IDFC Bank launches secured Rupay Credit Card with cashback and no eligibility conditions

MUMBAI: IDFC First Bank has launched a secured RuPay credit card backed by a fixed deposit, offering up to 5% cashback on online spends and 1% on UPI and essential categories, aiming to draw first-time and credit-constrained users with a low entry threshold and simplified access.

The Hello Cashback Credit Card requires a minimum fixed deposit of Rs 10,000, sets the credit limit at 100% of the deposit, and lets users earn fixed deposit interest alongside cashback. The bank said the structure helps customers build credit without income proof or a credit score while keeping returns on their deposit.

Rewards follow a tiered structure, with 3% cashback on the first Rs 10,000 of online spends per statement cycle and 5% beyond that, capped at Rs 1,000. A flat 1% cashback applies to UPI payments made through the bank’s app, in-store swipes, and essentials such as utilities, rent, education, insurance, jewellery, FASTag, Goverment payments, and wallet loads, taking the monthly cap to Rs 1,500. Fuel, EMIs, ATM withdrawals, and UPI payments through non-bank apps are excluded.

Select travel bookings through the bank’s app earn up to 6% cashback with a 1% bonus. Users can boost limits instantly by adding deposits and withdraw up to 100% of the deposit via ATMs, interest-free for 45 days, subject to a Rs 199 plus GST fee.

The joining fee of Rs 1,000 is waived until Mar 31, 2026, while the annual fee of Rs 1,000 is waived at Rs 2 lakh spends and halved at Rs 1 lakh. The card also offers Rs 2 lakh personal accident cover, Rs 25,000 purchase protection, and fuel surcharge waivers.

Against rival deposit-backed cards that offer thin rewards, the bank is pitching this as a higher-cashback option for digital-first users, pairing UPI-heavy spending with deposit-backed security.