Sarva Haryana Gramin Bank Credit Card Against FD

What is a Sarva Haryana Gramin Bank Credit Card Against FD?

The Sarva Haryana Gramin Bank credit card against FD is issued against a fixed deposit, with the credit limit based on the pledged amount. The deposit remains under lien during the card’s tenure while earning interest at prevailing Sarva Haryana Gramin Bank FD rates, ranging from 3.50% to 7.10% per annum. It provides customers with a convenient credit option without liquidating their existing deposits.

Sarva Haryana Gramin Bank Credit Card Against FD Features

The Sarva Haryana Gramin Bank credit card on FD has the following key features:

• Credit Limit Linked to Deposit: The credit limit is determined by the value of the fixed deposit, ensuring controlled and responsible credit access.
• Minimal Documentation Required: Since the FD is collateral, the application process involves limited paperwork and no income or extensive credit verification.
• No Income Proof Required: Since the card is issued against an existing fixed deposit, applicants do not need to provide income documents or salary slips.
• Low or No Annual Fees: FD-backed credit cards generally carry low or zero annual charges, making them a cost-effective choice for new users.
• Improves Credit Profile: Regular usage and timely repayments help cardholders build or enhance their credit score, improving eligibility for future credit products.

Pros and Cons of Sarva Haryana Gramin Bank Credit Card Against FD

The Sarva Haryana Gramin Bank credit card against FD offers a balanced mix of security and convenience. However, like any secured card, it also has certain limitations to consider:

Application Process for Sarva Haryana Gramin Bank Credit Card Against FD

Sarva Haryana Gramin Bank credit card against FD application can be made both offline and online, as desired:

Online Application Process

Applicants can apply for the Sarva Haryana Gramin Bank Credit Card Against FD through the bank’s online portal by following these steps:

• Visit the Official Website: Go to the Sarva Haryana Gramin Bank official website and navigate to the relevant credit card or fixed deposit section.
• Select the FD or Secured Card Option: Choose the Fixed Deposit or Credit Card Against FD option from the available banking services.
• Provide FD Details: Accurately enter your account information, fixed deposit amount, and tenure details.
• Upload KYC Documents: Submit self-attested copies of PAN, Aadhaar, and other required details such as email ID and contact number.
• Verification and Approval: The bank verifies your information and reviews your eligibility before processing the credit card request.
• Card Dispatch: Once approved, the bank marks a lien on the FD and dispatches the Sarva Haryana Gramin Bank credit card on FD to your registered address.

Offline Application Process

Applicants can also apply for the Sarva Haryana Gramin Bank credit card against FD by visiting their nearest branch and following these steps:

• Visit the Nearest Branch: Go to the nearest Sarva Haryana Gramin Bank branch and express your interest in applying for a credit card against FD.
• Collect the Application Form: Obtain the Credit Card Against Fixed Deposit application form from the bank’s customer service desk.
• Fill in Required Details: Complete the form with accurate personal, contact, and fixed deposit information.
• Submit Supporting Documents: Provide a passport-size photograph, PAN card, Aadhaar card, and the original FD receipt for verification.
• Sign the Lien and Authorisation Documents: Sign the lien documents authorising the bank to hold the FD as security for the credit card.
• Processing and Card Delivery: Once verified, the request is processed, and the Sarva Haryana Gramin Bank credit card on FD is issued and delivered to your registered address within a few working days.

Closure Process for Sarva Haryana Gramin Bank Credit Card Against FD

To close your Sarva Haryana Gramin Bank credit card on FD, customers must ensure that all dues are cleared and follow the process outlined below:

• Settle Outstanding Balance: Ensure that all pending dues, EMIs, and charges on the credit card are fully paid before initiating closure.
• Submit Closure Request: You can raise a closure request online, through customer care, or by visiting the nearest Sarva Haryana Gramin Bank branch.
• Lien Release: Once all dues are cleared, the bank releases the lien on the fixed deposit linked to the credit card.
• FD Adjustment (if applicable): In case of unpaid dues, the bank may recover the amount directly from the fixed deposit before releasing it.
• Effect on FD Interest: Any adjustments or recoveries from the FD may affect the applicable interest or charges as per the bank’s policies.

Who Should Consider a Sarva Haryana Gramin Bank Credit Card Against FD?

The Sarva Haryana Gramin Bank credit card against FD suits many customers, particularly those seeking secured credit with minimal eligibility requirements.

• First-Time Credit Card Users: Profitable for customers looking to build credit scores with relaxed eligibility norms.
• Individuals Without Regular Income: Suitable for applicants without income proof, such as students, homemakers, or freelancers.
• Low CIBIL Score Holders: Offers an opportunity to rebuild or gradually improve credit history through consistent repayments.
• Existing FD Holders: Allows customers to leverage their fixed deposits to meet planned or emergency credit needs without breaking the FD.

Key Takeaways

Sarva Haryana Gramin Bank Credit Card Against FD provides a secure and convenient way to access credit while maintaining the benefits of a fixed deposit. With quick approval, minimal documentation, and a credit limit linked to the FD value, it supports financial flexibility for customers with limited income proof or credit history. The card helps users build a credit profile responsibly while keeping their savings intact and earning FD interest throughout the tenure.