Best Credit Cards Against Fixed Deposit in India 2019

There are a handful of different credit cards against fixed deposit offered in India. Also known as secured credit cards, they are geared toward consumers with nonexistent, limited or poor credit history. We've analyzed the best options out there to help improve your credit and progress toward a more valuable card down the road.

Best Secured Credit Cards
CashbackBOB Financial Prime1% cashback all spend, Rs. 15,000 minimum fixed deposit
TravelAxis Bank Insta Easy1.2% domestic, 2.4% international, Rs. 20,000 fixed deposit
High SpendersKotak Silk Inspire5% apparel (min Rs. 7,500 monthly spend), Rs. 50,000 deposit
NRIsKotak NRI Royale0.45% outside India, 0.23% in India, Rs. 100,000 deposit
Rail TicketsKotak Aqua GoldRs. 750 annual bonus on Rs. 150,000 spend, Rs. 25,000 deposit

Best Credit Card Against Fixed Deposit for Cashback: BOB Financial Prime Credit Card

Consider this if you want cashback rewards

Age Requirement None listed by issuer
Annual Income Requirement None listed by issuer

The BOB Financial Prime Credit Card is the best option of all credit cards against fixed deposit for earning cashback. It will net you 1% rupee value back (4 points per Rs. 100 spent, 4 points = Rs. 1), which is great among secured cards. Additionally, it has the lowest deposit amount required, Rs. 15,000, and there are no annual fees. Plain and simple, get this card to earn great cashback on your everyday spend while you need a credit card against fixed deposit.

  • Minimum Fixed Deposit: Rs. 15,000
  • No Fees
  • Reward Earn Rate: 4 Reward Points per Rs. 100 spent
  • Point Value: 4 Reward Points = Rs. 1
  • Fuel Surcharge Waiver: Transactions Rs. 400 – 5,000; max Rs. 250 waived per month
  • Minimum Fixed Deposit: Rs. 15,000
  • No Fees
  • Reward Earn Rate: 4 Rewards Points per Rs. 100 spent
  • Point Value: 4 Reward Points = Rs. 1
  • Fuel Surcharge Waiver: Transactions Rs. 400 – 5,000; max Rs. 250 waived per month

Best Credit Card Against Fixed Deposit for Travel Rewards: Axis Bank Insta Easy Credit Card

Consider this if you want travel rewards

Age Requirement None listed by issuer
Annual Income Requirement None listed by issuer
Bonuses
  • Welcome Gift: 100 points (Rs. 40 in Yatra vouchers) on first online transaction

The Axis Bank Insta Easy Credit Card is the most profitable card against fixed deposit in terms of rupee value back. Offering travel rewards in the form of Yatra vouchers, you'll earn 1.2% rupee value back on domestic spend (6 points per Rs. 200 spent; 1 point = Rs. 0.40 Yatra vouchers) and even better 2.4% on international spend (12 points per Rs. 200). Its additional benefits include a 100 point welcome gift and 15% dining discounts at select restaurants. Key takeaway, if you don’t need the flexibility of cashback, get the Insta Easy for the best value.

  • Minimum Fixed Deposit: Rs. 20,000
  • Reward Earn Rate: 6 points per Rs. 200 spent on domestic transactions (except fuel); 12 points per Rs. 200 spent on international transactions
  • Point Value: 1 Axis eDGE Reward Point = Rs. 0.40 Yatra Travel Vouchers
  • Perks: Axis Bank’s Dining Delights program
  • Fuel Surcharge Waiver: Transactions Rs. 400 – 4,000; max Rs. 400 waived per month
  • Minimum Fixed Deposit: Rs. 20,000
  • Reward Earn Rate: 6 points per Rs. 200 spent on domestic transactions except on Fuel; 12 points per Rs. 200 spent on international transactions
  • Point Value: 1 Axis eDGE Reward Point = Rs. 0.40 Yatra Travel Vouchers
  • Perks: Axis Bank’s Dining Delights program
  • Fuel Surcharge Waiver: Transactions Rs. 400 – 4,000; max Rs. 400 waived per month

Best Credit Card Against Fixed Deposit for High-spend Shopping: Kotak Silk Inspire Credit Card

Consider this if you have minimum monthly retail spend of at least Rs. 7,500

Age Requirement 18-75
Annual Income Requirement None listed by issuer
Bonuses
  • Anniversary Bonus: Spend Rs. 125,000 every 6 months and get 1,000 reward points (worth ~Rs. 450) or 4 free PVR tickets

Kotak Mahindra's Silk Inspire Card is geared towards apparel shoppers, with a great 5% back on that category if you clear Rs. 7,500 retail spend per billing cycle (with a maximum of Rs. 500 back per cycle). Outside of shopping, you'll only earn a subpar 0.22% rupee value back on other spend (1 point per Rs. 200 spent; 1 point = 1 JPMile = Rs 0.45).

Note that the card has a relatively high minimum fixed deposit amount of Rs. 50,000 and also has a Rs. 599 joining fee. The annual fee is waived if you spend Rs. 125,000 in a year. Last, you can only apply for this card in select cities in India. So, we recommend this card if you can clear these criteria, and you tend to spend a lot on apparel.

  • Minimum Fixed Deposit: Rs. 50,000
  • Eligible Locations: Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi (incl. Gurgaon & Noida), Hyderabad, Kolkata, Mumbai, Navi Mumbai & Pune
  • Join Fee: Rs. 599
  • Annual Fee: Rs. 599 (waived on annual retail spend of Rs. 125,000)
  • Reward Earn Rate: 5% back on apparel (Rs. 7,500 minimum retail spend/billing cycle; max Rs. 500 back/cycle); 1 point/Rs. 200 all other
  • Estimated Point Value: 1 point = 1 JPMile = Rs. 0.45
  • Fuel Surcharge Waiver: Transactions Rs. 500 – 3,000; max waived Rs. 3,500/year
  • Minimum Fixed Deposit: Rs. 50,000
  • Eligible Locations: Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi (incl. Gurgaon & Noida), Hyderabad, Kolkata, Mumbai, Navi Mumbai & Pune
  • Join Fee: Rs. 599
  • Annual Fee: Rs. 599 (waived on annual retail spend of Rs. 125,000)
  • Reward Earn Rate: 5% back on apparel (Rs. 7,500 minimum retail spend/billing cycle; max Rs. 500 back/cycle); 1 point/Rs. 200 all other
  • Estimated Point Value: 1 point = 1 JPMile = Rs. 0.45
  • Fuel Surcharge Waiver: Transactions Rs. 500 – 3,000; max waived Rs. 3,500/year

Best Secured Credit Card for Non-Resident Indians: Kotak NRI Royale Signature Credit Card

Consider this if you're a high spender

Age Requirement 18-75
Annual Income Requirement None listed by issuer

Kotak Mahindra's NRI Royale Signature is a credit card against fixed deposit available to Non-Resident Indians. It comes with a high Rs. 100,000 fixed deposit amount as well as an annual fee of Rs. 1,000. You'll earn 0.45% rupee value back on spend outside of India (2 points per Rs. 200; 1 point = 1 JPMile = Rs. 0.25) and half that within India (1 point per Rs. 200). Last, you'll get two free airport lounge visits per quarter valid across 20 cities in India (through March 31, 2019). It is likely that only high spenders will charge enough on the card to outweigh the annual fees, so we only recommend the NRI Royale Signature to those such consumers.

  • Minimum Fixed Deposit: Rs. 100,000
  • Annual Fee: Rs. 1,000
  • Reward Earn Rate: 2 points/Rs. 200 spent outside India; 1 point/Rs. 200 spent in India; no points on fuel or rail if surcharge waived
  • Estimated Point Value: 1 point = 1 JPMile = Rs. 0.45
  • Perks: Visa Lounge access (2 free visits/quarter; 29 lounges across 20 cities in India) - valid through March 31, 2019
  • Fuel Surcharge Waiver: Transactions Rs. 500 – 3,000 (max Rs. 3,500 waived per year)
  • Rail Surcharge Waiver: Max Rs. 500 waived per year
  • Minimum Fixed Deposit: Rs. 100,000
  • Annual Fee: Rs. 1,000
  • Reward Earn Rate: 2 points/Rs. 200 spent outside India; 1 point/Rs. 200 spent in India; no points on fuel or rail if surcharge waived
  • Estimated Point Value: 1 point = 1 JPMile = Rs. 0.45
  • Perks: Visa Lounge access (2 free visits/quarter; 29 lounges across 20 cities in India) - valid through March 31, 2019
  • Fuel Surcharge Waiver: Transactions Rs. 500 – 3,000 (max Rs. 3,500 waived per year)
  • Rail Surcharge Waiver: Max Rs. 500 waived per year

Best Secured Credit Card for Railway Tickets: Kotak Aqua Gold Credit Card

Consider this if you want to avoid paying rail booking surcharges

Age Requirement 18-75
Annual Income Requirement None listed by issuer
Bonuses
  • Anniversary Bonus: Spend Rs. 150,000 in a year and get cashback of Rs. 750 or 4 free PVR tickets

The Kotak Aqua Gold is the one credit card against fixed deposit out there that offers a waiver on rail ticket surcharges (up to Rs. 500 waived per year). Most of the monetary value comes from its anniversary bonus of Rs. 750 (or 4 free PVR tickets). However, you must clear Rs. 150,000 in spend each year to earn the bonus and make the card profitable. We would only recommend this card if you spend a lot on rail tickets and value waiving the 1.8 – 2.5% surcharge.

  • Minimum Fixed Deposit: Rs. 25,000
  • No rewards earned on everyday purchases
  • Fuel Surcharge Waiver: Transactions Rs. 500 – 3,000 (max Rs. 3,500 waived per year)
  • Rail Surcharge Waiver: Max Rs. 500 waived per year
  • Minimum Fixed Deposit: Rs. 25,000
  • No rewards earned on everyday purchases
  • Fuel Surcharge Waiver: Transactions Rs. 500 – 3,000 (max Rs. 3,500 waived per year)
  • Rail Surcharge Waiver: Max Rs. 500 waived per year
Dan Grossman

Dan is a Senior Research Analyst at ValueChampion India, focusing on credit cards. He holds a B.S. in Mathematics & Economics from the University of Michigan, and previously worked in the financial services industry at Capital One and Moelis & Company.