How to Get an FD Backed Credit Card Without Income Proof?

Unlike regular Credit Cards, FD-backed Credit Cards are secured, which means you may have a higher chance of being approved. They only require basic KYC documents and no income proof, which may be ideal for beginners. This article explains what an FD Credit Card is and how you can get one without income proof.

An FD-backed Credit Card refers to a secured Credit Card, which allows you to spend and enjoy the benefits of the card while also earning interest on your Fixed Deposit. The FD amount acts as collateral and can be used to cover your dues in case you fail to pay them. Since it is secured, banks may easily approve it without looking at your credit history.

You can apply for an FD Credit Card without income proof because the bank uses your FD amount as collateral. This reduces risk for the bank, which is why your income does not have to be verified. However, you are expected to have an FD account or open one with the bank to be eligible. You may also have to deposit a minimum amount, which is usually ₹15,000 and the credit limit may be 80% to 90% of the pledged amount.

Even without income proof, there are certain requirements you must meet to be eligible for an FD-backed Credit Card. These are:

• Age: You must be between 18 and 75 years of age.

• Citizenship: You have to be an Indian citizen residing in India

• FD account: You must have an existing FD account or open a new one with the bank.

• Minimum deposit: You must have deposited the minimum FD amount as requested by the bank to be eligible for the card.

If you are looking into how to get Credit Card without income, you may have to submit alternative documents to prove your eligibility. This includes KYC documents like:

• Identity proof

• Address proof

• Fixed Deposit certificate/details 

An FD-backed Credit Card may be useful for those who wish to enjoy the benefits of a Credit Card without worrying about income proof. It may also be beneficial if you are a first-time borrower without a credit history or if you wish to build your credit score. Students, young adults, freelancers, homemakers, and others who don’t have a regular income can benefit from this card.

By applying for an FD Credit Card without income proof, you can build a good credit history and improve your credit score. This can be helpful next time you wish to avail a loan by making you seem trustworthy. With this card, you can spend and earn interest on your FD amount.

*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Credit Card approvals at the sole discretion of HDFC Bank Limited. Credit Card approvals is subject to documentation and verification as per Bank's requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.