Suryoday Small Finance Bank launches FD-backed RuPay credit cards
Suryoday's RuPay Select and RuPay Platinum come out against a fixed deposit, link to UPI and pay 0.5% cashback. The launch said lifetime free; the current terms print ₹150 a year, waived on spend.
What changed
- Suryoday Small Finance Bank launches FD-backed RuPay credit cards Better for you · Launch · Suryoday Small Finance Bank
See it with every other change · How FY2026 scored on the devaluation index
Cards this affects
Suryoday Small Finance Bank launched two secured credit cards on 2 September 2025, the RuPay Select and the RuPay Platinum. Both are issued against a fixed deposit with the bank, both link to UPI, and neither asks for income proof. The deposit is the whole eligibility test, and it keeps earning Suryoday’s FD rate while the card is live.
What they pay. 0.5% cashback on eligible spend, credited to the card account and capped at ₹3,000 a billing cycle. The exclusion list is long: fuel, utilities, rent, railways, transport, education, insurance, government services, wallet recharges and mutual funds earn nothing. Forex is 2.5%, a point under the 3.5% most Indian issuers charge.
The two tiers. Select needs a fixed deposit above ₹1,15,000 and adds gym, spa, golf and a health check-up. The cashback rate is the same 0.5% on both, so the bigger deposit buys the lifestyle bundle, not a better return.
“Lifetime free”: the launch said yes, the fine print says not quite. Suryoday’s release and product pages call the cards lifetime free. Its own Most Important Terms, for cards issued from 26 May 2026, print ₹150 + GST a year, waived at ₹50,000 of annual spend on Select and ₹20,000 on Platinum. Anyone using the card will rarely pay it, but it is a fee, and we list it as one.
What is not proven. Suryoday’s comparison table ticks “Flight Discounts & Lounge Access” on both cards, but names no lounge network, no visit count and no lounge list in either the KFS or the MITC. We don’t count lounge access on these cards until Suryoday puts a number on it.
The verdict. A credit-building card for someone with savings and no credit history, not a rewards play. Half a percent is the honest ceiling.
Sources: Suryoday’s launch press release · RuPay Select MITC · RuPay Platinum MITC · Suryoday’s cashback FAQ.
Sources
- The story’s source: suryoday.bank.in
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