FD duration of Niyo SBM secured credit card

Niyo Product
1

Hello Team,

I just want to know what will be the FD duration if I want to get the secured credit card offered by SBM.

And will I be able to choose any other duration of my choice?

2

Hey @sharan.aseem!

When applying for the Niyo SBM Secured Credit Card, keep in mind that the fixed deposit (FD) duration is fixed at 12 months. This duration is specifically chosen as the FD acts as security for the credit card and offers an interest rate of up to 7% upon maturity after one year.

To get a Niyo SBM Secured Credit Card, it’s essential to initiate an FD with SBM Bank. The deposited amount should be equal to or greater than your desired credit limit. This FD serves as collateral for the credit card, ensuring a seamless application process.