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Overview Eligibility Features & Benefits Fees & Charges Documents FAQs Terms & Conditions

Product Overview

SBM Magnet

SBM Magnet Credit Card is an FD-backed secured credit card offered by SBM Bank. It is designed for first-time credit card users, students, self-employed individuals, and people with low or no CIBIL score. The card helps users build their credit history while earning rewards and interest on their fixed deposit.

Great Rewards
Wide Acceptance
100% Digital & Secure

Eligibility Criteria

Applicant must be an Indian resident.
Age: 18 Years & Above.
Minimum Fixed Deposit: ₹5,000.
No Income Proof Required.
No Minimum CIBIL Score Required.
Students, Salaried, Self-Employed, Freelancers and First-Time Credit Users can apply. 

Features & Benefits

Fixed Deposit Required: Starting from ₹5,000.
Credit Limit: Up to 90% of FD Amount.
Earn Up to 10% Rewards on purchases across leading brands.
Welcome Benefits worth ₹21,000+ including OTT subscriptions, shopping vouchers, travel offers and lifestyle discounts.
Earn Up to 7% p.a. Interest on your Fixed Deposit.
Build and Improve Your CIBIL Score through responsible card usage.
No Income Proof Required.
No Previous Credit History Required.
International Usage Enabled Card.
Physical and Virtual Card Available.

Fees & Charges

Joining Fee: Nil (Lifetime Free)
Joining Fee: Nil.
Annual Fee: Nil (Lifetime Free).
Interest-Free Period: Up to 45 Days.
Cash Withdrawal Fee: 2.5% of Withdrawal Amount or ₹300 (Whichever is Higher).
Finance Charges:
Retail Transactions: 2.5% per month (30% p.a.)
Cash Transactions: 3.3% per month (40% p.a.)
FD Closure Charges: 1%.
Late Payment Fee: ₹299. 

Documents Required

PAN Card
Aadhaar Card
Mobile Number linked with Aadhaar
Bank Account for FD Creation
Selfie / e-KYC Verification
No Salary Slip Required
No ITR Required 

FAQs

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A minimum FD of ₹5,000 is required to get the card.

Yes, the card comes with zero joining fee and zero annual fee.

Yes. No credit history or minimum CIBIL score is required.

You can get up to 90% of your FD amount as the credit limit.

No. Income proof, salary slips, and ITR are not mandatory. 

Terms & Conditions

Credit card is issued against a Fixed Deposit maintained with SBM Bank.
FD remains lien-marked until card closure.
Reward benefits are subject to applicable merchant and program terms.
EMI and Cash Transactions may not be eligible for reward points.
Card approval is subject to successful KYC verification. 

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Card At A Glance
Joining Fee Nil (Lifetime Free)
Annual Fee Free
Rewards Fixed Deposit Required: Starting from ₹5,000.
Best For Shopping & Lifestyle
Network Visa / RuPay
Card Type SECURED CREDIT CARD