Ujjivan Small Finance Bank Credit Card Against FD

What is a Ujjivan Small Finance Bank Credit Card Against FD?

Ujjivan Small Finance Bank Credit Card Against FD represents a secured option provided on an FD held with the bank. Under this card facility, the FD keeps accruing interest at the prevailing Ujjivan Small Finance Bank FD rates while using it as collateral for the credit card. The tenure range of these fixed deposits ranges from 7 days to 10 years.

Customers aiming to enhance their credit score without presenting income proof can apply for this card facility. But note that the basic KYC documents are required. It is appropriate for students, homemakers, and first-time credit users. With this FD-backed card, customers can shop, pay bills, pay EMIs, and manage other normal transactions.

Ujjivan Small Finance Bank Credit Card Against FD Features

Ujjivan Small Finance Bank credit card on FD has several salient features that make it an appealing choice. These include:

• Smooth Credit Accessibility: The bank marks the lien and then issues you the credit card on your FD; the cried limit is usually 80-90% of the FD value.
• Constant interest on the FD: The FD linked with this card keeps getting interest at the current FD interest rates.
• Versatility: The card facility is easily accessible and doesn’t require income proof.
• Strengthens the Credit Score: If an applicant makes timely payments and uses responsibly, it can help boost their credit score.
• Swift Processing: The processing completes smoothly as the verification is quick.

Pros and Cons of Ujjivan Small Finance Bank Credit Card Against FD

This card facility comes with the following benefits and constraints that you must learn before proceeding:

Application Process for Ujjivan Small Finance Bank Credit Card Against FD

Applying for the Ujjivan Small Finance Bank credit card on an FD is simple, whether offline or online.

Online Application Process

If you prefer the online application process for the Ujjivan Small Finance Bank credit card against FD, the steps are: 

• Visit the website of the bank: Open up this bank’s website. 
• Choice of the FD: You will find several options from which you need to click on the ‘Credit Card Against FD’.
• Choose the option for a credit card: Select the "Credit Card against Fixed Deposit" option.
• Link or Open New FD: Create a new FD account in your name or connect the existing one for further processing. 
• Provide Required Info: Fill up all details being asked in the form. 
• Upload of Documentation: You must upload the scanned documents, like PAN card, ID proof, and address proof. 
• Card’s Verification: Lastly, the bank goes through your application, and once it’s verified, your card will be delivered to your address. 

Offline Application Process

You can apply Ujjivan Small Finance Bank credit card against FD offline by following these steps:

• Visit the Bank’s Branch: Approach a branch of this bank and request an application for this credit card facility.
• Know the Requirements: Consult with a bank representative to learn the minimum deposit amount, interest rate, required documents, and eligibility criteria to prevent confusion.
• Connect an FD Account or Open New: Open an FD account if you don’t have one or link the existing one.
• Submit the KYC Documents: Along with your application, you must provide a PAN card, an address proof, and a passport-size photograph.
• Verification from Bank: Submit this filled application to a bank representative, and they will verify all your submitted details.
• Card Dispatch: After being verified, the credit card gets approved and sent to your address (within a few working days).

Closure Process for Ujjivan Small Finance Bank Credit Card on FD

To close the Ujjivan Small Finance Bank credit card against FD, here are the steps to follow:

• Clear Dues (if any): Make sure to clear the dues if there are any, and then only proceed with the closure.
• Get the Closure Form: Visit this bank’s branch to get the closure form and fill it out.
• Submit the Documents: Along with the filled form, you need to attach your card copy, identity proof, and the closure form.
• Lien Unmarking: If dues are cleared, the bank will lift the lien marked on your FD. Subsequently, the FD will keep earning interest as usual.
• Unsettled Dues’ Recovery: In cases like non-payment of dues, the bank will cover them from the FD amount.
• Card Closure: After closing the card, the FD will be fully liquid again and continue working normally until maturity.

Who Should Consider a Ujjivan Small Finance Bank Credit Card Against an FD?

Ujjivan Small Finance Bank credit card against FD is smoothly accessible to multiple applicants, as discussed below:

• Homemakers and Students: Creditors who lack income proofs yet want to access the credit card services can use this facility by maintaining a fixed deposit with the Ujjivan Small Finance Bank.
• Beginner Credit Uses: Any first-time credit card users can use this facility and build their credit history.
• Risk-Averse Applicants: It needs minimal documentation and is suitable for applications aiming for risk-free investment.

Key Takeaways

New credit users intending to build a credit score responsibly can go for the Ujjivan Small Finance Bank Credit Card Against FD. This secure FD-linked credit facility secures your fixed deposit amount and helps you earn interest consistently as per the prevailing interest rate. This facility comes with minimal documentation, and its application process is quick. Customers looking to have financial stability can conveniently opt for this facility.