RBL Bank Credit Card Against FD

What is RBL Credit Card Against FD?

An RBL credit card against FD is linked to your fixed deposit and enables you to avoid the penalty of premature withdrawal. 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, you simply need to be at least 18 years old and hold an eligible fixed deposit, typically starting at a minimum of ₹20,000.

Because your deposit serves as collateral, the bank guarantees approval with zero requirement for income proof, salary slips, or a previous CIBIL score. This makes it an exceptional tool for credit beginners, freelancers, or anyone looking to safely build or repair their credit history through regular, on-time bill repayments.

RBL FD Backed Credit Card Features

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

• Collateral-Free Limit: The RBL FD credit card 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 FD-backed credit card 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 FD credit card does not require any income documents, making it an ideal option for individuals without regular income proof, such as students or freelancers.
• Card Variants: Depending on the specific card variant you choose, you can unlock premium benefits like accelerated reward points, fuel surcharge waivers, and dining or entertainment discounts.

How to Apply for an RBL Credit Card Against FD

To apply for the RBL 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.

Process to Close RBL Credit Card Against FD

To initiate the closure process of your RBL 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 FD credit card 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.

RBL Credit Card Against FD Eligibility Criteria

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

• Young Professionals: The RBL Bank secured credit 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.

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 secured credit card:

Key Takeaways

The RBL secured credit card is an easily available credit option suitable for individuals seeking a credit card without income proof or a credit history. It works like a regular credit card and comes in handy for bill payments, online transactions, EMI conversions, and more. The fixed deposit remains active and continues to earn interest at the applicable FD interest rate. The FD-based 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.