The card comes in three variants and is presently being offered to the bank’s existing customers. Named Celesta, Imperio and Signet, each will cater to the needs of different customer segments. While Celesta card is targeting high net-worth individuals (HNIs), Imperio is for family-oriented customers and Signet is tailored to tap young, early professionals.  

The launch aligns with the bank’s strategy to improve unsecured, high-yielding book and completes the suite of banking products, Federal Bank said. 

 The cards are being offered with lowest annual percentage rate (APR) —dynamic APR starting from 0.49% per month (5.88% per annum), the bank added. 

Cards will be issued with a ‘digital first’ approach, through a ‘three-click’ process. The cards will be instantly available for use in the bank’s mobile app FedMobile, and the physical card will be delivered in due course. 

Federal Bank is also on course to launch credit card variants in association with the National Payments Corporation of India’s (NPCI) RuPay.