term required under Secured FD surroget for SBI card ?
Answers
If you don't have a credit history, banks are generally reluctant to offer you a credit card even if you are salaried. For self-employed, it is all the more difficult to get a credit card as they don't have regular cash flow. Indeed, if you need credit of any kind, you need to have a credit history. But without any credit how can you have a credit history? So it's a catch 22 like situation for many people.
Therefore, to help such customers and increase the credit card penetration in India, State Bank of India's (SBI) subsidiary SBI Card has come out with a credit card "Unnati" which will be available to all SBI customers provided they have a minimum deposit of Rs 25,000 with the bank. Any SBI customer, including Jan Dhan account holders, with or without any credit history, can apply for the card.