SBM Magnet RuPay Credit Card
SBM Bank
Last updated: Feb 03, 2026
₹0
₹0
2.49%
No lounge access
Contents
SBM Magnet RuPay Credit Card is an FD-backed secured credit card from SBM Bank (India), designed for beginners, students, freelancers and thin-file users who want to build or repair their CIBIL score without traditional income proof. You simply open a fixed deposit starting from ₹5,000 via the Magnet or ZET app and get a lifetime free RuPay credit card with a limit linked to your FD. The card focuses on simple rewards through Magnet Coins and ZET Coins, occasional high-value partner offers, and up to 7% p.a. interest on your FD, making it a low-risk way to start your credit journey. With international usage, RuPay-on-UPI support and fully app-based control, it works as a modern, secured credit card for India’s digital-first users.
Features of SBM Magnet RuPay Credit Card which makes it unique
No Income Proof Needed
Approval is based on your fixed deposit with SBM Bank instead of salary slips or ITR.
Ideal for students, freelancers, homemakers and new-to-credit users who cannot get traditional unsecured cards easily.
Much easier approval than standard entry-level unsecured credit cards which need income documents.
Lifetime Free FD-Backed Design
Zero joining and annual fee while you continue to earn attractive interest on your FD.
You build CIBIL score and earn FD interest at the same time, without worrying about annual fee recovery.
Most secured cards either charge a fee or offer weaker partner benefits; Magnet aims to stay fee-free.
Magnet Coins and ZET Coins Ecosystem
Earn proprietary Magnet Coins and ZET Coins that can be redeemed for brand vouchers, discounts and statement-style savings.
Lets you stack FD interest with rewards on everyday spends and partner offers.
More campaign-driven, partner-heavy reward ecosystem than plain 1% cashback secured cards.
Rewards Structure of SBM Magnet RuPay Credit Card
Base Rewards
baseAll eligible retail POS and online transactions, excluding EMI, cash advances and restricted merchant categories.
EMI transactions and cash withdrawals do not earn reward points as per official MITC. Always check the Magnet app or latest rewards T&Cs for current earn rate and participating brands.
Partner Brands Offers
acceleratedSpends on select partners such as Amazon, Flipkart, Myntra, Swiggy, Zomato, BookMyShow and other leading brands during active campaigns.
Partner offers are launched and updated frequently by ZET and SBM Bank. Users should refer to the live offers section in the Magnet / ZET app for exact percentages, caps and coupon codes.
Fees & Charges of SBM Magnet RuPay Credit Card
| Fee & Amount | Fee Value |
|---|---|
| Joining Fee | 0 |
| Annual Fee | 0 |
| Forex Markup Fee | 2.49% |
| Cash Advance Fee | 2.5% |
| Late Payment Fee | ₹299 |
| Over Limit Fee | 0 |
| Returned Payment Fee | 0 |
| Cash Withdrawal Fee | 3% |
Renewal Conditions:Lifetime free FD-backed credit card with zero joining fee and zero annual/renewal fee as per current SBM Magnet Credit Card Key Fact Statement and ZET program details.
Fee Explanation SBM Magnet RuPay Credit Card is lifetime free with no joining or annual fee. Cash withdrawals from ATMs attract a 2.5% transaction fee (minimum ₹300) plus finance charges from the date of withdrawal. Forex markup of 2.49% applies on international INR transactions, and late payment charges of ₹299 apply if at least the Minimum Amount Due is not paid by the due date. Surcharge on select categories (such as fuel) and other operational charges apply as per the latest Key Fact Statement and MITC issued by SBM Bank.
Detailed Explanation of SBM Magnet RuPay Credit Card Fees
Joining Fee: ₹0 (one-time)
No joining fee for SBM Magnet RuPay Credit Card as per latest Key Fact Statement.
Annual / Renewal Fee: ₹0 (yearly)
Lifetime free card with no annual or renewal fee; no minimum spend required for waiver.
Cash Advance Fee: 2.5% (min ₹300) (per transaction)
Charged on every ATM cash withdrawal; finance charges apply from date of withdrawal until repayment.
Finance Charges – POS / Online: 2.5% per month (30% p.a.) (monthly)
Applied on unpaid retail balances after the interest-free period as per MITC.
Finance Charges – Cash: 3.3% per month (40% p.a.) (monthly)
Higher interest rate applicable on cash advances until full repayment.
Late Payment Fee: ₹299 (per statement)
Applicable if at least the Minimum Amount Due is not paid by the payment due date (after grace period).
Forex Markup: 2.49% (per transaction)
Applied on transactions in Indian currency at international locations or at overseas-registered merchants.
Card Replacement Fee: ₹249 (per request)
Charged for lost, stolen or damaged card reissuance.
Overlimit Fee: ₹0 (event-based)
Currently no separate overlimit fee is charged; spending beyond limit is discouraged and subject to bank approval.
Rewards Redemption Fee: ₹0 (per redemption)
No redemption fee for using Magnet Coins or ZET Coins as per current rewards terms.
Additional Features of SBM Magnet RuPay Credit Card
FD-Backed Secured Card
Credit limit is linked to a fixed deposit created with SBM Bank through the Magnet / ZET app, typically up to 90% of FD amount.
Minimum FD usually starts at ₹5,000; FD is lien-marked and auto-renewed until the card is closed or FD is terminated as per bank rules.
Instant Virtual RuPay Card
Get a virtual SBM Magnet RuPay Credit Card instantly in the app after FD creation and successful KYC.
Can be used immediately for online and app-based transactions; physical card dispatched within a few working days if opted.
App-Based Control
Full card management from the Magnet / ZET app including PIN setup, enabling or disabling domestic/international usage, card lock/unlock and transaction alerts.
Requires active internet connection and updated Magnet or ZET app on your smartphone.
RuPay UPI Credit Card Support
Use the SBM Magnet RuPay Credit Card for UPI payments at compatible merchants by linking it on supported UPI apps.
Subject to NPCI guidelines and availability on supported UPI apps like Google Pay, PhonePe, Paytm and others.
Credit Score Building
Regular on-time repayments are reported to credit bureaus, helping first-time users and low-score customers build or repair their CIBIL score.
Delayed payments, overutilisation of limit or defaults will negatively impact credit score.
Welcome Bonus with SBM Magnet RuPay Credit Card
Welcome Bonus: 5,000 ZET Coins
Bonus Conditions: Welcome ZET Coins are credited after successful SBM Magnet RuPay Credit Card approval and activation through the ZET / Magnet app, subject to partner and bank terms and periodic campaign changes.
Application Process for SBM Magnet RuPay Credit Card
Processing Time
Instant virtual card on FD creation and KYC approval; physical RuPay card typically delivered within 5–10 working days.
Online Application
Available
Instant Approval
Available
Step-by-Step Process
Download the Magnet or ZET app from the Google Play Store or relevant app store.
Complete registration, PAN and Aadhaar-based e-KYC and basic profile creation inside the app.
Choose your FD amount starting from around ₹5,000 and create an FD with SBM Bank directly in the app.
Once FD is created and lien is marked, apply for the SBM Magnet RuPay Credit Card within the app.
Receive instant virtual credit card details in the app; start using online and on RuPay-enabled UPI.
If you opt for a physical card, it is printed and dispatched to your communication address within 5–10 working days.
Required Documents for SBM Magnet RuPay Credit Card
ID Proof
allAccepted documents:
Address Proof
allAccepted documents:
KYC & FD Proof
allAccepted documents:
SBM Magnet RuPay Credit Card Merchant Acceptance Network
Domestic Acceptance
Widely accepted at RuPay-enabled POS terminals and online merchants across India.
International Acceptance
Card is enabled for international usage; acceptance depends on RuPay’s global partner network and merchant acquiring setup in that country.
Online Acceptance
Yes, usable for e-commerce, in-app and subscription payments where RuPay credit cards are accepted.
Payment Technologies
Mobile Wallet Support:
Excluded Merchants
Eligibility Criteria for SBM Magnet RuPay Credit Card
Quick Eligibility Check
Minimum Age
18+
Credit Score
0+
Citizenship
Indian resident only
Income Requirements
Salaried Applicants
₹0
Minimum annual income
Self-Employed Applicants
₹0
Minimum annual income
Who Can Apply
Important Conditions
- Applicant must be an Indian resident with valid PAN and Aadhaar (linked to mobile), complete full KYC, and create a fixed deposit of at least ₹5,000 with SBM Bank through the Magnet/ZET app. Credit limit is typically up to 90% of the FD value and the FD is marked under lien. Only one SBM Magnet Credit Card is issued per applicant at a time.
How Approval Is Decided
- Minimum age 18 years and Indian resident with valid PAN and Aadhaar.
- Successful creation of fixed deposit with SBM Bank via Magnet or ZET app.
- Completion of full KYC including video KYC and mobile OTP verification.
- Compliance with SBM Bank internal risk checks and regulatory norms; bank may decline applications at its discretion.
Pros of SBM Magnet RuPay Credit Card
- No joining fee or annual fee, making it a true lifetime free secured credit card.
- Ideal for first-time users, students and thin-file customers to build or repair CIBIL score using a small FD.
- RuPay network support with UPI linkage for seamless QR payments directly on credit card.
- Instant virtual card issuance and simple, app-based FD creation and management.
- Dynamic partner offers via ZET ecosystem can deliver high effective reward rates on select brands.
Cons of SBM Magnet RuPay Credit Card
- No complimentary airport lounge access or premium travel benefits.
- Reward structure is campaign-driven with limited transparency on base earn rate; users must track offers in the app.
- Secured against FD, so funds are locked under lien until card closure or FD breakage.
- Higher finance charges on revolved balances and cash withdrawals compared to typical loan products.
- No complimentary insurance covers like air accident insurance or purchase protection bundled by default.
Frequently Asked Questions about SBM Magnet RuPay Credit Card
Is the SBM Magnet RuPay Credit Card lifetime free?
Yes. As per the latest Key Fact Statement, the SBM Magnet RuPay Credit Card has zero joining fee and zero annual/renewal fee, making it a lifetime free FD-backed secured credit card.
What is the minimum fixed deposit required for SBM Magnet RuPay Credit Card?
You typically need to open a fixed deposit of at least ₹5,000 with SBM Bank through the Magnet or ZET app. Your credit limit is linked to this FD and is usually up to 90% of the FD amount, subject to bank policy.
Does the SBM Magnet RuPay Credit Card help build CIBIL score?
Yes. The SBM Magnet RuPay Credit Card is designed as a secured product to help you build or repair your CIBIL score. On-time repayments and disciplined usage are reported to credit bureaus, which can improve your score over time.
Are there any rewards or cashback on SBM Magnet RuPay Credit Card?
Yes. The card earns Magnet Coins or ZET Coins on eligible transactions and often features promotional offers on leading brands. However, EMI transactions and cash withdrawals do not earn rewards. Actual rates and brand-wise offers are shown inside the Magnet / ZET app and can change over time.
Can I use SBM Magnet RuPay Credit Card on UPI?
Yes. Because it is on the RuPay network, you can link the SBM Magnet RuPay Credit Card on supported UPI apps such as Google Pay, PhonePe and Paytm to make QR and UPI-ID payments, subject to NPCI and bank rules.
What fees apply if I miss a payment on SBM Magnet RuPay Credit Card?
If you miss paying at least the Minimum Amount Due by the due date, a late payment fee of ₹299 is charged and finance charges start accruing on the outstanding amount. Serious delays can also lead to FD liquidation and negative impact on your CIBIL score.
Is any insurance cover provided with SBM Magnet RuPay Credit Card?
No. As per the MITC, there is currently no complimentary insurance cover specifically bundled with the SBM Magnet program, such as travel or purchase protection. Any add-on covers would be communicated separately by SBM Bank if introduced in future.
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