SBM Bank India and Paisabazaar Launch Paisa+ Credit Card

Key facts

• Paisabazaar, a part of PB Fintech, and SBM Bank India have launched the SBM Paisabazaar Paisa+ Credit Card, a Fixed Deposit (FD)-backed credit card.
• The credit card requires a minimum FD starting from ₹2,000 and provides interest rates on the deposit of up to 7% per annum.
• The card offers 1.5% cashback on online spends for FD above ₹10,000, while offline spends and Unified Payments Interface (UPI) transactions above ₹2,000 earn 1% cashback.
• The product features zero joining fees and an annual fee of ₹499, with cashback capped at 500 points per day and 3,000 points per month where one Cash Point equals ₹1.
• SBM Bank India is the first foreign bank to receive a universal banking licence from the Reserve Bank of India (RBI) to operate as a Scheduled Commercial Bank under the Wholly Owned Subsidiary (WOS) model.