RBL Bank Credit Card Against FD

What is RBL Bank Credit Card Against FD?

An RBL Bank credit card against FD is a secured credit card linked to your fixed deposit. It offers a smart way to access credit while your deposit continues to earn interest at the applicable RBL Bank FD interest rate. To apply for a secured credit card, you must have a fixed deposit with RBL Bank, and the minimum age requirement is 18 years. 

RBL Bank Credit Against FD Features

Here are the key features of the RBL Bank credit card against FD you should know:

• FD as Collateral: The RBL Bank credit card against FD is backed by your fixed deposit, which serves as collateral, allowing you to access credit without premature withdrawal of your funds.
• No Credit Score Required: The RBL Bank credit card against FD does not require an existing credit score, making it ideal for first-time users or those looking to build or rebuild their credit history.
• No Income Proof Required: The RBL Bank credit card against FD does not require any income documents, making it an ideal option for individuals without regular income proof, such as students or freelancers.

Pros and Cons of RBL Bank Credit Card Against FD

Here’s a quick look at the key advantages and limitations of the RBL Bank credit card against FD:

Application Process of RBL Bank Credit Card Against FD

To apply for the RBL Bank credit card against FD, follow these simple steps:

1. Open a Fixed Deposit at RBL Bank: 

   Ensure your FD is in your name (no joint, tax‑saver, HUF, etc.) and meets the minimum amount required.

2. Start the Secured Credit Card Application: 

   Visit RBL’s credit cards page and select the secured credit card option. Make sure to mention your FD during the application.

3. Provide Identity & Address Proofs: 

   Upload KYC documents such as Aadhaar, PAN, passport, or utility bills as per RBL’s requirements.

4. Lien Creation on FD: 

    Upon successful application, RBL places a lien on your FD equivalent to the credit limit.

5. KYC Completion: 

   Complete KYC via eKYC (OTP-based), video KYC, biometric verification, or physical KYC at a branch.

6. Approval & Card Dispatch:

   Once processed, which generally takes up to 20 days, your secured card is dispatched to your registered address.

7. Card Activation: 

   Activate your card using the RBL MyCard or MoBank app, internet banking, or IVR. After activation, you can start using the card.

Closure Process of RBL Bank Credit Card Against FD

To initiate the closure process of your RBL Bank credit card against FD, follow these simple steps:

1. Clear Outstanding Balance:

   Make sure to settle any dues, including purchases, interest, and fees, to bring your account to a zero balance.

2. Submit a Closure Request: 

   Contact RBL Bank customer care via phone, email, or internet banking or visit your nearest branch to formally request card closure.

3. Lien Release on the Fixed Deposit: 

   Once the account is fully paid off, RBL will remove the lien placed on your FD used as collateral.

4. Continue or Withdraw FD: 

   After lien removal, your FD will resume normal operations. You may choose to keep it until maturity or withdraw the funds as per your needs.

5. Receive Confirmation: 

   RBL may send you a written or SMS confirmation stating that your RBL Bank credit card against FD has been successfully closed and the lien lifted.

6. Continue Earning FD Interest: 

   Throughout the closure process and beyond, your FD will continue to accrue interest at the agreed RBL Bank FD interest rate.

Who Should Consider RBL Bank Credit Cards Against FD?

The RBL Bank credit card against FD is suitable for the following:

• Young Professionals: This card presents a good option for those starting their careers who may not have a credit history. It allows you to build your credit using a fixed deposit, without needing income or job proof.
• Students & Freelancers: For individuals with limited or irregular income, this card offers access to credit without the need to show income documents, making it suitable for students and independent professionals.
• First-Time Credit Users: If you're applying for a credit card for the first time, this secured option provides a low-risk way to begin building your credit profile, backed by your deposit.
• Cautious Spenders: If you prefer controlled spending, this card can help. Your credit limit is based on your fixed deposit amount, which helps you manage expenses while your savings continue to earn interest. 

Key Takeaways 

The RBL Bank credit card against FD is issued against a fixed deposit and can be used by individuals without income proof or credit history. It functions like a regular credit card, supporting bill payments, online transactions, and more. The fixed deposit remains active and continues to earn interest at the applicable FD interest rate. The card offers a credit limit of up to 90% of the fixed deposit amount and helps users gradually build or improve their credit profile over time.