Kotak Credit Card Against FD

Kotak Secured Credit Card Against FD Options

1. Kotak 811 #DreamDifferent Credit Card:

   Requires a minimum fixed deposit of ₹10,000 to get started. It comes with zero annual or joining fees for life, and you get a spending limit of up to 90% of your deposit amount.

2. Kotak 811 ‘super.money’ Credit Card:

   Get started with an affordable fixed deposit of just ₹1,000. It offers a credit limit up to 90% of your deposit value, along with extra cashback on daily UPI payments and top brands.

Key Benefits: Kotak Fixed Deposit Credit Card

With no joining fees and cashback up to 2% on UPI, there are more benefits of the Kotak secured credit card against FD, which are listed below:

• Builds Your Credit Score: Helps you build or repair your CIBIL score quickly through regular card use and on-time bill payments.
• Keeps Earning Interest: Your fixed deposit continues to grow at Kotak FD interest rates, even while it serves as security for your card.
• Earns Rewards & Cashback: Earn reward points on every transaction, like 4 points for every ₹100 spent online with the Dream Different card, or enjoy instant cashback on your favourite brand purchases.

Kotak811 Dream Different Credit Card

The Kotak 811 Dream Different Credit Card is a popular FD backed credit card offered by Kotak Mahindra Bank. Some of the main features of the Kotak 811 Dream Different card are mentioned below.

• The minimum FD amount is Rs. 10,000 for non-811 Kotak savings account customers.
• You can set your own credit limit with this card.
• There is no joining or annual fee.
• Earn 4 reward points against spending Rs 100 on online transactions, and 1 reward point for spending Rs 100 on other transactions.
• Earn Amazon Vouchers up to Rs. 1,000 by spending Rs. 72,000 in a year
• Enjoy a waiver on fuel and railway surcharges.

How to Apply for a Kotak FD Credit Card

Follow the steps to apply for a Kotak secured credit card against FD:

• Log in: Open the Kotak Mobile Banking App or visit the Kotak811 website.
• Navigate to Credit Cards: Go to the Apply Now or Credit Card section.
• Choose/Create your Fixed Deposit: Select an existing eligible FD (minimum ₹10,000) or open a new FD directly in the app.
• Set Credit Limit & Confirm Details: Review your credit limit (up to 90% of your FD amount), verify your delivery address, and submit.
• Card Issue: Your application is instantly approved based on your lien-marked FD, and your physical card will be delivered to your registered address.

Value Chart of Kotak811 Dream Different Credit Card

This table will show you your spending and the money you have saved, and the rewards earned on that spending by using your Kotak FD backed credit card:

Important Notes on Benefits

• Cashback Conditions: To receive the 2% monthly cashback, you must spend at least ₹15,000 per billing cycle and pay at least the Minimum Amount Due (MAD) on time. Cashback must be claimed monthly in the Kotak811 app.
• Exclusions: Fuel transactions, ATM cash withdrawals, wallet loads, rent payments, and EMI conversions do not earn reward cashback.
• Joining Fee: While the card is generally lifetime free, a ₹500 joining fee applies depending on current onboarding terms.

Who Should Consider a Kotak Bank Credit Card Against FD?

With a credit card against FD, you can achieve several financial goals. A Kotak credit card on FD is ideal for the following individuals:

• First-time credit users: If you have little to no credit history, this card helps you responsibly establish and build your credit score.
• Young professionals and students: For those just starting their careers or education, this card offers access to credit without needing proof of income.
• Individuals without regular income documents: Self-employed, homemakers, or those without formal pay slips can still avail of a credit card using an FD as collateral.
• Cautious savers: Those who prefer using their fixed deposit as security rather than liquidating savings will find this card beneficial.

Eligibility For Kotak811 Dream Different Credit Card

The eligibility criteria for applying for the Kotak Mahindra Bank Credit Card against FD (Kotak811 Dream Different Credit Card) are mentioned below -

• Primary cardholders must be 18 to 75 years old; add-on cardholders must be 18 or older.
• A minimum FD of Rs. 10,000 is required
• The applicant must be a resident of India
• Only individual FDs are permitted
• Non-resident Indian customers can apply through the offline process only

Closure Process for Kotak Credit Card Against FD

If you want to close your Kotak Mahindra Bank credit card linked to a fixed deposit, follow these steps:

• Clear All Outstanding Payments: Ensure you have paid off all pending amounts on your credit card, including dues, fees, or interest charges.
• Submit a Written/Online Request: At your nearest branch or by calling the Customer Contact Centre.
• Be Specific with the Details: In your request, specify whether you want to cancel the credit card and release your Fixed Deposit (FD), or keep the FD active while cancelling the card.
• Receive Confirmation: Kotak Bank will send you a confirmation via email, SMS, or app notification, verifying the successful closure of your credit card and the release of your FD.

Note: The entire process, including the release of your FD, takes about 4 business days.