Step 1: Book a Fixed Deposit (FD)

You start by creating an FD with SBM Bank.
The minimum amount required is ₹5,000.

Why this matters:

This FD acts as a security deposit in case you miss paying your credit card dues. The bank can use this FD to recover the amount.

Example:

If you deposit ₹50,000 as an FD, you will continue earning interest on this amount (up to 7% annually), and it stays untouched as long as you pay your bills on time.

Step 2: Get your credit card

Once your FD is created, you will be issued a secured credit card.
Your credit card limit is 90% of your FD amount.

Example:

With a ₹50,000 FD, your card limit = ₹45,000
This means you can spend up to ₹45,000 using the credit card.

Step 3: Activate your card (Set the PIN)

You need to activate your card by setting a 4-digit PIN through the Niyo app. This must be done within 37 days of card issuance. If not activated, the card will be closed as per RBI guidelines.

Step 4: Enable International & Online Transactions

By default, international and online transactions are turned off for your security.
You can unlock these channels in the app.

Tip:

While shopping abroad, always choose to pay in the local currency (like USD, EUR, AUD) — not in INR — to avoid high hidden charges (called Dynamic Currency Conversion or DCC).

Step 5: Set Card Limits

You can manage how much can be spent per transaction/day/month on different modes like swiping, online, tap & pay, and ATM withdrawals.

Example:

• Tap & Pay limit: ₹5,000 per transaction
• ATM withdrawal: ₹1,00,000 daily (up to ₹2 lakh/month, if FD allows)

Step 6: Start using your card

You can now spend online or offline, in India or abroad. It works like any other credit card.

Key point:

You’re not using your FD directly. Instead, you’re spending on credit and the FD is just a safety net.

Step 7: Pay your credit card bill

You’ll receive a monthly bill for the amount you’ve spent. You can:

• Pay in full before the due date → No interest
• Pay partially (Minimum Due) → Interest of 3% per month (≈42.58% annually) will apply on the unpaid amount

Example:

You spent ₹10,000 in June

• Pay ₹10,000 before the due date = ₹0 interest
• Pay ₹3,000 now & ₹7,000 later = 3% monthly interest on ₹7,000

What if you don’t pay the bill?

If your bill remains unpaid for 60 days, the bank will automatically use your FD to recover the outstanding amount. Until then, your FD stays safe and continues to earn interest.

Increase your credit limit

You can book more FDs anytime to increase your credit limit. You can also reuse the credit limit by repaying during the billing cycle.

Example:

Special benefits of Niyo SBM Credit Card

*VISA exchange rates apply | ^#T&C apply

Pro tips

• Always pay in full to avoid interest
• Choose the local currency when abroad
• Pay through savings account = credit limit refreshes
• Pay using FD = credit limit reduces

1. Wrong PIN: Try again after 24 hours or reset it from Niyo app.

2. Transaction channel locked: Unlock it in the app

3. Exceeded card limits: Edit limits in app

4. Insufficient credit limit: Top up with more FD

Refunds for failed transactions

• Domestic: Up to 5 working days
• International: Up to 15 working days
  If not received, contact support via in-app live chat with the transaction reference number.

In case of fraudulent transactions

1. Lock your card immediately
2. Report in the app with transaction details
   Refund timelines vary:

• Online: 45 days
• Card swipe: 30 days
• ATM: 10 days

Charges Summary

• No annual fee
• No forex markup
• ₹423 + GST (or 2.5% of withdrawal) per ATM transaction
• 3% monthly interest only if the bill is not paid
• ₹150 + GST late fee if payment is delayed

👉 For the full list of charges, refer to the Schedule of Charges