SBM Bank, ZET roll out FD-backed credit card with UPI support

By Gloria Methri

ZET, the credit-building FinTech platform, in partnership with SBM Bank India, has launched the SBM ZET Credit Card, a fixed deposit-backed credit card designed to help India’s underserved populations establish strong credit profiles.

Backed by a fixed deposit and powered by the RuPay network, the card requires no prior credit history, income proof, or employment verification. It is designed to help individuals build or repair their credit, offering an accessible path to achieving a credit score of 750 or higher.

“A good credit score is essential for accessing better financial products, yet millions of Indians are either new to credit or held back by a low score,” said Manish Shara, Co-founder and CEO of ZET. “With the SBM ZET Credit Card, we are addressing this gap with a simple, secure tool to begin building a credit history.”

The lifetime free card allows users to deposit as little as INR 5,000 into a fixed deposit account with SBM Bank, of which up to 90% can be used as the credit limit. Deposits earn up to 7% p.a. interest, combining credit-building with smart savings. Deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC), offering coverage of up to ₹5 lakh.

“The SBM ZET Credit Card embodies our mission to create inclusive financial solutions,” said Kumar Anshumali, EVP – Credit Card, Partnerships and Digital Initiatives, SBM Bank India. “This product helps first-time borrowers take control of their financial journeys with ease and security.”

The card is UPI-enabled and integrates seamlessly with major UPI apps, making it usable for daily payments. Customers can apply via the ZET app, available on both Android and iOS, and top up their fixed deposits anytime up to ₹5,00,000.

Beyond credit building, users can earn rewards for in-app transactions, including mobile recharges, utility bill payments, and purchases from over 80 partner brands. ZET also plans to roll out UPI-specific rewards soon.

With consistent usage, customers may start seeing improvements in their credit scores within 30 days, potentially opening the door to more affordable credit products in the future.