The IOB Zet FD Credit Card is a lifetime-free RuPay credit card issued against a fixed deposit with Indian Overseas Bank, applied for through the Zet platform. You can start with an FD of just ₹2,000, there is no income proof or document check, and approval is guaranteed. That makes it one of the simplest ways to get a first credit card and start building a credit score.
How it works
You open a fixed deposit, and the card’s credit limit is set against it. Your FD keeps earning interest, up to 7% a year, while you use the card. Because the bank holds your deposit as security, it does not need to check your salary, which is why students, homemakers and new earners can get approved.
Rewards and offers
| Where you spend | What you get |
|---|---|
| Amazon and Flipkart | 5% cashback |
| Nykaa, Domino’s and 80+ brand vouchers | Up to 15% cashback |
| UPI payments via Zet (with ₹99/month subscription) | 2% cashback, up to ₹500 a month |
| Swiggy, Zomato, Instamart, BookMyShow and more | Up to 20% off, max ₹100 once a month per partner |
Do the maths on UPI: the 2% UPI cashback needs a ₹99 monthly subscription. You only come out ahead if you spend more than about ₹5,000 a month on UPI with the card; the benefit maxes out at ₹500 a month, or ₹25,000 of UPI spends.
The offer says cashback is real money you can transfer straight to your bank account, which is simpler than points.
FD-backed card vs a regular credit card
A regular credit card is unsecured: the bank lends against your income and credit record. An FD-backed card is secured by your own deposit, which is why it skips income checks. The trade-off is that your limit depends on the size of your FD, and that money stays locked while the card is active. On the plus side, it earns interest the whole time, and your repayment record is reported just like any other card, so after a year or so of on-time payments you may qualify for unsecured cards too.
Fees and charges
| Joining fee | Free |
|---|---|
| Annual fee | Free |
| UPI cashback subscription | ₹99 a month, optional |
| Interest-free period | Up to 45 days |
Eligibility
| Age | 21 to 65 years |
|---|---|
| Minimum FD | ₹2,000 |
| Income proof | Not required |
| Approval | Guaranteed against the FD |
What you need
- A ₹2,000 or larger deposit to open the FD
- Basic KYC details asked for in the application; no income documents
How to apply
- Tap Apply on this page to open the IOB credit card application.
- Complete the form in one session and book your fixed deposit.
- Receive your RuPay credit card with a limit linked to the FD.
- Link it to UPI and start using it, paying the full bill on time every month.
Build your score the right way
- Use only a small part of the limit, ideally under 30%.
- Pay the full bill before the due date, every month.
- Keep the card open for a long time; a longer history helps your score.
Who should get it, and who shouldn’t
Get it if you have no credit history or were rejected for a regular card and want a guaranteed, free way to start. The rewards are a bonus on top.
Skip it if you already qualify for an unsecured card. Locking money in an FD only makes sense if it helps you get approved.
