ZET partners with DCB Bank to launch FD-backed RuPay credit card with UPI and rewards

ZET, India’s credit score builder platform, and DCB Bank has announced the launch of the DCB ZET Credit Card, an FD-backed product aimed at helping Indians build and improve their credit score.

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FD-backed credit cards, widely used across global markets, are seen as effective tools for individuals new to credit or those rebuilding their credit history.

By linking a credit card to a fixed deposit, customers gain access to regular credit card benefits while establishing a repayment record that strengthens their credit profile.

The need for such products in India is significant. As of 2022, more than 400 million Indian adults had no credit history, limiting their access to mainstream financial products such as loans and unsecured credit cards, according to data from a leading credit bureau.

Notably, the new offering does not require prior credit history. Customers can start with a fixed deposit of Rs 10,000, earning up to 7% annual interest while using up to 90% of the deposit as their credit limit. Deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs 5 lakh.

“Indians are actively seeking simple ways to start their credit score journey. FD-backed cards are proving to be a powerful enabler, giving people access to the formal financial system while helping them steadily build a strong credit profile. With DCB Bank as our partner, we are confident that the DCB ZET Credit Card will take this mission further by making high-trust, accessible credit a reality for many more consumers across India,” said Yash Desai, co-founder and COO of ZET.

Damodar Agarwal, Head Strategic Alliance & Alternate Channels, DCB Bank Ltd., said, “The combination of fixed deposit and secured credit card as a credit builder financial product, fulfils an unmet need. DCB Bank is delighted to ally with ZET in this combination of bank and fintech. We share a similar mindset, to enable financial inclusion for Indians by creating a pathway for formal sources of credit along with empathetic and efficient banking experience and attractive fixed deposit interest rate.”

ZET claims its existing FD-backed credit card has already shown strong results, with 100% of new-to-credit users reaching a 700+ credit score within 30 to 45 days of responsible usage. 

The new card, powered by RuPay, can be linked with any UPI app for seamless digital payments. Customers also earn rewards for in-app transactions, including voucher purchases, bill payments, and recharges, with UPI-specific rewards expected soon.

DCB Bank operates 465 branches across India, serving about 2.5 million customers.