ZET partners with SBM Bank for FD-backed credit card
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. Credit underserved are individuals with minimal credit activity, typically limited to a single type of credit product and no more than two open accounts, 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. Our aim is to empower more people to take charge of their financial journey with confidence," said Manish Shara, co-founder and CEO, ZET.
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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.
Live Events
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.
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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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