ZET partners with SBM Bank for FD-backed credit card
, 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.
Play Video
Pause
Skip Backward
Skip Forward
Unmute
Current Time
0:00
/
Duration
0:00
Loaded
:
0%
0:00
Stream Type
LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
1x
Playback Rate
Chapters
Chapters
Descriptions
descriptions off
, selected
Captions
captions settings
, opens captions settings dialog
captions off
, selected
Audio Track
Picture-in-Picture
Fullscreen
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text
Color
White
Black
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Text Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Transparent
Caption Area Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Transparent
Semi-Transparent
Opaque
Font Size
50%
75%
100%
125%
150%
175%
200%
300%
400%
Text Edge Style
None
Raised
Depressed
Uniform
Drop shadow
Font Family
Proportional Sans-Serif
Monospace Sans-Serif
Proportional Serif
Monospace Serif
Casual
Script
Small Caps
Reset
restore all settings to the default values
Done
Close Modal Dialog
End of dialog window.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
El patrimonio de Palito Ortega conmociona al mundo.
33 Bridges
Undo
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.
Discover the stories of your interest
Blockchain
5 Stories
Cyber-safety
7 Stories
Fintech
9 Stories
E-comm
9 Stories
ML
8 Stories
Edtech
6 Stories
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
6 minutes ago
- Time of India
Forget chatbots, lace up for robot race
Future of the factory floor is smart, built on AI and robots tailored to the specific needs of each environment. With its semiconductor and AI ecosystems rising apace, India has a real chance to take the lead. After 78 years of Independence, India stands at the threshold of a technological revolution that could define her next century. The world is racing toward Physical AI: robots that think, factories that learn, supply chains that adapt in real time. Countries that master this technology won't just export products, they'll export the future itself. And if we don't build it, someone else will build it for us. Fortunately, India has everything it takes to win this race. The only question is: will we move fast enough? I'm not exaggerating. Last month, UPI powered 1,947cr transactions worth Rs 25L cr. When India decides to build something fundamental, we don't copy – we leapfrog. Now it's time to do the same with physical technology. The foundation is already being laid. The IndiaAI mission is building a national computer grid with thousands of GPUs that any startup can rent by the hour. A Coimbatore firm accessing Silicon Valley-level computational power? That's disruption. In Dholera, Tata Electronics is constructing India's first major semiconductor fab. Chips aren't just components – they're sovereignty in silicon. BSNL's signed up for India's first industrial-grade private 5G network at Numaligarh Refinery. This is the nervous system of smart factories: machines communicating in milliseconds, robot arms coordinating with quality scanners – zero human intervention. For years, global tech giants have treated India as their data farm. A billion Indians generating clicks, swipes, voices, images – all harvested and processed in Silicon Valley, then sold back as 'AI services'. We've become the world's largest unpaid data labourers. Digital colonialism, plain and simple. Physical AI is our chance to break this cycle. India's data should train India's robots. Our factory floors generate uniquely Indian patterns: different power grids, humidity levels, worker rhythms. A robot built in China can't withstand an Indian summer. An AI trained in pristine Western factories can't handle the controlled chaos of an Indian warehouse. When we build Physical AI systems trained on Indian data, solving Indian problems, we assert digital sovereignty. Before worrying about job losses, consider Tamil Nadu's electronics corridor: heavily automated, yet creating thousands of jobs. Automation doesn't eliminate work – it transforms it. Productive factories win more orders, expand operations, and create new roles: robot operators, AI trainers, quality analysts, maintenance specialists. So, what's the game plan? First, we need our own 'RoboStack': open standards for Indian robotics that any entrepreneur can build on. Think UPI for machines. The govt must extend PLI incentives beyond assembly to the unglamorous essentials: motors, sensors, gearboxes. Roll out industrial 5G in every manufacturing cluster, not just showpiece refineries. And enable Robot-as-a-Service financing: small manufacturers shouldn't need crores upfront – they should pay from productivity gains. But policy alone won't cut it. Our startups need to stop chasing the next 10-minute delivery app and start building the picks and shovels of Physical AI. Every imported sensor, servo motor, gripper is a missed opportunity. Build one critical component exceptionally well, and global supply chains will come knocking. The market doesn't need another chatbot – it needs depth cameras that work in Indian factory conditions. Our industrial giants, sitting in massive factories, have adifferent role. Those production lines generate invaluable data every second. Use it to train Indian AI systems. Be the first customers for Indian robotics startups. Your early adoption gives them credibility to go global. And for our youth: forget the obsession with becoming the next software unicorn. The real opportunity is in the real world. ITIs and polytechnics should run 12-week certifications for robot operators and automation technicians. If you're in an engineering college, go build a robot – not another app. The highest-paying jobs of the next decade won't all require computer science degrees – they'll need people who bridge the digital and physical worlds. Most importantly, mandate data localisation for industrial AI. Every robot operating in India, every factory AI system, should contribute to a national industrial data commons. Not to spy on companies, but to build collective intelligence that benefits all Indian manufacturers. When a textile mill in Surat solves a quality problem, that learning should help a mill in Tirupur. When a pharma plant in Hyderabad optimises a process, that insight should benefit facilities in Baddi. Here's my prediction: by Independence Day 2030, we won't be discussing why India missed the AI revolution. We'll be counting how many factories run on indigenous technology, how many young Indians operate advanced robots, how many lakhs of crores we've saved in imports, and how many global companies are buying Indian-made automation systems. This isn't about any one company or govt scheme. It's about a choice we make as a nation. Do we want to remain consumers of someone else's future, or creators of our own? Freedom fighters gave us political independence in 1947. Engineers, entrepreneurs and workers of 2025 must secure our technological independence. The race has begun. The infra is building. The world is watching. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
Time of India
32 minutes ago
- Time of India
Soon, 1L postmen set to be MF distributors
New Delhi: As part of its efforts to double the investor base, the Association of Mutual Funds of India (Amfi) is working with India Post to train nearly one lakh postmen as distributors, in addition to focusing on four states to ensure that every district has at least 10 distributors by end of the year. Amfi chief executive Venkat Nageswar Chalasani said the industry body has adopted four states, Bihar, Andhra Pradesh, Odisha and Meghalaya, where it is trying to train college students and is targeting 20,000 new distributors in these states in the first year. "By end of the year, we expect at least 10 distributors in each district of these states and at least 20 by next year," said Chalasani. Besides, tie-ups with leading academic institutions are in the offing to "train the trainers". AMFI has already partnered the department of posts to address legacy issues related to KYC of individuals, who did not have Aadhaar numbers seeded. The plan is now to extend it to training postmen as India Post revamps its operations, focusing on turning each of its verticals into a profit centre. If the move goes through, postmen will be like relationship managers in banks, who hawk savings products. For mutual funds nearly 45% of the investments are now coming from the bottom 30 towns, although overall 65% of the share is from the top 30 cities. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Use an AI Writing Tool That Actually Understands Your Voice Grammarly Install Now Undo Annually around 30,000 new distributors join the mutual fund industry but net additions hover around the 10,000-mark. While changing savings habits and online platforms have seen a surge in new investors into mutual funds, especially through systematic investor plans (SIPs), new distributors are seen to be critical in expanding the footprint to smaller towns and rural areas. There is a boom in mutual fund investments in the last few years resulting in the number of folios jumping from 2.1 crore in 2019 to 5.6 crore now. Chalasani said the target is to double it in the next few years. "Our campaign has created tremendous awareness and we will see a massive growth as there is a huge potential," he said, pointing to 80 crore bank accounts in the country. Currently, the assets under management in India are to the tune of 21% of GDP, compared to more than 100% in developed countries and 65% being the global average. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Time of India
an hour ago
- Time of India
GST, tariff hopes lift rupee; up 40 paise versus dollar
AI-generated image MUMBAI: The rupee recorded its biggest daily gain in a month, regaining the 86 level, with the domestic unit firming up 40 paise to close at 86.95 on Tuesday, up from 87.35 on Monday. The rally came on optimism that the U.S. may ease its stance on additional 25% tariffs after talks between Donald Trump, Vladimir Putin and Volodymyr Zelenskiy, raising hopes of a peace deal that could also reduce the likelihood of fresh sanctions on India's Russian oil imports. Optimistic rise Domestic drivers also supported the currency, including stronger consumption trends and the government's plan to cut goods and services tax (GST) rates - the biggest such reform in eight years. Economists said the move could lift near-term growth momentum, improve sentiment and help revive foreign portfolio flows that had recently turned negative. The rupee further drew strength from a recent credit rating outlook upgrade for India, which has bolstered confidence in the economy. According to Jateen Trivedi of LKP Securities, the upgrade, along with reduced selling pressure from foreign investors and positive signals from India-Japan ties ahead of the Prime Minister's visit to Tokyo later this month, has helped improve sentiment, with the rupee expected to trade in a range of 86.60-87.25. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like TV providers are furious: this gadget gives you access to all channels Techno Mag Learn More Undo Dilip Parmar of HDFC Securities noted that the Indian rupee outperformed Asian currencies due to risk-on sentiment, supported by growth-focused policies, renewed foreign fund inflows and a technical pullback. He added that the spot USD/INR rate is likely to find support at 86.80 and face resistance near 87.20 in the near term. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
