Build Credit, Earn Cashback: Paisabazaar and SBM Bank India Launch Paisa+ Secured Credit Card
Hyderabad : Paisabazaar, India’s leading financial marketplace, and SBM Bank India today announced the launch of SBM Paisabazaar Paisa+ Credit Card – a Fixed Deposit-backed credit card designed to help consumers start building or strengthen their credit health, while earning cashback on everyday spends.
Backed by an FD, SBM Paisabazaar Paisa+ Credit Card aims to bridge a key gap in India’s credit landscape by enabling consumers with limited or no credit history to begin their credit journey. The card would also benefit those with a damaged credit profile, to improve their credit score, through responsible card usage.
Along with an opportunity to build their credit profile and earn strong FD returns up to 7% p.a., the card offers cashback across online, offline and UPI transactions, ensuring users earn value on their everyday spending.
Key features of SBM Paisabazaar Paisa+ Credit Card:
• FD-backed secured credit card with FD starting from ₹2,000
• FD interest rates up to 7% p.a.
• Up to 1.5% cashback on online spends
• 1% cashback on offline spends
• 1% cashback on eligible UPI transactions
• Zero joining fee; Annual fee of ₹499 only
Rajesh Meena, Head- Retail Products, Digital Banking & Partnerships, SBM Bank India, said: “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.”
Santosh Agarwal, CEO, Paisabazaar, said: “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.”
With a minimum FD requirement starting at just ₹2,000, the card makes formal credit more accessible to new-to-credit consumers, students, young professionals, and consumers with bad credit looking to rebuild their credit profile.
SBM Bank Paisabazaar Paisa+ Credit Card offers 1.5% cashback on online spends for fixed deposits above ₹10,000. Offline spends and UPI transactions above ₹2,000 will earn 1% cashback, irrespective of the deposit amount.
Cashback is credited as Cash Point (where 1 Cash Point = ₹1) and earnings are capped at 500 points per day and 3,000 points per month. Since the card is backed by a fixed deposit, consumers will also earn interest on their deposit (up to 7% p.a.), adding to their overall savings.
