KEY FEATURES OF CENT-ASPIRE DEPOSIT SCHEME:
| ASPIRE CREDIT CARD | |
|---|---|
| Type of Card | Secured EMV chip based Platinum Credit Card |
| Application for Credit Card | Not required; Required details are built-in in the new application form for Cent-Aspire Deposit Scheme. |
| Bundled Product | Aspire Credit Card is bundled with Cent-Aspire Deposit Scheme. Hence, there will be One-to-One relationship between Cent-Aspire Deposit Receipt/Account and Aspire Credit Card. One-to-many or many-to-one relationship between Cent-Aspire Deposit and Aspire Credit Card makes it complicated to manage as different deposits may have different maturity dates, requiring adjustment of card-limit, customer may want to go for pre-mature closure of one or more deposit receipt, again requiring adjustment of card-limit etc. We would like to keep the product very simple and easy to understand and operate. Hence, One-on-one relationship between Cent-Aspire Deposit and Aspire Credit Card will be maintained. |
| Add-on Cards | Considering One-on-one relationship, there will be no add-on credit cards. Though initially it was envisaged to issue add-on cards, it is now decided to issue separate cards to family members against separate deposit. Hence, there will be no add-on cards. |
| Existing Deposit | The Cent-Aspire Deposit has been specially devised so as to take care of bundled product also. Existing Deposits many not have many information that is required for Cent-Aspire Deposit. Further, new deposit scheme is floated for mobilizing new deposit and should not cannibalize existing deposit. Hence, conversion of existing deposits into Cent-Aspire Deposit is not allowed. |
| Proof of Income | Not required, as the credit limit allowed on card is secured by lien on deposit. |
| CIBIL report | Not required, as the credit limit allowed on card is secured by lien on deposit. |
| Credit Limit | Aspire Credit Card will carry credit limit up to 80% of principal amount of deposit, subject to maximum of Rs. 4,00,000/-. |
| Enhancement of Limit | There shall not be any enhancement of limit, after issue of credit card. However, in case of need, customer can surrender the existing card, invest higher amount in fresh deposit and get a new Aspire Credit Card with enhanced limit. |