South Indian Bank Credit Card Against FD

What is the South Indian Bank Credit Card Against FD?

The South Indian Bank credit card against FD is issued under the Secured SIB One Co-Branded credit card, launched in partnership with OneCard. It offers a credit limit backed 100% by the fixed deposit amount. The card allows you to access credit while your fixed deposit continues to earn returns at the applicable South Indian Bank FD interest rates.

South Indian Bank Credit Card Against FD Features

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

• Lifetime-Free Metal Credit Card: Enjoy the South Indian Bank credit card against FD with a premium metal design and zero joining or annual fees for life.
• Contactless Tap-to-Pay Convenience: With the South Indian Bank credit card against FD, you can simply tap your card for payments up to ₹5,000 per transaction, no PIN needed, making your checkout faster and easier.
• Low Forex Markup Fee: With the South Indian Bank credit card against FD, you enjoy one of the lowest forex markup fees in the market, just 1%, so you save more every time you spend internationally.
• Digital Onboarding: You can apply for the South Indian Bank credit card against FD entirely online through the SIB Mirror+ and OneCard app, with no paperwork or branch visits needed.

Pros and Cons of South Indian Bank Credit Card Against FD

The table below highlights some key pros and cons of the South Indian Bank credit card against FD to help you make an informed decision:

Application Process for South Indian Bank Credit Card Against FD

The following are the steps to apply for the South Indian Bank credit card against FD:

1. Log in to the SIB Mirror+ App: 

   Open the app and go to Credit Card > Apply New Secured Credit Card.

2. Check Eligible Deposits: 

   Your eligible fixed deposits will be displayed. If you don’t have one, create a new FD using the Deposit option in the app.

3. Select Deposit: 

   Choose the fixed deposit against which you want to avail the credit card.

4. Enter Credit Limit: 

   Enter your preferred credit limit (between ₹20,000 and ₹15,00,000) and confirm your selection.

5. Download OneCard App: 

   Click on Get SIB One Co-Branded Credit Card. This will redirect you to download the OneCard app.

6. Complete Onboarding: 

   Finish the onboarding process in the OneCard app, including video KYC, to activate your Secured SIB One Co-Branded Credit Card.

Closure Process for South Indian Bank Credit Card Against FD

The following are the steps to close your South Indian Bank credit card against FD:

1. Clear Outstanding Dues:

   Make sure you’ve paid all your credit card bills, EMIs, and any pending charges. Your card must have a zero balance before closure.

2. Submit Closure Request:

   You can raise a closure request through the OneCard app, call customer care, send an email, or visit your nearest branch.

3. Surrender the Card:

   Deactivate or return both your virtual and physical cards. This step is needed to complete the closure process.

4. Remove Lien on FD:

   Once your card is closed, the bank will remove the lien placed on your fixed deposit.

5. Receive Confirmation:

   You’ll get a confirmation message or email once your credit card is closed and the fixed deposit is released.

Who Should Consider a South Indian Bank Credit Card Against an FD?

You may consider a South Indian Bank credit card against FD if you belong to one of the following groups:

• Young Professionals: If you're starting your career and don’t yet have a credit history, this card helps you build one using your FD no income proof needed.
• Students and Freelancers: You may not have a steady income or salary slips, but with this card, your fixed deposit gives you access to a full-featured credit card.
• First-Time Credit Card Users: This is a safe and simple way to enter the world of credit cards, without risking overspending or needing a high credit score.
• Cautious Spenders: If you prefer staying in control of your expenses, the FD-backed limit ensures you don’t spend beyond your means.

Key Takeaways 

The South Indian Bank credit card against FD is issued against a fixed deposit and is designed for individuals who do not have income proof or an existing credit history. It works like a regular credit card, supporting bill payments, online purchases, and EMI conversions. Your fixed deposit continues to earn interest at the applicable FD interest rate. The card provides a credit limit equal to 100% of your FD amount and helps users gradually build or strengthen their credit profile.