IDBI Bank Credit Card Against FD

What is an IDBI Bank Credit Card Against FD?

IDBI Bank’s credit card against FD, the Imperium Credit Card, is issued against a fixed deposit, making it suitable for individuals with limited credit history. No proof of income is required, and the credit limit is determined based on the FD amount. Your FD continues to earn interest as per the IDBI Bank FD rates, while the credit card offers the flexibility to manage everyday expenses. You can also combine up to five fixed deposits for a single card, making meeting the minimum deposit requirement easier.

IDBI Bank Credit Against FD Features

Here are some key features of the IDBI Bank credit card against FD:

• Credit Limit: You can get up to 85% of your FD amount as the credit limit. However, the limit is capped at ₹10 lakh, even if your fixed deposit is of a higher amount.
• Interest-Free Period: You will get up to 48 days of interest-free credit on your IDBI Bank Credit card against FD.
• Joining and Annual Fee: You will get the IDBI Bank credit card against FD with a joining fee of ₹499 and an annual fee of ₹499 for the primary card.
• Credit Limit Upgrade: You can increase the credit limit on your IDBI Bank credit card against FD by submitting a request at any branch. You can also link new fixed deposits to raise the limit.
• Late Payment Fees: The IDBI Bank Credit Card Against FD imposes late payment fees based on the outstanding amount: 
  • No fee for outstanding amounts less than ₹100
  • ₹100 for amounts between ₹100 and ₹500
  • ₹400 for amounts between ₹501 and ₹5,000
  • ₹500 for amounts between ₹5,001 and ₹20,000
  • ₹750 for amounts above ₹20,000

Pros and Cons of IDBI Bank Credit Card Against FD

Here are some key pros and cons of IDBI Bank credit card against FD to help you make an informed decision:

Application Process of IDBI Bank Credit Card Against FD

Applying for the IDBI Bank credit card against a fixed deposit is simple and hassle-free. Here's how you can do it:

1. Open a Fixed Deposit: 

   Visit your nearest IDBI Bank branch and open a fixed deposit account. Ensure the deposit meets the minimum amount required for the credit card.

2. Fill the Application Form:

   Request the Imperium Credit Card against FD and fill out the application form with basic details.

3. Submit Required Documents: 

   You need to provide only a few basic documents to apply for the IDBI Bank credit card against FD. These include a valid PAN card, a recent passport-size photograph, and a Certificate of Deposit (FD receipt). 

4. Select FD(s) to Link: 

   You can choose to link a single FD or multiple FDs (maximum 5) to your credit card for a higher limit.

5. Processing and Approval: 

   Since no income proof or credit score is required, the approval is quick.

6. Card Issuance and Delivery: 

   After approval, the card is dispatched to your registered address within a few working days.

Closure Process of IDBI Credit Card Against FD

Closing your IDBI Bank Credit Card against FD is a straightforward process. Here's how you can do it:

1. Clear Outstanding Dues:

   Before initiating closure, ensure all outstanding balances, interest charges, and fees on the credit card are fully paid.

2. Submit Closure Request:

   Visit your nearest IDBI Bank branch and submit a written request to close the credit card. You may also contact customer care to initiate the process.

3. Card Account Closure Charge: 

   A charge of ₹999 applies if the card is closed within one year of issuance. It's advisable to keep this in mind before early closure.

4. Release of Fixed Deposit:

   Once the card is closed and dues are cleared, the fixed deposit linked to the card will be released. You can then withdraw, renew, or modify the FD as you prefer.

5. Get Closure Confirmation: 

   After processing, the bank will provide a closure confirmation. It’s recommended that a written confirmation or email from the bank be collected for future reference.

Who Should Consider an IDBI Bank Credit Card Against FD?

The IDBI Bank Credit Card against FD is ideal for individuals who:

• Have no credit history: It's a great starting point for students, first-time earners, or anyone looking to build a credit score from scratch.
• Have a low credit score: If you're unable to get an unsecured credit card, this secured option offers a second chance to rebuild credit.
• Do not have regular income proof: Freelancers, homemakers, or self-employed individuals without formal income documents can easily qualify.

Key Takeaways

The IDBI Bank Credit Card Against FD is issued against a fixed deposit and is suitable for individuals without income proof or credit history. It offers regular credit card features such as online shopping, bill payments, and EMI conversion. The fixed deposit continues to earn interest at the applicable FD interest rates. The credit limit is up to 85% of the total FD amount, with a maximum cap of ₹10 lakh. This card allows easy access to credit while keeping your deposit intact.