July 3, 2025 · 12 mins read
Santhosh Kumar
ZET, a credit score builder platform, and SBM Bank (India) launched an FD-backed credit card designed to help Indians build and maintain a credit score over 750. According to a report by one of India’s major credit bureaus, over 160 million consumers were considered credit underserved, and about 50% of the population was credit unserved at the end of 2021. Under-served credit individuals are those with minimal credit activity, typically limited to a single type of credit product and no more than two open accounts, who have been active in the credit market for at least two years. In contrast, the credit unserved are those with no credit history, making them credit invisible to lenders.
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. With the SBM ZET Credit Card, we are addressing this gap by offering a simple, secure way to start building one’s credit history.
The SBM ZET credit card, which does not require an existing credit history, helps bridge this gap by providing a safe and reliable way for Indians to build and improve their credit score. It can be linked to any UPI app, and users can earn up to 7% p.a. interest on their fixed deposit with SBM Bank, while utilising up to 90% of the deposit as their credit limit.
"At SBM Bank India, we are committed to creating financial solutions that enhance accessibility and drive meaningful impact. The SBM ZET Credit Card embodies this mission by empowering individuals — especially those new to credit — to begin their financial journey with confidence and ease. We are delighted to partner with ZET to introduce a product that is simple, secure, and genuinely inclusive," Kumar Anshumali, EVP - Credit Card, Partnerships and Digital Initiatives, SBM Bank India said.
Unlike unsecured credit cards that require a strong credit score and income proof, the credit card has no such prerequisites. Customers need to open a fixed deposit with SBM Bank, starting at just Rs5,000 and can top up their fixed deposit anytime up to Rs5,00,000 through the ZET app. The fixed deposit is insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly owned subsidiary of the Reserve Bank of India, which provides deposit insurance of up to Rs5 lakh.
Founded by Manish Shara and Yash Desai, ZET is backed by marquee investors including Sequoia Capital, General Catalyst, WaterBridge Ventures, Nexus Ventures, and angel investors like Kunal Shah, Gaurav Munjal, and Harshil Mathur. Through its B2C credit-building platform and B2B2C agent-led marketplace, ZET offers secured credit products, AI-powered credit guidance, and embedded financial infrastructure for partners.
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This lifetime free card has no annual fees and offers exciting rewards. Enjoy up to 20% off on Swiggy, Zomato, and BookMyShow. Additionally, you get reward points worth 20% on Myntra, 8% on Flipkart, and 5% on Amazon. With a focus on safety, savings, simplicity, and strong rewards, the SBM ZET Credit Card is one of the quickest and easiest ways to build your credit score. The card is easy to apply for on the ZET mobile application and involves only four simple steps. First-time users looking for a secured line of credit to build a credit history and enjoy the perks of a credit card in their daily lives may find this card an ideal solution. The card is available in the RuPay variant and can be linked to UPI for convenience. A minimum fixed deposit of ₹5,000 is required to obtain this secured credit card, and users receive a credit limit of 90% of their deposited amount. It is also recommended that the fixed deposit be three times an individual’s monthly expenses, which will help keep the credit utilisation to only 30%, thus building a stronger credit score.
Rewards:
1: 5% Rewards on Amazon
2: 8% Rewards on Flipkart
3: 20% Rewards on Myntra
4: Up to 15% Rewards on All Major Platforms
The card offers 20% off on Swiggy, Zomato, and BookMyShow. Additionally, you earn reward points worth 20% on Myntra, 8% on Flipkart, and 5% on Amazon, making it ideal for users seeking their first credit card.
The card comes with a few features and benefits, making it ideal, especially for users looking to get their first-ever credit card. Take a look at the following features the card exhibits.
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The card is offered as lifetime free, and applying for it involves a few easy steps on the ZET mobile app. You only need to log in using your phone number and enter your PAN, after which your credit details will be fetched, allowing you to proceed. The entire process consists of four easy steps.
Users can avail themselves of up to 7% interest on their SBM Bank Fixed Deposit.
Unlike all other entry-level credit cards in the market right now, this card offers a low forex fee of 2.4%, allowing users to shop internationally at a low markup as and when required.
Since this is a secured credit card, it is one of the best ways to build a credit history for users who already don’t have one.
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Since this card comes in a RuPay variant, you can easily connect it to popular UPI apps like Google Pay, PhonePe, or Paytm. This makes it easy to use your credit card for everyday purchases, just like you use UPI now.
The SBM ZET Credit Card is a great option if you’re looking for a simple, no-fee credit card with valuable benefits. From shopping and lifestyle discounts to easy UPI payments and the ability to earn interest on your deposit, it offers a lot for first-time users. Plus, it helps you build your credit score quickly and safely. If you want a hassle-free card that gives you both rewards and flexibility, the SBM ZET Credit Card is worth considering as your first-ever credit card.
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1: If you want to get approved for a Magnet Credit Card, you must meet the following eligibility criteria:
2: No existing credit history or proof of income is required.
3: No minimum credit score is required.
4: You can get an SBM Magnet Credit Card on ZET by making a Rs. 5,000 FD with SBM Bank in India through the Magnet mobile app.
5: Follow the bank's instructions to create the FD and sign the required documents.
6: Apart from meeting the eligibility mentioned above, you must have proof of identity, an Aadhaar card, and PAN card details to apply for a ZET Magnet FD credit card.
Magnet FD Credit Card can be availed from the ZET app by following the steps given below:
1: Download the ZET app on your mobile from the Play Store.
2: Apply for a Magnet FD credit card.
3: Make an FD of Rs. 5,000 with SBM Bank in India and activate the card.
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A secured or fixed deposit credit card is an excellent way to start building your credit. With a credit card backed by a fixed deposit, you can earn rewards on your spending while gradually increasing or improving your credit score. The Magnet Credit Card is one such card that can be obtained against a low fixed deposit of ₹5,000. Offering lifetime free membership, the Magnet Credit Card is the best option for individuals with little or poor credit history.
With the Magnet Credit Card, you’d need to make a fixed deposit backed by SBM Bank, earning up to 7% interest per annum. Your credit limit will be set to 90% of the fixed deposit amount. With this card, you have the opportunity to enhance or establish your credit score, enabling you to access more favorable loan terms. Additionally, you will benefit from a substantial credit limit and competitive interest rates on your fixed deposit.
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A secured credit card like Magnet Card provides an easy application process and benefits across the board. This card shall be most useful for those who are just beginning their credit journey. Here are some of the top benefits of Magnet Credit Card.
The Magnet Credit Card is a lifetime free offering, meaning there are no joining or annual charges. Such a card is extremely valuable and should be a must-have for everyone’s wallet, as there are no associated fees.
Upon successfully applying for the Magnet Credit Card, you will receive 5,000 ZET Coins valued at ₹500. These coins can be used to purchase vouchers for popular brands such as Amazon, Flipkart, and Swiggy.
This card charges a low Forex fee of 2.49%, which is quite low compared to other credit cards. Usually, credit cards carry a 3.5% charge on all international transactions.
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The Magnet Credit Card can be obtained against a minimum fixed deposit of ₹5,000 backed by SBM Bank. This fixed deposit will earn an interest rate of up to 7% per year, which is quite higher than what traditional banks offer. Opening a fixed deposit with SBM for the Magnet Credit Card is a completely secure process, as guaranteed by DICGC, a wholly-owned subsidiary of the Reserve Bank of India. The maximum amount for a fixed deposit is ₹8.5 lakh.
One must fulfill the following criteria to be eligible for the Magnet Credit Card.
1: Must be an Indian Citizen.
2: Should possess an Aadhaar and PAN Card.
3: Must be above the age of 18.
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The application process for the Magnet Credit Card is fairly simple and completely digital. This secured credit card can be easily applied for and approved. Please keep your PAN Card and Aadhaar-linked mobile number ready for a fast approval process.
1: Download the ZET mobile application.
2: Login with an OTP sent to your mobile number.
3: Fill in your particulars like name, e-mail, etc.
4: Select the Magnet Credit Card from the home screen.
5: Choose a Fixed Deposit plan with SBM Bank.
6: Check Eligibility.
7: Fill in a few basic details.
8: Verify Aadhaar.
9: Verify your bank account and complete the fixed deposit payment.
10: You shall then need to complete a Video KYC, after which an instant credit card will be offered.
11: Further, you can personalize your new Magnet Credit Card.
The Magnet Fixed Deposit Credit Card not only fulfills basic credit card needs, such as an interest-free period of 45 days but also offers a high interest of 7% on the fixed deposit. Although it is a lifetime free card without any annual or joining charges you still get a welcome benefit of 5,000 ZET Coins which can be redeemed for vouchers (worth ₹500). To get this card, you would need to make a fixed deposit of ₹5,000, which will be backed by SBM Bank and earn an interest of up to 7% per annum. The credit limit that will be offered will be 90% of the total amount of the fixed deposit.
This credit card would be a great way to build and improve your credit score. You just need to make payments with this credit card and pay the bill on time to increase your CIBIL Score. In addition to all the above-mentioned benefits, this card offers a low forex charge of 2.49%, allowing you to make easy international transactions without incurring high charges.
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Yes, the ZET app is designed to keep your data secure and protect you from financial scams and fraud.
The minimum FD amount required for an SBM Magnet credit card is Rs. 5,000.
Yes, you can use your ZET Magnet FD Credit Card globally as it is available on Rupay/Visa or any other network chosen by the bank. However, you will be required to pay a markup fee of 2.49% on transactions made in Indian currency at an international location.
Yes, you can earn up to 10% rewards on purchases from leading brands with your ZET Magnet FD Credit Card.
The customer service number for the ZET Magnet FD Credit Card is 1800 1033 817 or 1800 2099 335. You can also send your concern via email at customercare@sbmbank.co.in.
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