IndusInd Bank Credit Card Against FD

What is an IndusInd Credit Card Against FD?

An IndusInd Bank credit card against FD is a secured credit card issued against a fixed deposit with IndusInd Bank. It is especially suitable for young professionals with no credit history starting their careers. Depositors get a credit limit of 90% of the FD amount, while the deposit earns interest at the applicable IndusInd Bank FD interest rate. To apply, the fixed deposit must be set to auto-renew and meet the minimum tenure required by the bank.

IndusInd Bank Credit Card Against FD Features

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

• Easy Approval: The IndusInd Bank credit card against FD is easier to get, as the fixed deposit acts as security.
• No Income Proof Required: You can apply for the IndusInd Bank credit card against FD without providing income documents, as the fixed deposit is collateral.
• Interest on FD Continues: Even when your fixed deposit is pledged, it will continue to earn interest at the applicable IndusInd Bank FD interest rate.
• Low Risk of Rejection: The IndusInd Bank credit card against FD has a higher chance of approval as it is backed by your fixed deposit, reducing the risk for the bank.

Pros and Cons of IndusInd Bank Credit Card Against FD

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

Application Process for IndusInd Credit Card Against FD

To apply for an IndusInd credit card against FD, follow these steps:

1. Open a Fixed Deposit: 

   If you do not have an existing fixed deposit with IndusInd Bank, you must open one through internet banking or by visiting a branch. Ensure the deposit amount aligns with the credit limit you aim for, as the card limit is linked to your FD.

2. Submit the Credit Card Application: 

   After the FD is created, you can apply for the IndusInd credit card against FD online. Fill out the credit card application form with the required personal and account details.

3. Provide Required Documents: 

   Upload or submit valid identity, address proof, and your FD details for KYC (Know Your Customer) compliance.

4. Verification and Issuance: 

   Once your documents are verified, the bank will process the application and issue your IndusInd credit card against FD.

Closure Process for IndusInd Bank Credit Card Against FD

If you decide to close the IndusInd Bank credit card linked to your FD, follow these steps:

1. Clear Outstanding Dues: 

   Ensure all outstanding amounts on your credit card, including any interest or charges, are fully paid.

2. Submit Closure Request:

   You can request to close your IndusInd Bank credit card against FD through net banking, customer care, or by visiting the nearest branch.

3. Verification by the Bank: 

   The bank will verify your request and check if your credit card account has no pending dues.

4. Release of Fixed Deposit:

   Once the credit card is closed, your fixed deposit will be unpledged and available for withdrawal or renewal.

5. Receive Confirmation: 

   The bank will send you a confirmation once the card is closed and the FD is released.

Who Should Consider an IndusInd Bank Credit Card Against FD?

You should consider applying for an IndusInd credit card against FD if you fall under any of the following categories:

• Individuals Without Income Proof: This credit card is ideal for those who may not have salary slips or formal income documents, such as freelancers, homemakers, or self-employed individuals.
• First-Time Credit Card Users: It's ideal for students, young professionals, or anyone seeking quick access to credit with minimal paperwork and no prior credit history.
• Individuals Looking to Build Credit Record: Since approval requires only a fixed deposit as collateral, this card is a valuable tool to build or improve your CIBIL score when used responsibly. 

Key Takeaways

The IndusInd Bank credit card against FD is a secured credit card issued against a fixed deposit held with the bank. It is ideal for individuals who do not have proof of income or an existing credit history. The card has standard credit card features, including digital payments, shopping, and utility bill settlements. While the fixed deposit is pledged as collateral, it remains active and earns interest at the applicable FD interest rate. Users can receive a credit limit of up to 90% of the deposit value, making it a useful option for gradually building or improving their credit score.