Paisabazaar, India's leading financial marketplace, and SBM Bank India have jointly launched the SBM Paisabazaar Paisa+ Credit Card, a fixed deposit (FD)-backed secured credit card designed to help consumers build or strengthen their credit health while earning cashback on everyday spending. The card is backed by an FD starting from just Rs. 2,000, making formal credit accessible to those with limited or no credit history, as well as those with damaged credit profiles seeking to improve their credit score through responsible card usage.
Key Features and Benefits
The SBM Paisabazaar Paisa+ Credit Card offers FD interest rates up to 7% per annum, along with cashback across online, offline, and UPI transactions. Cardholders can earn up to 1.5% cashback on online spends (for FDs above Rs. 10,000), 1% cashback on offline spends, and 1% cashback on eligible UPI transactions (for spends above Rs. 2,000). The card has zero joining fee and an annual fee of Rs. 499. Cashback is credited as Cash Points (1 Cash Point = Rs. 1), with earnings capped at 500 points per day and 3,000 points per month.
Bridging the Credit Gap
Rajesh Meena, Head of Retail Products, Digital Banking & Partnerships at SBM Bank India, stated, "At SBM Bank India, we are committed to expanding access to formal credit through innovative financial products. The SBM Paisabazaar Paisa+ Credit Card is a powerful proposition for consumers who are new to credit or seeking to rebuild their credit history. Our partnership with Paisabazaar reflects a shared commitment to making credit more transparent and accessible, helping consumers across segments—particularly the underserved borrowers."
Driving Credit Inclusion
Santosh Agarwal, CEO of Paisabazaar, commented, "We believe FD-backed cards can play an important role in accelerating credit inclusion. Millions today remain underserved due to lack of a simple and secure pathway to credit. We are proud to launch Paisa+ with SBM Bank India, hoping the card will simplify the first step into formal credit for millions. The card combines accessibility and value-back in a single proposition, making it an ideal choice for new-to-credit consumers looking to establish a strong financial foundation."
Target Audience and Accessibility
With a minimum FD requirement of just Rs. 2,000, the card targets new-to-credit consumers, students, young professionals, and individuals with poor credit looking to rebuild their credit profile. Since the card is secured by an FD, consumers also earn interest on their deposit (up to 7% p.a.), adding to their overall savings.
About the Partners
Paisabazaar, a part of PB Fintech (listed since 2021), is India's largest marketplace for consumer credit and free credit scores. Over the last 11 years, it has earned the trust of over 55 million consumers and built 65+ partnerships with banks, NBFCs, and fintechs. It is ISO 27001:2013 and PCI DSS certified. SBM Bank (India) Ltd. is the first foreign bank to receive a universal banking license from the RBI, operating as a Scheduled Commercial Bank under the Wholly Owned Subsidiary model with 22 branches across India, offering deposits, advances, NRI services, treasury products, and corporate banking solutions.
