Credit Card against fixed deposit are beneficial to students and those people who don’t have income proof or credit history. So if you are one of them, you can apply for Credit Card against fixed deposit with minimum documentation. In this method there is no approval or disapproval of your credit card application as you are keeping your fixed deposit as a security to obtain a credit card.
So below we have mentioned the entire process on How to Apply for Axis Bank Credit Card against Fixed Deposit.
Step by Step Guide on How to Apply for Axis Bank Credit Card against Fixed Deposit
- If you want to apply for Credit Card against fixed deposit in Axis Bank, first of all you should have bank account with them.
- If you are having bank account with them then you can walk-in into branch and request them that you want to apply for Credit Card against fixed deposit. If you don’t have bank account in Axis Bank then you will have to open one account to apply for Credit Card against fixed deposit. You will have to provide necessary documents like ID Proof, Proof of Address PAN Card, and Passport Size Photo to open your bank account.
- When you request bank that you want to apply for Credit Card against fixed deposit, you will be asked to open a fixed deposit as per your need remember that your Credit Card Credit limit will limit up to 80% of the FD amount. So accordingly you will have to open fixed deposit, if you have fixed deposit already in bank you can apply for Credit Card against fixed deposit on that existing fixed deposit. (While opening Fixed Deposit and while applying for Credit Card against FD you will have to complete the necessary documentation process by the bank)
- Once fixed deposit is opened the bank will mark your fixed deposit as lien and you will be provided with Axis Bank Insta Easy Credit Card.
- The Credit Card will usually get activated within 2 to 6 working days, and once Credit Card is activated you are ready to use it online or Offline anywhere.
FAQ Regarding Axis Bank Credit Card against Fixed Deposit
What are the Joining Fees & Annual Fees of Credit Card against Fixed Deposit?
Rs.500/- + tax will be charged from your Credit Card as a joining fee after few days once your Credit Card gets activated, but the joining fee will be waived off if you spend Rs.5000/- within first 45 days of card issuance. There are no annual fees charged for Axis Bank Credit Card against Fixed Deposit.
What are Over Limit Penalty for Axis Bank Credit Card against Fixed Deposit?
If you spend over limit of your card you will be charged a penalty 3% of the over limit amount or Min. Rs.500/-
If I open Rs.20000/- Fixed Deposit how much will be my Credit Card Limit?
As me already mentioned in above article that your Credit Card limit will be 80% of your FD amount, which means if you have opened FD of Rs.20000/- you will get Monthly Credit Limit on your Credit Card of Rs.16000/-
Like this you can easily apply for Axis Bank Credit Card against Fixed Deposit by following the above process, if you have any difficulty or queries regarding Applying Axis Bank Credit Card against Fixed Deposit then just leave your query in the comment section.