₹2,000 FD Gets You a Credit Card: Worth It?

Paisabazaar and SBM Bank launched a secured credit card backed by a fixed deposit starting at just ₹2,000. It earns up to 7% FD interest plus cashback, and helps people with no or bad credit history build a CIBIL score.

Here's what happened: Paisabazaar and SBM Bank India launched Paisa+, an FD-backed secured credit card requiring a minimum ₹2,000 fixed deposit as collateral.. The card earns up to 7% p.a. on the FD, plus 1.5% cashback online, 1% offline, and 1% on eligible UPI transactions.. There is zero joining fee; only a ₹499 annual fee — making it one of the most accessible entry-level credit cards in India..

What you should do: Check your CIBIL score for free on Paisabazaar to see if you actually need a secured card or qualify for a regular one.. Compare: if you already have a savings account earning 3-4%, locking ₹2,000–₹10,000 in this FD at 7% is a clear upgrade — calculate your break-even.. Use the card for small, regular spends like groceries or OTT subscriptions and pay the full bill every month to build credit history fast..

Secured credit cards report to all 4 credit bureaus just like regular cards — 6 months of on-time payments can move a zero-history CIBIL score to 700+.