If you stumbled on ZET while looking for a credit card without income proof, or you want to book an FD through the app, one question almost always follows: is ZET safe?
That is the right question to ask. India’s fintech space has seen its share of predatory apps, lending traps, and platforms that vanished with user data. Checking before you commit is not paranoia. It is common sense.
This guide walks you through every trust signal that matters – the licenses ZET holds, the banks it partners with, how your money is protected, and who has put serious capital into backing the company.
Who Built ZET?
ZET was founded in April 2019 under the name OneCode by Manish Shara (CEO) and Yash Desai (COO). The company rebranded to ZET in March 2023, with the name standing for Zindagi Set – a nod to its mission of helping ordinary Indians get financially settled.
The company is headquartered in Bengaluru and today serves 10 lakh+ users across 15,000+ PIN codes, spanning Tier 1, Tier 2, and Tier 3 cities.
Its flagship product, the ZET FD Credit Card, is a fixed-deposit-backed secured credit card built for first-time credit users, people with no credit history, and anyone who has been turned away by traditional banks.
Is ZET Regulated by the RBI?
This is the single most important question for any fintech app, and ZET passes it clearly.
NBFC License from the RBI
ZET obtained its Non-Banking Financial Company (NBFC) license from the Reserve Bank of India in September 2025. An NBFC license means:
- ZET is formally registered with India’s central bank
- It operates under RBI oversight, audits, and compliance requirements
- Customers are covered by RBI’s consumer protection framework
- The company can be held accountable through the RBI Ombudsman
You can verify any NBFC’s registration on the RBI’s official website at rbi.org.in.
TPAP License from NPCI
In January 2026, ZET received a Third-Party Application Provider (TPAP) license from NPCI (National Payments Corporation of India), which enabled the launch of ZET UPI. TPAP licenses are held by Google Pay, PhonePe, and Paytm. This means:
- ZET’s UPI operations fall under NPCI supervision
- All UPI transactions run through India’s regulated payment infrastructure
- Users benefit from the same UPI chargeback and dispute resolution process
ZET holds licenses from both India’s top financial regulators – the RBI and NPCI. Most payment apps hold one. ZET holds both.
Is Your Money Safe with ZET?
The core product that puts your money on the line is the ZET FD Credit Card. Here is exactly how your funds are protected.
DICGC Insurance up to ₹5 Lakh
When you open a fixed deposit through ZET, the FD is held with one of ZET’s partner banks. That deposit is insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) – a fully owned subsidiary of the RBI – up to ₹5 lakh per depositor per bank.
This is the same deposit insurance that protects every savings account in India. Even if the bank were to face financial trouble, your principal is protected up to the insured limit.
Your FD Is with the Bank, Not with ZET
ZET does not hold your deposits. When you book an FD through the app, the money goes directly to the partner bank. ZET provides the technology layer: the app, the card, the rewards engine. The money sits with a licensed, RBI-regulated bank.
ZET currently works with three banking partners:
|
Bank |
Regulator |
Card Product |
|---|---|---|
|
SBM Bank India |
RBI |
SBM ZET Credit Card |
|
DCB Bank |
RBI |
DCB ZET Credit Card |
|
Indian Overseas Bank (IOB) |
RBI |
IOB ZET Credit Card |
If ZET were to shut down tomorrow, your FD would still be with the bank. You would close it directly and receive your principal plus accrued interest.
RuPay Card Network
All ZET credit cards operate on the RuPay network, managed by NPCI. This provides the same transaction security, dispute mechanisms, and zero-liability protections available to any RuPay or mainstream network card.
Who Has Invested in ZET?
Serious institutional investors spend months doing legal, financial, and operational due diligence before writing a cheque. Their presence is one of the strongest external trust signals for any startup.
ZET has raised $18.5 million across 4 funding rounds from 62 investors.
Institutional Backers
Investor |
Known For |
|---|---|
|
Peak XV Partners (Surge) |
Sequoia India’s early-stage fund; backed Meesho, Groww, Khatabook |
|
General Catalyst |
Top global VC; backed Stripe, Airbnb, Snap |
|
WaterBridge Ventures |
India-focused consumer fintech investor |
|
Nexus Venture Partners |
Prominent Indian VC with fintech portfolio |
Angel Investors – India’s Top Fintech Founders
What sets ZET’s cap table apart is the quality of its angel investors. Every name here is the founder or CEO of a major Indian fintech company:
Angel Investor |
Company |
Built |
|---|---|---|
|
Kunal Shah |
CRED |
India’s premium credit card rewards platform |
|
Harshil Mathur |
Razorpay |
India’s largest payment gateway |
|
Amrish Rau |
Pine Labs |
Merchant payment terminals at 1 lakh+ stores |
|
Jitendra Gupta |
Jupiter |
Digital neobank for millennials |
|
Madhusudan E |
KreditBee |
Consumer lending for underserved India |
|
Vidit Aatrey |
Meesho |
India’s top social commerce platform |
|
Lalit Keshre |
Groww |
India’s most-downloaded investing app |
|
Gaurav Munjal |
Unacademy |
Leading edtech platform |
When the founders of CRED, Razorpay, Groww, and Meesho all back the same company, they are staking their personal reputations on its legitimacy. These are people who have built and run regulated financial businesses themselves. They know what they are looking for – and they chose ZET.
ZET App Security Features
Beyond licenses and capital, the ZET app follows standard fintech security practices:
- Bank-grade encryption: All data transferred through the app is encrypted in transit and at rest
- Two-factor authentication (2FA): Every login and transaction requires OTP confirmation
- Video KYC: Identity verification happens through a live video session, preventing impersonation and fraud
- In-app card controls: You can freeze or unfreeze your card, set spending limits, and track every transaction in real time
ZET Plus – Additional Security Benefits
ZET’s premium subscription, ZET Plus (₹3/day), includes features that go well beyond what most entry-level credit cards offer:
- Cyber fraud insurance: Protection against online financial fraud
- Dark web monitoring: Alerts if your personal data appears on the dark web
- Real-time bureau alerts: Instant notification if a new credit inquiry or account is opened in your name – a key safeguard against identity theft
These are proactive security layers that most bank-issued cards do not provide.
What Do ZET Users Say?
ZET holds a 4.5-star rating on the Google Play Store, backed by hundreds of user reviews. Recurring themes include smooth video KYC, fast virtual card delivery, and visible credit score improvement over 3 to 6 months of consistent use.
The app is available on both platforms:
- Android: Google Play Store
- iOS: Apple App Store
ZET Trust Signals at a Glance
Signal |
Detail |
|---|---|
|
RBI License |
NBFC license – September 2025 |
|
NPCI License |
TPAP license for UPI – January 2026 |
|
Banking Partners |
SBM Bank India, DCB Bank, IOB (all RBI-regulated) |
|
FD Insurance |
DICGC-insured up to ₹5 lakh per depositor |
|
Total Funding |
$18.5 million across 4 rounds |
|
Institutional Investors |
Peak XV Partners, General Catalyst, WaterBridge, Nexus |
|
Angel Investors |
Kunal Shah, Harshil Mathur, Amrish Rau, Jitendra Gupta + more |
|
Total Investors |
62 investors |
|
Users |
10 lakh+ |
|
Play Store Rating |
4.5 / 5 stars |
|
PIN Codes Served |
15,000+ |
|
Founded |
April 2019 (as OneCode) |
|
Card Network |
RuPay (NPCI-managed) |
Common Concerns – Answered Directly
Is ZET a scam? No. ZET is a licensed NBFC registered with the RBI, holds a TPAP license from NPCI, and is backed by institutional investors who conducted months of due diligence. Your FD sits with an RBI-regulated bank and is DICGC-insured.
Can ZET access or withdraw my FD? No. Your fixed deposit is held with the partner bank. ZET does not have access to it. The bank is the custodian of your money.
What if ZET shuts down? Your FD remains with the bank – you close it directly and receive principal plus interest. The DICGC insurance provides a further safety net up to ₹5 lakh.
Has the RBI ever taken action against ZET? No publicly available RBI enforcement action or notice has been recorded against ZET as of May 2026.
Is ZET available in my city? ZET serves 15,000+ PIN codes across India, including Tier 2 and Tier 3 cities. Check the ZET app to confirm availability in your specific location.
Conclusion
ZET is a regulated, well-backed fintech platform. It holds an NBFC license from the RBI and a TPAP license from NPCI. Your fixed deposit is protected by DICGC insurance, held with a licensed Indian bank, and never touched by ZET directly. The company has raised $18.5 million from investors including Peak XV Partners, General Catalyst, and fintech founders who built CRED, Razorpay, and Groww.
If you are a first-time credit user, someone rebuilding a damaged score, or simply looking for a safe entry into the formal credit system, ZET offers a clear and verified path. The regulatory backing, institutional investors, and transparent banking partnerships are not marketing claims. They are checkable facts.
FAQs
Q: What RBI license does ZET hold? A: ZET holds an NBFC (Non-Banking Financial Company) license obtained from the Reserve Bank of India in September 2025.
Q: Is my FD insured with ZET? A: Yes. All FDs opened through ZET with SBM Bank India, DCB Bank, or Indian Overseas Bank are covered under DICGC insurance up to ₹5 lakh per depositor per bank.
Q: Who are ZET’s main investors? A: ZET is backed by Peak XV Partners (Surge), General Catalyst, WaterBridge Ventures, and Nexus Venture Partners. Angel investors include Kunal Shah (CRED), Harshil Mathur (Razorpay), Amrish Rau (Pine Labs), and others.
Q: What is a TPAP license? A: A Third-Party Application Provider license from NPCI allows a fintech to operate as a UPI app – similar to Google Pay or PhonePe. ZET received its TPAP license in January 2026.
Q: Is ZET credit card safe to use for UPI payments? A: Yes. ZET’s UPI service runs on the NPCI-regulated UPI infrastructure. All transactions use the RuPay credit card network and are protected by the standard UPI dispute resolution process.
Q: How is ZET different from regular loan apps? A: ZET does not offer unsecured loans. Its core product is an FD-backed credit card, where your own fixed deposit acts as collateral. There is no risk of being trapped in a high-interest loan cycle. You spend using credit, pay the bill, and your FD continues earning up to 7% interest.
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