ZET, a credit score builder platform, and SBM Bank (India) have jointly launched the SBM ZET Credit Card, a fixed deposit (FD)-backed credit card. The card targets individuals with no or limited credit history and aims to help them build a strong credit score.

The credit card is powered by the RuPay network and can be linked to any UPI app for daily payments. Applicants do not need an existing credit history, income proof, or high credit score. Instead, customers can secure the card by opening a fixed deposit with SBM Bank, starting from ₹5,000.

They can use up to 90% of their deposit as the credit limit while continuing to earn interest of up to 7% per annum.

According to industry data, millions of Indians remain outside the formal credit system, either due to no prior credit history or limited access to credit products. The new card seeks to address this gap by offering an accessible and secured entry point into the credit ecosystem.

The SBM ZET Credit Card comes with no annual fees and includes in-app rewards on services like mobile recharges, electricity bill payments, and voucher purchases. ZET plans to introduce UPI-specific rewards in the near future. Customers may see improvements in their credit scores within a month of regular usage and timely repayments.

The card can be applied for through the ZET mobile app, available on both Android and iOS platforms. The fixed deposits are insured up to ₹5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

SBM Bank India is a wholly owned subsidiary of Mauritius-based SBM Holdings. It operates under the Reserve Bank of India’s Wholly Owned Subsidiary model and has a network of 22 branches across India.