Axis Credit Card on FD: Eligibility, How to Apply & More

Owing to reasons like unstable income sources, a poor credit score and unsatisfactory proof of ID documents, a credit card against FD is a suitable choice for many. Due to the reasons mentioned above, it may be difficult for individuals to get approved for a credit card. In that case, they can use their Fixed Deposits (FDs) wisely and reap the benefits of a secured Axis credit card.

Before you proceed, explore the details related to an Axis credit card on FD, how to apply for it, the eligibility requirements and other relevant information. 

What Is a Credit Card Against FD?

A credit card against fixed deposit is essentially a funding option which lets individuals tap into the potential value of their FDs, without risking losing out on its interest or breaking into it. The Axis Bank FD credit card is a secured credit card option.

The defining feature associated with this type of credit card is that the FD account is linked, which means that the fixed deposit serves as collateral. There typically is a credit limit set, which is 80% - 90% of the fixed deposit value. The lien-marked fixed deposit keeps earning interest.

If the credit card holder is unable to make the timely payment of a monthly credit bill, the banking institution shall redeem the linked fixed deposit to recover any outstanding amount. Fees/charges on the credit card against FD are typically lower than an unsecured card. Plus, the former type of card is easily approved.

Features & Benefits of an Axis Credit Card on FD

Take a look at the features and benefits associated with an Axis Bank credit card on FD:

• No Income Proof Necessary: Any individual struggling to provide valid documents as proof of income, is relieved of its burden. Applying for an Axis credit card on FD does not require one to provide proof of income.
• Instant Approval of Credit Card: Once you have booked an FD, the approval process associated with your credit card application shall be quick and seamless. 
• Flexible Credit Limit: One can unlock a credit limit of up to 80%-90% of their fixed deposit amount. This scenario allows for financial convenience and flexibility.
• Exclusive Rewards/Awards: Cardholders shall earn ‘EDGE REWARD Points’ on every transaction. Access exclusive advantages like cashback, discounts and much more.
• Build/Improve Credit Score: The Axis Bank credit card against FD is a perfect choice for the first-time credit card user. It is also a funding option that can help establish or strengthen one's credit history.
• Hassle-free Procedure: Individuals may apply via the Axis Bank Internet Banking or Mobile Banking App online. It shall prompt an easy and seamless application experience.

Alternatively, you can opt for an FD-backed credit card, brought to you by Suryoday Bank, partnering with us. Download the Stable Money app today and explore the features you can avail!

Eligibility to Avail Axis Credit Card on FD 

Here is a list of eligibility requirements for an Axis Bank-secured credit card:

• Only Indian residents are eligible to apply for this card.
• The applicant must have a valid PAN Card.
• He/She must be 18 years old or above.
• The applicant must book a fixed deposit through any UPI app with Axis Bank.

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Who Cannot Apply for an Axis Credit Card on FD?

Axis Bank shall issue credit cards against FDs only to individuals who have fixed deposits to their names. Here is a list of persons who are not eligible to avail a credit card against the FD facility:

• Hindu Undivided Family (HUF)
• Foreign nationals
• Minors (under the age of 18 years)
• Third parties
• Trusts
• Partnership firms
• Societies
• Depositors of NRI fixed deposits
• Depositors of tax-saving FD

Note: A credit card cannot be issued against such FDs which are pre-marked as a lien (i.e. fixed deposits against which an overdraft or a loan has been taken).

Who Should Apply for an Axis Credit Card on FD?

Here are the circumstances under which an Axis credit card on FD can prove to be useful:

• An individual requires a credit card but is unable to get approved for one.
• The person looking to get a credit card has an irregular or unstable income source.
• The individual has a bad credit history or no history at all. 
• A person does not have any valid proof of income to present. 
• The person falls under the category of ‘freelancers’, ‘homemakers’ and others. 
• The person has an entry-level job with a rather low income. 

Documents Required for an Axis Credit Card on FD

Here are the documents required to apply for an Axis Bank credit card against FD:

• FD Certificate: This shall serve as proof of the fixed deposit held by the card applicant.
• Application Form Duly Filled Out: The credit card application form provided by Axis Bank should be filled out accurately.
• Proof of Identity: Applicants must provide government-issued IDs including a passport, Aadhaar card, driving license, etc.
• Proof of Address: Applicants should be able to provide the utility bills, the rental agreement or their passport for the verification of address.
• PAN Card: The PAN card must be provided for tax identification requirements.
• Photographs: Passport-sized coloured photographs should be presented.
• Age Proof: Documents certifying the age of the applicant, such as the birth certificate, should be provided.
• Fixed Deposit Receipt: One has to submit the Axis Bank-issued FD receipt/token.
• Lien Authorization Letter: This document shall authorise Axis Bank to mark a lien on the respective fixed deposit.
• Other KYC Documents: Additional KYC documents must be provided, if required as per Axis Bank’s KYC policy. It may include other identification/address proof requirements.

Steps to Apply for Axis FD Credit Card

To avail a credit card against FD with Axis Bank, here are a few simple steps you can follow:

Step 1: Visit the official website of Axis Bank or click here. Alternatively, you can go to the mobile banking app, click on ‘Open’ and choose the appropriate options.

Step 2: Next, you will be required to verify your identity. So, provide your Aadhaar/PAN CARD details.

Step 3: Choose a fixed deposit amount and the corresponding credit card. Select an amount that will secure a credit card as well as the required credit limit.

Step 4: Type in your personal information as and when prompted. This may include details like your address and your email ID, among other information. Proceed to make the payment for the fixed deposit amount.

Step 5: Go ahead and complete the procedure with a quick 'Know your Customer (KYC) Video Call' with the concerned agent. This will be a necessary step if you are not a customer of Axis Bank.

However, note that if you are a customer with Axis Bank, you will be able to directly make the payment after the selection of your ‘FD Investment amount’. You can complete the process without the Video KYC verification requirement rising.

How to Activate the Axis Credit Card on FD?

After your application for the Axis Bank credit card against FD is approved, here is a step-by-step guide on activating it:

Step 1: Open up the Google Play Store/Apple App Store and download the Axis Bank mobile banking app. 

Step 2: Log into the app using your Customer ID.

Step 3: Proceed to verify your registered mobile number with an OTP.

Step 4: Click on ‘Track Your Application’ status under the 'Credit Card' section. 

Step 5: Once approval is received, you can activate and set up the credit card here.

Step 6: Create a PIN via Internet/Mobile Banking.

Your credit card will now be linked to your fixed deposit. Thus, you will be able to spend wisely, earn lucrative rewards and also establish/build a good credit score.

Things to Keep in Mind While Opting for a Credit Card Against FD

A secured credit card against a fixed deposit offers a bunch of benefits. However, before opting for a credit card against FD, it is crucial to remember that the FD is held as a 'security deposit' equalling the credit card amount. If one happens to fail to pay the bills on their credit card, the bank in question reserves all the rights to compensate the due bills from the FDs. 

So are you looking for a trusted platform to manage your FD-backed credit card? Stable Money offers high-interest FD account creation linked with credit card options you cannot skip on! Download the app now to know more!