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SBM Magnet Credit Card
Rewards & Benefits
Welcome Benefits
None.
Milestone Benefits
None.
Cashback Rate
Not available.
Movie Benefits
None.
Dining Benefits
None.
Other Benefits
Card is issued against fixed deposit.
Users can get 90% of the FD as a credit limit.
Users can top up their FD to increase card limit instantly.
Users can earn interest of up to 7% p.a. on their fixed deposit.
Lounge Access
None.
Rewards & Benefits
Welcome Benefits
None.
Milestone Benefits
None.
Cashback Rate
Not available.
Movie Benefits
None.
Dining Benefits
None.
Other Benefits
Card is issued against fixed deposit.
Users can get 90% of the FD as a credit limit.
Users can top up their FD to increase card limit instantly.
Users can earn interest of up to 7% p.a. on their fixed deposit.
Lounge Access
None.
Fees & Charges
Joining Fee
NIL
Annual Fee
Annual membership fee: NIL
Cash Advance Fee
Cash advance fee: 299 INR per transaction.
Interest rate
Interest rate: 2.5% per month, 30% per annum.
Late Payment Fee
Late payment charges: INR 299
Foreign Currency Transactions Fee
Foreign currency markup fee: 2.49%
Other Fees
Fuel surcharge: 1%.
Fees & Charges
Joining Fee
NIL
Annual Fee
Annual membership fee: NIL
Cash Advance Fee
2.5% or ?500 whichever is higher
Interest rate
Interest rate: 2.5% per month, 30% per annum.
Late Payment Fee
Late payment charges: INR 299
Foreign Currency Transactions Fee
Foreign currency markup fee: 2.49%
Other Fees
Fuel surcharge: 1%.
Special Features
None
Eligibility Criteria
Users shall be required to create and maintain a fixed deposit of minimum Five Thousand (5,000)
with the Bank through the SBM Credilio mobile app.
Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
The SBM Magnet Credit Card is a secured credit card offered by SBM Bank India. Here's a general overview of the application process:
1. Download the ZET Mobile App:
Download the ZET app from the Google Play Store.
2. Create an FD:
Open and maintain an SBM Bank fixed deposit (FD) worth a minimum of Rs. 2,000 through the ZET app.
3. Apply for the Credit Card:
Within the ZET app, you can apply for the SBM Magnet Credit Card.
4. Complete Video KYC:
Undergo a video KYC process to verify your identity.
5. Receive your Card:
Once approved, you'll receive your SBM Magnet Credit Card.
Contact Details
Tel No: +91 22 4007 1500
Email : customercare@sbmbank.co.in
Account Opening and Procedure
The card is issued against fixed deposit. The card is a lifetime free credit card. The card does not offer anyone notable value add features.
The card is issued against fixed deposit. The card is a lifetime free credit card. The card does not offer anyone notable value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai