Indian Bank offers several financial services to its customers, including credit cards against FDs. The idea of an FD credit card aims to make credit easier to access for borrowers with a restricted financial profile. It allows borrowers to apply and get approval for a credit card even when they do not meet the eligibility criteria of a regular credit card. Indian Bank has contributed to the cause of easier access to credit and started issuing credit cards against fixed deposits. Open a FD account with Indian Bank to avail of an FD card with a credit limit of 80 per cent to 90 per cent of their fixed deposit.
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Read on to learn about the top Indian Bank FD credit cards, their benefits and their impact on improved financial flexibility.
Top Indian Bank FD Credit Cards
The benefits of an Indian Bank FD card are many. Firstly, it provides credit facilities to people who have limited credit scores. It is one of the most notable features of credit cards, which makes them a tool for rebuilding credit scores. Because of its secure nature, banks can lower the interest rates and annual fees offered to FD credit cards compared to other credit cards.
Following are the best Indian Bank credit cards and their salient benefits.
Indian Bank Coral Credit Card
This credit card is made for people who want a premium and luxury experience.
- It provides an array of benefits like accelerated reward points at every transaction, fuel surcharge waivers, complimentary airport lounge access, and coverage against lost baggage and air accident.
- It allows cardholders to make purchases and withdrawals at many locations as it is accepted globally.
- Cardholders can also get huge discounts and exclusive offers on shopping, dining, and travel.
- It enables contactless payments and allows quick and secure transactions at certain locations. Cardholders can have a hassle-free transaction without waiting in long queues for transactions. Note that it has a 25 per cent credit limit for cash withdrawals.
- It provides convenience and flexibility while travelling internationally and for online shopping.
- No annual fee is required for this card.
Indian Bank Platinum Credit Card
The Platinum Credit Card from Indian Bank is the most popular Indian Bank FD credit card.
- It is developed for people who want a lot of reward points and value points.
- It is also the perfect Indian Bank FD credit card among frequent travellers. It offers travel insurance and flexible repayment option.
- It offers discounts on dining and shopping, accelerated reward points at every transaction, and complimentary insurance coverage.
- Cardholders of the Platinum Credit Card can also enjoy a fuel surcharge waiver at certain petrol bunk outlets.
- It provides an easy EMI facility for high-value purchases. Users of this Indian Bank FD credit card can repay the amount debited in monthly instalments. It makes this card to be a flexible card with a flexible repayment option.
Indian Bank Gold Credit Card
The Indian Bank Gold Credit Card is made to meet the everyday financial needs of people.
- It is for people who want a credit card with just the primary necessities.
- This Indian Bank FD credit card offers reward points on purchases, fuel surcharge waivers, and insurance coverage.
- It also provides convenience, security, and flexibility in repayment options.
- Users can obtain exclusive discounts and offers on dining at selected restaurants and shopping at partner outlets.
- The Indian Bank Gold Credit Card offers complimentary insurance coverage to the person. This coverage includes benefits like insurance for lost baggage and air accident insurance.
Indian Bank Classic Credit Card
The Classic Credit Card is one of the most basic Indian credit cards.
- The Classic Credit Card is a perfect option for people who prefer a no-frills credit card. But they can still enjoy the security and convenience of an FD credit card.
- Indian Bank Classic Credit Card is accepted worldwide.
- It helps users to obtain reward points on transactions, avail of fuel surcharge waivers and provides insurance coverage.
- It provides acceptance and ensures a convenient and flexible option during international travel or online shopping.
- The Classic Credit Card has flexible repayment options.
- It allows cardholders to earn reward points for every transaction made using the card. These points are easily redeemable.
FD credit cards offered by Indian Bank provide a valuable financial solution that combines credit accessibility, security, and the opportunity for economic growth through fixed deposits. Note that specific terms, conditions, and benefits of these credit cards may vary. Borrowers should evaluate their features and pick the one that best suits their financial requirements. Regardless of the selected Indian Bank FD credit card, users can obtain interest on their fixed deposits while using their credit cards for everyday transactions. It will further help borrowers build a string CIBIL score. On that note, remember to make stay within the credit limit and make timely payments.
1. Can I apply for an Indian Bank FD credit card without having an existing fixed deposit account with the bank?
No, opening a fixed deposit account with Indian Bank is a mandatory requirement to apply for an FD credit card.
2. What is the credit limit assigned to the Indian Bank FD credit card?
The credit limit is typically 80-90% of the amount deposited in the fixed deposit account linked to the credit card.
3. Can I withdraw the funds from my fixed deposit account linked to the FD credit card?
No, the funds in the fixed deposit account act as collateral and cannot be withdrawn until the closure or termination of the credit card.
4. Is there an annual fee associated with an Indian Bank FD credit card?
Yes, Indian Bank charges an annual fee for FD credit cards, which varies depending on the specific card and its features.
5. Can I convert my existing Indian Bank credit card to an Indian Bank FD credit card?
No, FD credit cards are different products. One needs to apply specifically for an FD credit card and open a fixed deposit account as collateral.