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SBM ZET Credit Card
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App-Based CardApp-based · RUPAY · Entry tier

SBM ZET Credit Card

The SBM ZET Credit Card is an app-first, lifetime-free RuPay credit card from the ZET app, issued by SBM Bank India. It is a secured card backed by a fixed deposit from as little as ₹2,000 (the FD is DICGC-insured up to ₹5 lakh and earns up to 7% interest), so it needs no prior credit history and is built specifically to help thin-file users build a 750+ credit score. Being a RuPay card it links to any UPI app for scan-and-pay. Payments through ZET UPI earn 2% cashback if you pay for ZET Plus, a subscription ZET prices at ₹3 a day plus GST (roughly ₹1,300 a year with tax), so the 2% on its own covers the subscription only above about ₹5,400 a month of ZET UPI spend. The card also carries a strong stack of brand offers: up to 20% off on Swiggy, Zomato, Instamart and BookMyShow, 5% on Amazon Pay and Flipkart vouchers, and up to 15% on 80+ brand vouchers. There is no joining or annual fee, but closing the card within two years of activation costs ₹499 + GST, and since 15 July 2026 rent and education payments carry a 1% fee. The FD keeps earning interest while the card builds your score.

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ZETENTRY
SBM ZET Credit Card
ZET
SBM ZET Credit Card
Lifetime free

Illustration by CardAdvisor — not a depiction of the issued card. Independent; not affiliated with ZET.

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★ 3.6 / 5 · CardAdvisor rating•Issued by SBM Bank India · RUPAY•App-based card•Updated
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3.6
out of 5
Entry tier
A well-built free credit-builder: a small FD (from ₹2,000, insured and earning up to 7%) unlocks a RuPay/UPI card with 2% on ZET UPI for ZET Plus subscribers and a genuinely rich voucher-offer stack. As a secured card the value is in accessibility, score-building and everyday offers rather than headline rewards. Plan to keep it, though: closing within two years of activation costs ₹499 + GST.
Annual feeLifetime free
Top rate~2%
Best forThin-file user building a 750+ credit score

Key features

What this card is built to do — the highlights that actually matter.

💰

2% cashback at named other merchants

2% flat cashback on ZET UPI with ZET Plus (₹3/day + GST); plus up to 20% off Swiggy/Zomato/Instamart/BookMyShow, 5% on Amazon Pay & Flipkart vouchers, up to 15% on 80+ brand vouchers

✅

Lifetime Free

No annual fee — ever. Keep this card long-term without any recurring cost.

📱

UPI Linked

Pay UPI QR codes from your credit line. What UPI payments earn can depend on the app you pay through, so check the rewards details.

💰 CASHBACK STRUCTURE

How much you earn back on each type of spend — no points math required.

2.0%

Base rate (all other spends)

  • 2.0% on all other spends — no restrictions
Who is this for?

Thin-file and credit-building users who want a free, easy-approval UPI card against a small FD, will keep it open past the early-closure window, and will use the ZET UPI/voucher offers — not a high-limit or premium-rewards card.

Full reward structure

What you earn on every rupee, per spend category — as of 23 Oct 2026.

CategoryTypeRateMonthly cap
Otheronly at ZET app UPI payments only, on the paid ZET Plus subscription tiercashback2%—

Other: 2% flat cashback on ZET UPI with ZET Plus (₹3/day + GST); plus up to 20% off Swiggy/Zomato/Instamart/BookMyShow, 5% on Amazon Pay & Flipkart vouchers, up to 15% on 80+ brand vouchers · ZET app UPI payments only, on the paid ZET Plus subscription tier

Fees & charges

The numbers that matter beyond rewards — verify on the issuer site before applying. Fees below are shown inclusive of 18% GST, as of 23 Oct 2026.

ChargeAmount
Annual fee (incl. 18% GST)Lifetime free
Joining fee (incl. 18% GST)Free
Finance charge (APR)3.5% p.m.
Forex markup2.49%
Rent payment fee1%

Should you get it?

  • Best for: Thin-file user building a 750+ credit score, UPI-first spender who will use the ZET voucher offers
  • Entry tier — great for first-time and lower-spend users.
  • Earns nothing on ordinary spend — its only earn is 2% at ZET app UPI payments only, on the paid ZET Plus subscription tier, and only there.

Pros & cons

✓ Pros

  • Lifetime-free, FD-backed RuPay/UPI card
  • Easy approval from a ₹2,000 FD — no credit history needed
  • FD is DICGC-insured and earns up to 7% while you build credit
  • Rich brand-voucher offers, plus 2% on ZET UPI with ZET Plus

✕ Cons

  • Secured card — requires a fixed deposit (from ₹2,000) as collateral
  • The flat 2% on ZET UPI needs the ZET Plus subscription at ₹3 a day + GST, which the 2% alone repays only above about ₹5,400 a month of ZET UPI spend
  • Closing the card within two years of activation costs ₹499 + GST (the window was one year until 23 October 2026)
  • A 1% fee applies to rent and to education payments (since 15 July 2026)
  • The late fee is 5% of the outstanding, between ₹50 and ₹1,000 (a flat ₹299 until 23 October 2026)
  • App-first card; no lounge or premium perks

Eligibility & documents

Age18+ years
EmploymentSalaried · Self-employed

Documents required

  • 📄PAN card
  • 📄Aadhaar / valid address proof

How to redeem rewards

Ways to convert what you earn into real value.

  • 🎁Cashback and brand offers via the ZET app
  • 🎁Earn on ZET UPI transactions

What your Cashback are worth

Realistic value per point by redemption route — the difference is what most people leave on the table.

Statement credit

Direct cash adjustment — no conversion

₹1.00/pt
Compare what every reward currency is worth →
The concern

It is a secured (FD-backed) card and the flat 2% needs the ZET Plus subscription at ₹3 a day + GST, which the 2% alone repays only above about ₹5,400 a month of ZET UPI spend, so the headline value leans on the brand-voucher offers; closing the card early also costs ₹499 + GST.

Frequently asked questions

Can I use the SBM ZET card on UPI?
Yes — it is a RuPay card; link it to any UPI app and pay by scanning QR codes. The 2% cashback is paid only on ZET UPI payments and needs the ZET Plus subscription (₹3 a day + GST).
Is the SBM ZET card lifetime free?
There is no joining or annual fee, so holding it costs nothing. Closing it within two years of activation costs ₹499 + GST.
Is the SBM ZET card secured, and who can get it?
It is a secured card backed by a fixed deposit from ₹2,000 (DICGC-insured up to ₹5 lakh, earning up to 7%). No prior credit history or income proof is needed, you must be 18 or older, and it is designed to build a 750+ credit score. SBM books the FD for 390 days, and below a ₹5,000 FD the card is virtual only.
What does ZET Plus cost?
ZET prices ZET Plus at ₹3 a day plus GST. It unlocks the 2% cashback on ZET UPI, along with no convenience fee on voucher purchases and lifetime validity on ZCoins. At roughly ₹1,300 a year with tax, the 2% alone pays for it only above about ₹5,400 a month of ZET UPI spend.
Which bank issues the SBM ZET card?
The card is issued by SBM Bank India via the ZET app.
How has the SBM ZET Credit Card changed over time?
Our dated Value Timeline for the SBM ZET Credit Card (on this page) records 4 changes since 2025: 2 devaluations, 0 improvements, and the rest neutral changes such as launches or restructures. The most recent entry: Early-closure fee window widens to two years (23 October 2026). Each event carries its source, so any figure here can be checked against the issuer's own documents.
Has the SBM ZET Credit Card been devalued recently?
Yes — our record shows 2 devaluations to the SBM ZET Credit Card in the last 24 months. The most recent: Early-closure fee window widens to two years, effective 23 October 2026 — from ₹499 + GST if closed within one year of activation to ₹499 + GST if closed within two years of activation. The full dated list, with what changed and its source, is in the Value Timeline on this page.
When did the SBM ZET Credit Card's fees last change?
23 October 2026: Early-closure fee window widens to two years — from ₹499 + GST if closed within one year of activation to ₹499 + GST if closed within two years of activation. The current fee schedule is in the fees table on this page; the Value Timeline lists every earlier fee change we have on record.
How did the SBM ZET Credit Card change in 2026?
Our record shows 3 changes to the SBM ZET Credit Card in 2026 (2 cuts): 1% fee on rent and education payments (15 July 2026); Late payment fee moves from ₹299 flat to 5% of the outstanding (23 October 2026); Early-closure fee window widens to two years (23 October 2026). The biggest single change: before 23 October 2026 it was ₹499 + GST if closed within one year of activation; from then on, ₹499 + GST if closed within two years of activation. Every event, dated and sourced, is in the Value Timeline on this page.

The bottom line

A well-built free credit-builder: a small FD (from ₹2,000, insured and earning up to 7%) unlocks a RuPay/UPI card with 2% on ZET UPI for ZET Plus subscribers and a genuinely rich voucher-offer stack. As a secured card the value is in accessibility, score-building and everyday offers rather than headline rewards. Plan to keep it, though: closing within two years of activation costs ₹499 + GST.

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How this page was built

Counted from this card’s own record: 1 earn rule and 1 paid only at named merchants.

Last updated 23 Oct 2026.

Sources & verification

Fees, reward rates, and benefits for the SBM ZET Credit Card are taken from SBM Bank India's official Most Important Terms & Conditions (MITC) and fee schedule — see the card's official page. Last updated 23 Oct 2026. Reviewed by Devchandra Sah. Always confirm current details on the issuer's site before applying. How we research →

Independence. CardAdvisor is an independent editorial publication. We are not affiliated with, endorsed by, sponsored by, or authorised to act for SBM Bank India. All issuer names, product names, and payment-network marks are the property of their respective owners and appear here for identification and comparison only. Card faces shown on this site are our own original illustrations — we do not display or host issuer card artwork or logos.

Value timeline

Every real-world change to this card's rewards, fees and benefits we've tracked — newest first, each linked to its source.

Tracking since 2025 · last change Oct 2026

▲ Revaluation▼ Devaluation◆ Neutral / reversed

2026

  1. ▼ FeeEffective 23 Oct 2026

    Early-closure fee window widens to two years

    ₹499 + GST if closed within one year of activation→₹499 + GST if closed within two years of activation

    From 23 October 2026 SBM charges its ₹499 + GST cancellation fee on an SBM ZET card closed within two years of activation, up from one year. The fee itself is unchanged, and the card still has no joining or annual fee, so a reader who builds a score and closes the card should plan on keeping it for two years.

    Verification: SBM Bank India ↗ · Confidence: High

  2. ◆ FeeEffective 23 Oct 2026

    Late payment fee moves from ₹299 flat to 5% of the outstanding

    ₹299→5% of the total outstanding, minimum ₹50 and maximum ₹1,000

    From 23 October 2026 the SBM ZET card's late payment fee changes from a flat ₹299 to 5% of the total outstanding, with a floor of ₹50 and a ceiling of ₹1,000, plus GST. It is cheaper than today on a balance below about ₹6,000 and dearer above it, reaching the ₹1,000 ceiling on a balance of ₹20,000 or more.

    Verification: SBM Bank India ↗ · Confidence: High

  3. ▼ FeeEffective 15 Jul 2026

    1% fee on rent and education payments

    No fee on rent or education payments→1% of the transaction on rent payments, and 1% on education payments

    From 15 July 2026 SBM charges a fee of 1% of the transaction amount on rent payments made with the SBM ZET card at any eligible merchant, and the same 1% on education payments, with GST on top. SBM's secured-card terms and the card's Key Fact Statement both list the two fees.

    Verification: SBM Bank India ↗ · Confidence: High

2025

  1. ◆ LaunchEffective 28 May 2025

    SBM ZET Credit Card launched

    Lifetime-free FD-backed RuPay credit card via the ZET app

    ZET (the credit-building fintech formerly known as OneCode), in partnership with SBM Bank India, launched a fixed-deposit-backed RuPay credit card aimed at thin-file users building a credit history. It is UPI-linked, carries no joining or annual fee, is issued against an FD (the deposit keeps earning interest of up to 7% while backing the credit limit), and needs no prior credit history or income proof.

    Verification: CardAdvisor Research · Confidence: Reconstructed

Each change links to the issuer's own document — bank T&C, MITC, notice, press release or product page — where one is public. Where the bank published nothing, it's marked CardAdvisor Research and verified against the card's current terms. Independent of the live terms shown above. This timeline is one card's slice of our market-wide change record across every tracked card.

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Source: <a href="https://cardadvisor.in/cards/sbm-zet#value-timeline">SBM ZET Credit Card value timeline</a>, CardAdvisor (CC BY 4.0).

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