer’s registered address within a few working days.

Closure Process for Dhanlaxmi Bank Credit Card On FD

When customers wish to close their FD-linked credit card, the following process is carried out:

• Clear Outstanding Dues: All pending amounts on the credit card must be settled in full.
• Submit Closure Request: A closure request can be placed through the branch, customer care, or other official channels.
• Lien Release on FD: The bank removes the lien marked on the fixed deposit once the request is verified.
• Adjustment from FD if dues remain: If outstanding amounts are not cleared within the allowed period, the bank may liquidate the fixed deposit to recover dues.
• Impact on FD Interest: If the FD is liquidated, applicable charges and adjustments may reduce the effective interest earned on the deposit.

Who Should Consider a Dhanlaxmi Bank Credit Card On FD?

The Dhanlaxmi Bank Credit Card against FD is most suitable for the following types of customers:

• Students and Homemakers: Investors without regular income proof can conveniently obtain credit by linking their fixed deposit.
• First-Time Credit Users: Customers new to credit can use this card to build a repayment track record and strengthen their credit history.
• Applicants Seeking Simple Approval: With minimal documentation and no strict age or CIBIL score restrictions, the process is quick and straightforward.

Key Takeaways

The Dhanlaxmi Bank Credit Card on FD combines the benefits of a fixed deposit with the convenience of a credit card. With a minimum deposit of ₹10,000 kept for at least 12 months, customers can access a credit limit of up to 80% of the FD amount. The deposit continues to earn returns at FD interest rates ranging from 4% to 6.60% per annum, while the card can still be used for everyday transactions. This makes it a practical choice for students, homemakers, new credit users, and existing FD holders looking for a simple approval process with minimal requirements.