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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.