SBM Magnet Credit Card
SBM Bank (India) · Open to apply
A lifetime-free credit card from SBM Bank and the Magnet app, issued against a fixed deposit with SBM (limit 90% of the deposit). SBM's page says it earns "unlimited Magnet Coins"; neither the bank nor the documents we could read publish an earn rate or a coin value, so no rewards are counted here.
- Annual fee
- Lifetime free
- Joining fee
- None
- Base rate
- Magnet Coins at a rate the bank does not publish (counted as nil): 0% in Magnet Coins
- Lounges
- None on record
- Forex markup
- 2.49%
- Data
- From bank documents, checked 6 Nov 2026
Earns nothing on
- Magnet Coins at a rate the bank does not publish (counted as nil)
Terms the calculator does not value
- Magnet Coins: SBM's page promises "unlimited" coins but no earn rate, cap, exclusion list or coin value is published by the bank. The card is valued with no rewards.
Sources
- SBM Secured Credit Card MITC & Cardholder Member Agreement (PDF of 2026-10-29) (Most important terms (MITC), the bank's own, read 6 Nov 2026)
- SBM Magnet Secured Credit Card, Key Fact Statement (PDF of 2026-06-09) (Schedule of charges, the bank's own, read 6 Nov 2026)
- SBM Bank, Secured Credit Cards (SBM Magnet Credit Card entry) (Product page, the bank's own, read 6 Nov 2026)