The SBM ZET Credit Card (earlier Magnet Card) is one of the India’s top ₹2,000 FD starter cards.
Deposit around ₹2,000 as an FD credit card and get a limit of around ~₹1,800—use it wisely to start building your CIBIL score within months.
Save, earn rewards, build your credit score, and spend — all with the same FD.
Top Features
| Feature | Reality |
|---|---|
| Joining / Annual Fee | ₹0 (lifetime free) |
| Credit Limit | Up to ~90% of FD |
| Network | RuPay (Network) |
| CIBIL Reporting | Yes (main benefit) |
| Interest-Free Period | Up to 45 days |
| App Control | Fully app-based |
Discount Benefits
- Up to 20% off (Max. ₹100/month) on Swiggy & Zomato, twice a month (Min spends ₹500)
- Up to 20% off (Max. ₹200/month) on Swiggy Instamart, twice a month (Min spends ₹1,000)
- ₹100 discount on BookMyShow, once a month (Min ₹1,000)
Cashback Benefits
- 2% cashback on UPI spends
- 5% cashback on Amazon & Flipkart vouchers
- Up to 15% cashback on 80+ brands like Dominos, PVR, Nykaa, Cleartrip
- ZET Plus membership (₹99) required to unlock UPI cashback
- Cashback comes as ZET Coins (6:1 voucher / 4:1 cash conversion)
- Maximum earning capped at 2,000 ZET Coins (₹500/month)
Important Rules
| Rule | What It Means |
|---|---|
| Mini & Max FD | Mini: ₹2,000, Max: ₹1,00,000 |
| Cash Limit | Up to 50% of limit |
| FD Interest | ~6.5 to 7% yearly continues by SBM |
| FD Safety | Insured up to ₹5 lakh |
Pros & Cons
| Pros | Cons |
|---|---|
| Easy approval without income proof | FD amount gets locked until card closure |
| Helps build or repair CIBIL score | Rewards depend on usage pattern |
| UPI usage for daily spends | ZET Plus required for full cashback |
| FD keeps earning interest | High interest if bill unpaid |
Additional Benefits
- No income proof: Only PAN + Aadhaar needed
- UPI usage: Works on GPay, PhonePe, Paytm
- Rewards: ZET Coins system (1 ZET Coin = ₹0.25 paise)
- Brand discounts: Food, shopping, entertainment savings
- Use case: Best for beginners, low CIBIL, or rejected users
Expert Insight: Treat this as a credit-building tool, not a reward card — spend small, pay full bill, and your score improves faster.
Check below: scroll down to know how it works, charges, and apply process –
How to Apply for the ZET Credit Card
Before applying, just keep this ready: PAN card, Aadhaar-linked mobile number, Stable internet. That’s all. Process is simple, fast, and made for normal users, not tech experts.
- Tap “Apply Now” – Click the button above to start your application
- Download the ZET App – You’ll be redirected to the ZET website or Play Store; install the app
- Open & Login – Sign in using your mobile number and OTP (use Aadhaar-linked number for smoother verification)
- Enter PAN Details – Only PAN verification is required; no salary slip or income proof needed
- Select FD Amount – Choose how much you want to deposit; your credit limit will be based on this amount
- Create FD Online – Complete the fixed deposit instantly inside the app (no paperwork or branch visit)
- Complete Video KYC – Takes around 30–60 seconds; just show your PAN card on camera
- Get Instant Approval – In most cases, your virtual credit card is issued within 30 minutes
- Start Using Immediately – Use the virtual card online or for UPI transactions the same day
- Receive Physical Card – The plastic card is delivered to your address within 5–6 days
- Manage Everything in App – Track spending, limit, due date, and pay bills easily via UPI inside the ZET app
If a network or app issue occurs, don’t worry—your money is safe and usually refunded within 24 hours.
Note: Your FD is not used for spending; it only acts as security. You spend using the credit card. If bills remain unpaid, the bank can recover from your FD, so approval is 100% easy for beginners.
Charges & Interest
| Type | What You Pay |
|---|---|
| Annual Fee | ₹0 (lifetime free) |
| Spend Interest | 3.5% per month (~42% yearly) after free period |
| Cash Withdrawal Interest | 3.5% per month (from same day) |
| ATM Withdrawal Fee | 3.5% or ₹300 (whichever is higher) |
| Foreign Usage | 2.49% markup |
| Late Payment | ₹299 |
| GST | 18% on charges & interest |
1. Key Things to Understand
- If you don’t pay on time, charges become very expensive very fast
- Interest starts immediately on cash withdrawal
- GST is added on all charges, so actual cost is higher
2. Minimum Amount Due (MAD)
- Paying only MAD → card stays active
- But 3.5% monthly interest keeps running
- Credit score growth becomes slow or stuck
- Best practice → always pay full bill
3. Billing & Statement
- Statement generated every month
- Due date → around 15 days later
- Extra 3-day grace period (RBI rule)
- Check in ZET app or email
4. Important Habit
- Even with zero spending, statement is still generated
- Always check your app once every month
How FD-Backed Credit Card Works
- Start – You open a Fixed Deposit (FD) with SBM Bank using the ZET App
- Example – You create an FD of ₹10,000 for 12 months
- Security – Your FD is lien-marked, meaning ₹10,000 is blocked and cannot be withdrawn until the card is closed
- Approval – The bank issues a secured credit card against your FD
- Limit – You get around 90%–100% of FD value, typically ₹9,000–₹10,000 limit
- Usage – You can use it for shopping, bills, recharge, fuel, and daily expenses
- Billing – A monthly credit card bill is generated based on your usage
- Spend – Example: You spend ₹3,500 in one month on clothes or essentials
- Payment – You must pay before the due date
- Interest – Pay full amount on time → 0% interest charged
- Safety – Your FD remains safe and continues earning interest till maturity
- Real Benefit You Get – Upgrade – Once you reach 750+ score, you can apply for cards like Axis Bank Flipkart Credit Card and HDFC MoneyBack Credit Card.
Expert Tip (Real Strategy Most People Miss)
- Upgrade – After getting a high-limit unsecured card, you can choose to close this secured card (this is what many users do)
- Scale – Or increase your FD to ₹50,000 and keep it as a backup credit line + savings tool
- Growth – Your FD continues earning around 6%–7% annual interest, safely
- Exit – Whenever you decide to close the card, just send a simple email request to the bank
- Return – After closure, you get your full ₹50,000 back + all interest earned over time
How Credit Score Reporting Works
- After a few transactions and repayments using the ZET Card, it starts appearing in your credit score apps.
- ZET app shows score mainly from Experian
- Other apps use CIBIL, Equifax, CRIF High Mark → scores may differ
- Small differences are normal, not an error
- Check official Free score on CIBIL website for accuracy
How to Improve Your Score
- Keep usage below 30% (₹10,000 → use under ₹3,000)
- Always pay full bill, not minimum due
- Never miss due date
- Use card regularly (small spends like grocery, chai, maggi)
Tip: No fixed timeline; some improve in 2–3 months, others take 6+ months depending on consistency.
- Read –
- Best FD Credit Card in India: Real Options to Start Journey
- Top Credit Cards For Fixed Deposit at ₹2,000 in India
FAQs
Is the SBM ZET Credit Card lifetime free?
Yes. As of 2026, the SBM ZET Credit Card has a zero joining fee, a zero annual fee, and a zero renewal fee, so you pay nothing just to keep it active.
What is the credit limit of the SBM ZET Credit Card?
The credit limit depends on your FD amount. Usually, the bank gives up to 90% of the FD value. Example: ₹20,000 FD gives around ₹18,000 limit.
What is the main use of the SBM ZET Credit Card?
This card is mainly used to build or repair a credit score. It helps people with no credit history or low CIBIL get access to safe, controlled credit.
Is the SBM ZET Credit Card safe or risky?
Yes, it is safe. Your FD is insured up to ₹5 lakh under DICGC rules. Card transactions follow RBI banking rules and are issued by SBM Bank India.
Does the SBM ZET Credit Card give cashback?
It does not give fixed cashback. Rewards come as ZET Coins, whose value depends on active offers. These rewards should be treated as bonus savings, not guaranteed returns.
Does the SBM ZET Credit Card give Flipkart cashback or a discount?
Sometimes, yes. During active campaigns, users may get up to 2.5% off on Flipkart, but offers change often and are not permanent or fixed.
What is ZET Plus?
ZET Plus is a ₹3/day subscription (Around ₹100 monthly) that boosts rewards on your ZET FD Credit Card, offering 2% UPI cashback, zero voucher fees, lifetime ZCoins validity, and added fraud security protection.
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