Suryoday Small Finance Bank Launches Secured Credit Card Backed by Fixed Deposits
Suryoday Small Finance Bank (SSFB), a leading new-age digital bank in India, has launched its innovative Secured Credit Card – designed to provide customers with easy access to credit while leveraging the security of their Fixed Deposit (FD). The 1st of its kind product not only enhances financial flexibility but also helps customers build or improve their credit score — without the need for additional income proof.
The bank has introduced two variants under this offering: Suryoday SFB RuPay Select Credit Card and Suryoday SFB RuPay Platinum Credit Card. Both cards are seamlessly integrated with RuPay and UPI platforms, feature instant virtual issuance, and provide a wide range of lifestyle, dining, and e-commerce benefits.
Bridging the Credit Gap and Building Credit Habits
Despite the rapid growth in the financial sector, credit card ownership in India remains relatively low compared to the population size. As of May 2025, approximately 111 million credit cards were in circulation, up from around 108 million in January 2025—a sharp rise that underscores the increasing adoption of credit cards. However, given India’s population of over 1.4 billion, this still represents a significant opportunity to expand access to formal credit. This gap is especially prominent among salaried employees with modest incomes, homemakers, and retirees who may not meet conventional income or documentation requirements.
Suryoday SFB’s Secured Credit Card aims to bridge this gap by helping first-time users and low-income households develop responsible credit habits. By starting with a small fixed deposit — Rs.1,000 for the Platinum variant and Rs.1,11,500 for the Select variant —, customers can access a secured credit card and learn to manage revolving credit effectively. Unlike rigid EMI-based loans, this card offers flexibility: users can pay as little as 10% of the outstanding amount before the due date or settle the full amount within 30 days to enjoy interest-free credit. This feature allows customers to manage seasonal expenses or emergencies without financial stress.
Commenting on the launch, Gaurav Pawra, Chief Business Officer, Suryoday SFB : “At Suryoday Small Finance Bank, we are committed to democratizing access to credit. With our new secured credit card, we are enabling customers – whether salaried, self-employed, retired, or homemakers – to access credit with the security of their fixed deposit, while continuing to earn attractive returns. This card is not just a financial product, but a stepping stone for customers to strengthen their financial future.”
“When repayments are made from personal sources rather than breaking the FD, it reflects strong credit discipline and gives the bank insight into customer behaviour. Over time, this opens the door for higher limits, including unsecured credit, thereby enabling a smooth transition into the formal credit ecosystem. By introducing a product that combines education, flexibility, and security, we are helping customers experience the benefits of credit while minimising the risks associated with misuse,” he further commented.
The Suryoday SFB Secured Credit Card is designed to deliver maximum value and convenience to customers. It offers 0.5% cashback on all transactions, with a maximum capping Rs.3,000 per billing cycle, and comes with seamless UPI integration, enabling customers to link their card to BHIM or any UPI app for everyday payments. By securing the card against a Fixed Deposit, customers not only gain easy access to credit but also enjoy industry-leading returns of up to 8.40% on their FD. The card is issued instantly in a virtual format, ensuring immediate usability from the moment of approval. Reinforcing its customer-first approach, Suryoday SFB has made the product lifetime free with no hidden charges, further complemented by exclusive RuPay offers across travel, dining, shopping, and lifestyle categories throughout the year.
While a few other Small Finance Banks also offer secured credit cards, Suryoday SFB sets a new benchmark by combining superior returns with unmatched convenience. Customers enjoy a higher FD interest rate of 8.40% compared to the 6.5%–7.5% generally offered by peers, along with a lifetime free card proposition that carries no hidden charges, unlike many competitors that levy annual or renewal fees. The SSFB’s product is also equipped with an instant virtual card, enabling immediate usage, as well as seamless UPI integration with RuPay credit cards, ensuring that everyday transactions are easier and more rewarding.
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