SBI Card launches fixed deposit-backed secured credit card on SBI YONO

New Delhi, Sept 23 (TNT): SBI Card has launched the Advantage SBI Card on SBI YONO, enabling customers with fixed deposits with SBI to apply for secured credit cards through a 100 per cent paperless digital journey, the company said on Wednesday.

The secured credit card can be availed through a digital application in 10 minutes, with customers able to choose from four cards — SBI Card Elite, SBI Card Prime, SimplyCLICK SBI Card and SimplySAVE SBI Card.

The digital journey was inaugurated by SBI Chairman Challa Sreenivasulu Setty in the presence of SBI Managing Director Ashwini Kumar Tewari and SBI Card Managing Director and CEO Salila Pande.

Customers holding a fixed deposit with SBI can apply for the secured Advantage SBI Card through YONO without paperwork.

The initiative combines the security of a fixed deposit with the features and benefits of a credit card, the Bank said in a release .

SBI Card Managing Director and CEO Salila Pande said the new digital journey would provide customers with a simpler and more convenient way to access secured credit cards and strengthen access to formal credit.

The company said the secured card provides an entry point into the formal credit ecosystem, particularly for customers seeking to establish or strengthen their credit profile.

SBI Card, the credit card arm of SBI Cards and Payment Services Ltd, has a portfolio covering lifestyle, rewards, travel and fuel, banking partnership and corporate cards, with more than 22 million cards-in-force, the release added.

TNT KM