Latest news with #SBMBank
Time of India
28-05-2025
- Business
- Time of India
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. 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.
Yahoo
19-05-2025
- Business
- Yahoo
SBM Bank India seals bancassurance deal with ICICI Prudential
SBM Bank India has signed a bancassurance alliance with ICICI Prudential Life Insurance Company, as it looks to broaden its offerings. Through the tie-up, the bank aims to provide its customers with a range of planning products to support their financial objectives. These products include cards, foreign exchange, insurance, investments, lending, remittance solutions, savings and current accounts, term deposits and other financial products, catering to various customer segments such as SBM private, wealth, digital and asset-focused clients. In line with its 'two-pronged strategy', SBM Bank India is extending its physical branch network while simultaneously enhancing its digital banking capabilities to increase its market footprint. Currently, the bank has 22 branches throughout the country. The collaboration will enable the bank to offer solutions ranging from term insurance and long-term savings to wealth creation products and retirement income planning. ICICI Prudential Life Insurance chief product and distribution officer Amit Palta stated: 'We are happy to partner with SBM Bank India and believe it is a step towards our goal of making life insurance solutions easily accessible to customers. Also, it fortifies our position as being the most customer and distributor-friendly life insurer in the country. 'By combining our innovative, future-ready insurance solutions with SBM Bank's diverse customer base that includes retail and NRI customers, corporates and institutions – we are enabling broader access to comprehensive financial protection across the country.' SBM Bank India retail banking head Nikhil Rajadhyaksha said: 'Through this strategic partnership, we are committed to expanding financial security and offering a comprehensive suite of insurance solutions tailored to evolving customer needs. 'By combining ICICI Prudential Life Insurance's innovative product portfolio and digital expertise with SBM Bank's vision of becoming a financial supermarket, we aim to deliver seamless, customer-centric solutions that enhance financial well-being and empower individuals with greater financial protection.' Since starting operations in fiscal year 2001, ICICI Prudential Life Insurance has been offering protection and savings products. It also launched ICICI Pru Stack, a platform that leverages digital tools and analytics. "SBM Bank India seals bancassurance deal with ICICI Prudential " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
