SBI Card Introduces Fixed Deposit-Backed Secured Credit Cards with 10-Minute Paperless Applications on YONO Platform

Key facts

• SBI Card announced on September 23 a fully digital journey on the SBI YONO platform that allows eligible customers to apply for fixed deposit-backed secured credit cards in around 10 minutes.
• Customers with an SBI fixed deposit can apply for four secured Advantage SBI Card variants: SBI Card Elite, SBI Card Prime, SimplyCLICK SBI Card and SimplySAVE SBI Card.
• The application is a 100% digital and paperless process on YONO that eliminates the need for physical documentation.
• The secured card is backed by the customer's fixed deposit with SBI, combining collateral security with conventional credit card features, and can serve as an entry point for customers looking to establish or strengthen their credit profile and access the formal credit ecosystem.
• The launch brings together SBI Card's credit card portfolio with SBI's YONO digital banking infrastructure and expands the range of SBI Card products accessible through YONO.
• Salila Pande is the Managing Director and CEO of SBI Card.