ICICI FD Credit Card: Features, Benefits & How to Apply

This card is revolutionary for students, young professionals, and new creditors.  By simply opening a ₹50,000 FD, you can establish your credit history and get a card without having to show proof of income.

You have two great options to pick from.  The Platinum card, which incurs no fees, is a simple and cost-effective choice. However, the Coral card offers richer rewards and lounge access for a small annual fee that may even be waived.

The application is user-friendly both offline and online. Once you have it, you can enjoy genuine benefits, such as movie and petrol discounts, reward points for purchases, and 24/7 assistance for peace of mind. 

The ICICI FD Credit Card, backed by a fixed deposit, offers a credit limit up to 90% of its value. It's ideal for building credit without proving income.

Example:

Shikhar, a student without any income, can start his financial journey by opening a ₹50,000 fixed deposit (FD) and getting a special card.

Table:

Here’s a quick comparison of the two main types of cards available, showing their key features and benefits:
 

The Instant Platinum card has no fees and offers clear benefits.

This blog helps you understand the ICICI FD Credit Card, and now, we’ll dive into the features of the FD card to help you manage your finances better.

Features of the ICICI Credit Card Against FD

Your fixed deposit can be transformed into a potent financial tool with an ICICI Credit Card Against FD, which offers several rewards and benefits without requiring proof of income.

Example:

This card helps people build their credit while enjoying great perks. Take Rakesh, for example, a young professional who’s excited because this card not only helped him start his credit history but also saved him money on dining out and movie nights.

Table:

The features ICICI Bank offers can really improve your spending (how you spend). Check out the table below for a clear breakdown of these key benefits!
 

As shown, the features cover lifestyle improvements, cost savings, and international security in addition to basic credit availability. 

As they did for Rakesh, these perks, which range from receiving reward points for necessary purchases to taking advantage of entertainment discounts, offer real value that can enhance your everyday existence.

Now that we've looked at these interesting features, let's dive into the following topic: How to Apply for an ICICI FD Credit Card.

(Bonus Point: FD Card is an excellent option for building or repairing credit history, as approval primarily depends on your FD, not your credit score.)

How to Apply for an ICICI FD Credit Card

A fixed deposit is pledged as security for an ICICI FD Credit Card, which offers a straightforward route to credit availability. Depending on your preference, you can complete the application through easy online or offline channels.

Example:

Nitin, a tech-savvy freelancer, chose to apply online from the comfort of his home for quick approval. On the other hand, Mukesh, who likes to have face-to-face interactions, decided to visit his local branch to get some guidance.

Table:

The application procedure is made to be flexible enough to accept both traditional and digital methods. To assist you in selecting the best option, the following table offers a concise, detailed explanation of each technique. 
 

Both application methods for the ICICI FD Credit Card are easy to use. If you prefer speed and convenience, the online process is great for someone like Nitin. On the other hand, Mukesh benefited from the offline method, which offered personalised support.

Regardless of which option you choose, having your KYC documents and FD details readily available will make everything smoother.

Now, let's dive into the following topic: the charges for the ICICI Credit Card against a fixed deposit.

Fees and Charges of ICICI Credit Card Against FD

To correctly manage your ICICI FD Credit Card and prevent unforeseen expenses, it is essential to understand the fees. It stands for the price of using the credit facilities and premium features of the card.

Example:

Rekha is a smart budgeter who took the time to compare the costs before picking the Platinum card. This way, she made sure her spending stayed on track.

When deciding which card to choose, it's essential to understand the different costs involved with each option clearly.

Table:

This table compares the fees for our two main options, allowing you to easily see the differences at a glance.
 

The table shows that the Platinum card has no annual fee, making it a great option. On the other hand, the Coral card comes with extra features but charges a small yearly fee that can be waived. 

The main point is that if you pay off your balance each month and are aware of costs like cash advances, you can make the most of either card, just like Rekha!

Now that you have a clear picture of the costs involved, let’s see if you qualify by exploring the Eligibility Criteria for an ICICI FD Credit Card.

Eligibility Criteria for an ICICI FD Credit Card

The basic requirements you must fulfil to obtain an ICICI Credit Card Against FD, which uses your fixed deposit as collateral, are known as the eligibility criteria. These rules guarantee the procedure's accessibility while upholding fiscal responsibility.

Example:

Simi, a recent graduate without a steady income, qualified for a program because she fulfilled the basic requirements of age and citizenship. She also opened a ₹50,000 fixed deposit, which helped her start building her credit history.

The following pointers break down the essential eligibility conditions.

• Citizenship and Age: The primary applicant must be a resident Indian citizen and at least 18 years old at the time of application.

• Fixed Deposit Amount: A minimum fixed deposit of ₹50,000 with ICICI Bank is mandatory to serve as security for the credit limit.

• FD Tenure: The pledged fixed deposit must have a remaining tenure of at least 180 days from the date of the card application.

• FD Type Restrictions: The FD must be a standard domestic deposit. It cannot be an NRE/NRO account, a tax-saving (80C) FD, a Linked or Quantum FD, or one held by a third-party entity like a HUF, Trust, or Company.

• FD Status: The fixed deposit must be free of any liens or limitations and cannot be sold as collateral for another loan.

The eligibility criteria are simple and inclusive, designed to help people like Simi who may be new to credit. Instead of relying heavily on traditional income proofs, the focus is on the quality and eligibility of the fixed deposit itself.

Now that we've walked through all the key details, from features to fees and eligibility, let's wrap everything up in our conclusion.

(Bonus Point: You can get a credit limit of up to 90% of your FD amount with the Platinum card and up to 85% with the Coral card.)

Conclusion

Ultimately, the ICICI FD Credit Card is an excellent tool for anyone to start building credit while enjoying real benefits, whether they are students or recent graduates. 

It offers access to financial independence without the need for complex proof of income by using a fixed deposit as collateral.

It's a smart step towards a better financial future, whether you choose the feature-rich Coral version or the fee-free Platinum card. Are you ready to get started? Apply for your card now and open an FD. 

FAQS

What happens if I break my FD prematurely?

The credit card will be blocked, and you must clear the outstanding balance on your card before the FD can be closed.

Do I need to show income proof or have a credit score?

No. Since the card is secured against your FD, no income proof or prior credit history is required, making it ideal for students or those new to credit.

What is the difference between the Platinum and Coral variants?

The Platinum card has no annual fee. The Coral card has a ₹500 (+GST) yearly fee but offers additional rewards, lounge access, and other lifestyle benefits. The Coral fee is often waivable with sufficient spending.

Can I get my FD back if I close the credit card?

Yes, but only after you close the credit card and clear all outstanding dues. The FD will be released upon closure and cannot be used as collateral for any other loan during the card's tenure.

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About the Author

LoansJagat Team

‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.