Paisabazaar and SBM Bank India Launch Fixed Deposit-Backed Credit Card to Expand Credit Access

The launch addresses a significant gap in India's credit ecosystem by providing an accessible pathway into formal credit. Along with helping users establish or strengthen their credit profile, the card also allows customers to earn fixed deposit returns of up to 7 per cent per annum and cashback on everyday transactions made through online, offline, and eligible Unified Payments Interface payments.

The SBM Paisabazaar Paisa+ Credit Card is backed by a fixed deposit starting from as little as Rs. 2,000, making it accessible to first-time borrowers, students, young professionals, and consumers seeking to rebuild their creditworthiness. Customers can earn fixed deposit interest of up to 7 per cent per annum while benefiting from cashback rewards on eligible spending.

The card offers up to 1.5 per cent cashback on online purchases for customers maintaining fixed deposits exceeding Rs. 10,000. Offline purchases and eligible Unified Payments Interface transactions above Rs. 2,000 qualify for 1 per cent cashback irrespective of the fixed deposit amount. Cashback is credited as Cash Points, with one Cash Point equivalent to Rs. 1. Rewards are capped at 500 Cash Points per day and 3,000 Cash Points per month.

The credit card carries no joining fee, while an annual fee of Rs. 499 is applicable.

Rajesh Meena, Head of Retail Products, Digital Banking and Partnerships at SBM Bank India, said the bank remains committed to expanding access to formal credit through innovative financial products. He stated that the SBM Paisabazaar Paisa+ Credit Card offers a strong proposition for consumers who are either entering the credit system for the first time or attempting to rebuild their credit history. He added that the partnership with Paisabazaar reflects a shared commitment to making credit more transparent and accessible, particularly for underserved borrowers.

Santosh Agarwal, Chief Executive Officer of Paisabazaar, said fixed deposit-backed credit cards can play a crucial role in accelerating financial inclusion. She noted that millions of consumers remain underserved because they lack a simple and secure pathway to formal credit. According to her, the Paisa+ Credit Card has been launched in partnership with SBM Bank India to simplify the first step into the formal credit system while combining accessibility and financial value in a single offering.

Paisabazaar, a part of PB Fintech, has been operating for more than 11 years and has earned the trust of over 55 million consumers. The company has established more than 65 partnerships with banks, non-banking financial companies, and financial technology firms to provide a wide range of credit products. It is also certified under ISO 27001:2013 and PCI DSS standards, reflecting its commitment to maintaining industry-leading controls for consumer data security.

SBM Bank India became the first foreign bank to receive a universal banking licence from the Reserve Bank of India under the Wholly Owned Subsidiary model, allowing it to operate as a Scheduled Commercial Bank in the country. The bank currently operates through a network of 22 branches across India and offers a comprehensive range of financial services, including deposits, advances, non-resident banking services, treasury products, corporate banking, and capital market solutions.

The launch of the SBM Paisabazaar Paisa+ Credit Card marks another step toward expanding financial inclusion by enabling underserved consumers to access formal credit while simultaneously earning returns on their savings and cashback on everyday spending.