SBM ZET Credit Card
Data last verified: 23 October 2026
- Joining feeFree
- Annual feeFree
- Reward rate2% on most spends
Takes you straight to the application. We earn a commission if you are approved, and you pay nothing extra.
- Joining feeFree
- Annual feeFree
- Lifetime freeYes
- Forex markup2.49%
- Interest (APR)3.5% a month, 42% a year
- Rent payments1% of the amount
This is a secured card. You open a fixed deposit of at least Rs 2,000 and get a credit limit of 90% of it. Because the card is backed by your deposit, approval does not depend on income or credit history, which makes it a practical way to build a credit score from scratch.
It is lifetime free, with no joining or annual fee. It runs on RuPay, so you can use it for UPI payments. There are discounts of up to 20% on Swiggy, Zomato and Instamart, a few times a month, and cashback offers across many brands. 2% cashback on UPI applies only to payments through the ZET app on the paid ZET Plus plan.
It suits students, first jobbers and anyone rebuilding credit. The catch is the small limit tied to your deposit, and most of the rewards come through the app.
Best for: First-time borrowers with no credit history, Students and new earners, People rebuilding a low credit score, UPI users who want a credit line.
01SBM ZET Credit Card Rewards and Benefits
02SBM ZET Credit Card Annual Fee and Charges
- Joining fee
- Lifetime free
- Annual fee
- Lifetime free
- Spend-based waiver
- None
- Rewards redemption fee
- Nil
- Forex markup
- 2.49%
- Interest rate
- 3.5% a month (42% a year)
- Fuel surcharge waiver
- No
- Card replacement
- Not published
- Rent payments
- 1% of the amount
03What It's Worth, in Rupees
If you spend ₹20,000 a month on this card:
- ₹20,000 on everything else, earning 2%₹400
- Back each month, ₹4,800 a year₹400
- In your pocket each year₹4,800
Worked out from this card's reward rates, caps and fee in our data; a rate limited to named merchants is not counted here. Your own spending will differ: see what this card is worth at your spend.
Good for
- Anyone who wants no annual fee, ever
Skip it if…
- you spend a lot on fuel, utility bills, rent or insurance: the card's terms do not state a rate there, so we count nothing
- you sometimes pay only the minimum due: interest of 3.5% a month (42% a year) outweighs any reward
04Product Details
- Secured card issued against a fixed deposit, minimum ₹2,000
- Credit limit of 90% of the FD amount
- Lifetime free, no joining or annual fee
- RuPay card that works with UPI
- Up to 20% off on Swiggy, Zomato and Instamart, with monthly caps
- 2% cashback on UPI payments through the ZET app on the paid ZET Plus plan
- 2.49% forex markup
05Pros and Cons
Pros
- Easy approval since it is backed by your FD
- Builds a credit score with regular use
- No fees
- Lower 2.49% forex markup than most
Cons
- Credit limit is capped at 90% of your deposit
- UPI cashback needs the paid ZET Plus plan
- Food delivery discounts are small and capped
06How SBM ZET Credit Card earns Rewards
2% on most spends.
| Spend category | Rate | Monthly cap | Where it applies |
|---|---|---|---|
| UPI payments (scan and pay) | 2% | No cap | All merchants in the categoryTerms: 2% on ZET UPI payments only with the paid ZET Plus plan (₹3 a day plus GST). |
| Online shopping | 2% | No cap | The card's normal rate |
| Dining and food delivery | 2% | No cap | The card's normal rate |
| Groceries | 2% | No cap | The card's normal rate |
| Travel: flights, hotels, trains | 2% | No cap | The card's normal rate |
| Fuel | Not stated | - | the card's exclusions are not published, and many cards pay nothing here |
| Bills and recharges | Not stated | - | the card's exclusions are not published, and many cards pay nothing here |
| Rent | Not stated | - | the card's exclusions are not published, and many cards pay nothing here |
| Insurance premiums | Not stated | - | the card's exclusions are not published, and many cards pay nothing here |
| School and college fees | Not stated | - | the card's exclusions are not published, and many cards pay nothing here |
| Wallet top-ups | Not stated | - | the card's exclusions are not published, and many cards pay nothing here |
| Taxes and government payments | Not stated | - | the card's terms state no rate here; many cards pay nothing on these |
| Spend abroad or in a foreign currency | 2% | No cap | The card's normal rate |
| Everything else | 2% | No cap | The card's normal rate |
Terms on the base rate. 2% flat cashback on ZET UPI with ZET Plus (₹3/day + GST); plus up to 20% off Swiggy/Zomato/Instamart/BookMyShow, 5% on Amazon Pay & Flipkart vouchers, up to 15% on 80+ brand vouchers
07SBM ZET Credit Card Travel Benefits
Spending abroad carries a 2.49% forex markup; rewards on it: 2% back (the normal rate). See what it costs on your trip
08SBM ZET Credit Card Eligibility and Documents
- Age
- 18 years and above
- Employment
- Salaried or self-employed
Documents. PAN card Aadhaar / valid address proof
09Recent Changes
What the bank changed on this card recently. The facts on this page already reflect them.
| Date | Change | Before | Now |
|---|---|---|---|
| 23 Oct 2026 | Reduced: Early-closure fee window widens to two yearsSource: the bank | ₹499 + GST if closed within one year of activation | ₹499 + GST if closed within two years of activation |
| 23 Oct 2026 | Changed: Late payment fee moves from ₹299 flat to 5% of the outstandingSource: the bank | ₹299 | 5% of the total outstanding, minimum ₹50 and maximum ₹1,000 |
| 15 Jul 2026 | Reduced: 1% fee on rent and education paymentsSource: the bank | No fee on rent or education payments | 1% of the transaction on rent payments, and 1% on education payments |
| 28 May 2025 | Changed: SBM ZET Credit Card launched | - | Lifetime-free FD-backed RuPay credit card via the ZET app |
See this card's change history → · All card changes in October 2026 →
10Cards Similar to SBM ZET Credit Card
SBM ZET Credit Card is a secured card. The two below are the closest on SkyloFin; open any of them, or put them side by side.
| Feature | SBM ZET Credit Card |  IOB ZET Credit Card |  DCB Novio Credit Card |
|---|---|---|---|
| Joining fee | Lifetime free | Lifetime free | Lifetime free |
| Annual fee | Lifetime free | Lifetime free | Lifetime free |
| Rewards | 2% on most spends | Rewards not published | Rewards not published |
| Domestic lounge | Not included | Not included | Not included |
| Forex markup | 2.49% | 2.49% | 2.5% |
| Type | Secured | Secured | Secured |
11Explore More
Card facts last verified 23 October 2026.
Card data sourced via CardAdvisor.in, India Credit Card Facts, CC BY 4.0, adapted by SkyloFin.
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Common Questions
Why is this card secured?
It is issued against a fixed deposit, so the bank does not need to check income or credit history. Your FD stays with the bank and keeps earning interest.
Will it help my credit score?
Yes. Usage and repayments are reported like any credit card, so paying on time builds your score.
What credit limit will I get?
90% of your fixed deposit. The minimum deposit is ₹2,000.
Is there any fee?
No. It is lifetime free with no joining or annual fee.
What is the joining fee for the SBM ZET Credit Card?
The joining fee is Free. Check the bank's page before you apply, because fees change and promotional waivers come and go.
What is the annual fee for the SBM ZET Credit Card?
The annual fee is Free.
Does applying through SkyloFin cost more?
No. You pay the same fees you would pay applying directly. We earn a commission from the bank when someone applies through our link, and that is how the site is funded.
SkyloFin is not a bank and does not approve applications. Fees, rewards and eligibility rules are set by the provider and can change without notice. Always read the terms on the provider's site before you apply.
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Guides in Plain Words
Short reads that explain how it works before you decide.
- GuidesBest Credit Cards Under ₹500 a Year in India (2026)Credit cards with an annual fee of ₹500 or less (before GST) in 2026, ranked by the reward rate each bank states, with fee waivers.Read the guide →
GuidesNo-Cost EMI: What It Really Costs You, With a Worked ExampleNo-cost EMI is not a trick, but it is rarely free. Here is where the money goes: the discount you give up, the processing fee, and GST on the interest, worked out on a Rs 30,000 phone.Read the guide →- GuidesBest Online Shopping Credit Cards in India (2026)The credit cards that pay the most back on online shopping in 2026, which sites count, the monthly cap and the annual fee.Read the guide →
