2 hrs ago
SBI Card Launches Fixed Deposit-Backed Cards on YONO
SBI Card is offering a new type of credit card through the YONO app.
Customers first keep money in a fixed deposit with SBI.
That deposit acts as security for the credit card.
People can apply online without filling out paper forms or visiting a branch.
The application is designed to take about 10 minutes.
Customers can choose from four different card options.
These include Elite, Prime, SimplyCLICK and SimplySAVE.
The cards may help people build or improve their credit history.
The service is part of SBI Card’s effort to make credit easier to access digitally.
SBI Card has launched fixed deposit-backed secured credit cards through the YONO platform.
Customers can apply through a 100% digital and paperless process without physical documentation.
The application is designed to be completed within about 10 minutes or within minutes.
Applicants can choose from four Advantage SBI Card variants: Elite, Prime, SimplyCLICK and SimplySAVE.
The cards are backed by customers’ fixed deposits with SBI and may help establish or strengthen credit profiles.
- Who
- SBI Card is offering the facility to eligible customers.
- What
- A digital service for applying for fixed deposit-backed secured credit cards.
- Where
- Through SBI’s YONO digital banking platform.
- When
- Why
- To simplify access to secured credit, speed up applications and help expand access to formal credit.
Key facts
- Provider
- SBI Card
- Application platform
- YONO
- Application process
- 100% digital and paperless
- Application time
- About 10 minutes, or within minutes
- Security backing
- The customer’s fixed deposit with SBI
- Available variants
- Elite, Prime, SimplyCLICK and SimplySAVE
- Potential use
- Establishing or strengthening a customer’s credit profile
Quotes
Salila Pande
Managing Director and CEO of SBI Card
“Customers can now experience a simpler and more convenient way to access secured credit cards through a seamless, 100% paperless digital journey.”
businesstoday.in
Sources
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