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Indian Overseas Bank Credit Card

With a view to encouraging foreign exchange operations and overseas banking, Indian Overseas Bank was founded by Shri M Chidambaram. Soon branches were opened at Rangoon, Karikudi, Madras. In 1938 a branch was opened in Penang, Kualalumpur and a branch opened in Singapore. Indian Overseas Bank specialized in overseas operations since the day of inception. IOB lost its branches in Kuala lumpur and Rangoon due to war. But resumed operations of the branch at Singapore in 1942. 

IOB took a large number of local banks in Tamilnadu during the year 1960 when there was a drive for merging weaker banks in the bank sector. 

In 1969 banks were nationalized in India. IOB was one of the banks that were nationalized. Prior to nationalization IOB had a major number of branches overseas. However, the Malaysian Government banned the ownership of foreign banks in Malaysia. Thereafter IOB concentrated in business development within India and worked towards opening branches in the rural area. 

In 1973 Bharat Overseas Bank, a Chennai based private bank was established by IOB and six other private banks in India to take over IOBs Bangkok branch. 

A branch in Seoul was opened in 1977. A branch was opened at Colombo, Sri lzlanka two year later. However, during the anti-Tamil riots in 1983 the branch of IOB at Colombo was burnt down. 

IOB acquired Bank of Tamil Nadu and its branches during 1988-89. 

During the millennium year that is, in the year 2000 IOB went public and the government share in the bank?s equity was brought down to 75%. IOB acquired a Mumbai based Adarsha Janata Sahakari Bank and set its foot in Mum bai. Shree Suvarana Sahakari Bank which had its branches in Pune, Mumbai, and Shirpur was taken over by IOB ion 2009. 

An extension counter was opened in Ceylon at New Kathiresan Temple Complex during the year 2003. 

IOB entered China during the year 2005 and once again entered Malaysia in 2009. It also opened an office in Dubai. 

IOB took over Bharat Overseas Bank in 2007. Commercial banking licence was issued by Malaysia in 2010 for a locally incorporated jointly owned by Indian Overseas Bank, Andhra Bank and Bank of Baroda. The jointly owned bank, India International bank started operations in Malaysia during the year 2012. IOB holds a share of 35% in this joint venture. 

IOB upgraded its extension counter in Sri Lanka and also opened an overseas branch at Colombo during the year 2013. 

Since the inception, they have come a long way and emerged as one of the largest nationalized banks. They cater to all category of society. IOB offers a variety of products in retail lending, personal banking, digital banking. The Bank in association with Visa International has launched credit cards with two variants. The multiple features and benefits on this card make it convenient for the customers to manage their expenses while shopping, dining and travelling. The Bank in association with Visa International has launched credit cards which has two variants 

Types of Indian Overseas Bank Credit Card

The two variants of Indian Overseas Bank Credit Card are: 

  • Indian Overseas Bank Gold Credit Card
  • Indian Overseas Bank Classic Credit Card.

Features and benefits of Indian Overseas Bank Credit Card 

The following are the features and benefits of Indian Overseas Bank Credit Card: 

  • Worldwide acceptance: The card global acceptance across 24 million outlets which includes 625000 outlets within India. 
  • Cash withdrawal: The cardholder can withdraw cash up to 40% of the credit limit with a restriction of 15000/- per day at any Visa ATMs. 
  • POS transaction: The card can be used for purchases made at member establishments up to 50% of the credit limit in a day. 
  • Add-on card: Add-on card facility is available for the family members of the cardholder. 
  • EMI: The cardholders have the facility to convert high-end purchases on the card to EMI and pay in easy instalments.
  • Revolving facility: With this facility, the cardholder can pay a minimum due amount which will be a percentage of the total amount due as stipulated by the bank. The balance amount can be carried over to the next billing cycle. An interest at 2% p.m. will be charged on the carried over balance.
  • Rewards Program: For every purchase on the card you earn reward points which can be redeemed for exciting gifts on the catalogue.
  • Credit limit: The minimum credit limit is 10,000 and the maximum credit limit is 5.00 lakhs.
  • SMS Alerts: Real-time updations of the transactions done on the card will be given through SMS on the registered mobile number of the cardholder.
  • Insurance: Insurance cover is available for personal accident and baggage loss.
  • Purchase Protection: Protection is available against the risk of fire, riots, terrorism, malicious damage, theft, and strike during transit or when kept at the premises of the cardholder to the extent of 25000/- for the purchases of any item on the card up to 30 days from the date of purchase.

Detailed features of IOB Credit Cards

The detailed features of IOB Credit Cards are as mentioned below:

Name of the cardFeatures
IOB Visa Classic Card
  • The card can be used for POS/online transactions and for cash withdrawal at Visa ATMs.
  • Cash can be withdrawn at any Visa ATMs up to 40% of the credit limit which is further restricted to 15000/- per day.
  • The threshold limit on POS and other transactions is 50% of the credit limit per day.
  • A revolving facility is available which enables the cardholder to pay a minimum amount stipulated on the due date instead of the total outstanding as mentioned in the card statement.
  • The minimum amount due will be stipulated in the monthly card statement issued by the bank.
  • Purchases on the card above a certain limit can be converted into EMI and paid in easy instalments,
  • Tax payment, Insurance payment, and utility bills payment can be done online using the card.
  • SMS alerts on the registered mobile numbers will be given for every transaction on the card.
  • Personal accident cover of 4.00 for the primary cardholder and 2.00 lakhs for the spouse of the cardholder for the death due to an air crash is available.
  • Personal accident cover of 2.00 lakhs for the primary cardholder and 1.00 lakh for the spouse of the cardholder on the death due to a rail or road accident is available.
  • An insurance cover of 25000/-for baggage while on travel inland or abroad is available.
  • Purchase of any item will get a cover up to 25000/- against the risk of fire, riots, malicious damage, strike, and theft while in transit or when kept at the premises of the cardholder for a period of 30 days from the date of purchase.
  • The minimum credit limit is 10,000/- and the maximum credit limit is 50,000/-
IOB Visa Gold Card
  • The minimum credit limit is 60,000/- and the maximum credit limit is 5.00 lakhs.
  • A revolving facility wherein the cardholder can pay only a minimum amount due instead of the total amount outstanding as per the credit card statement is available. The balance can be carried over to the next billing cycle and interest at 2% p.m. will be charged for such balance carried over.
  • The purchases over a certain limit on the card can be converted to EMI and paid in easy instalments.
  • Cash can be withdrawn from any Visa ATM to the extent of 40% of the credit limit with a restriction of 25000/-- per day.
  • POS and other transactions on the card are limited to 50% of the credit limit per day.
  • Updations of transactions on the card are given vide SMS to the registered mobile number of the cardholder
  • Payment of LIC premium, tax, and utility bills can be done with the card.
  • Baggage insurance up to 25000/- is available for the cardholder while on travel inland or abroad.
  • Purchase of any item will get a cover up to 25000/- against the risk of fire, riots, malicious damage, strike, and theft while in transit or when kept at the premises of the cardholder for a period of 30 days from the date of purchase.
  • Insurance cover of 10.00 for the primary cardholder and 2.00 lakhs for the spouse of the cardholder is available for the death due to an air accident.
  • Insurance cover of 2.00 lakhs for the primary cardholder and 1.00 lakh for the spouse of the cardholder is available for the death due to a rail or road accident.

Special offers for Visa Cards

Shopping offers 

  • A discount of 500/- for purchase above 3000/- at Croma stores across the country.
  • For shopping at designated Wills Lifestyle stores in India you get a discount of 500.
  • Get a discount of 20% on gold making charges and a discount of 3000/- for purchase of diamond jewellery worth 50,000/- at exclusive Joyalukkas Outlets.
  • Avail up to 60% discount on the Bicester Village Shopping Collection of world best lifestyle brands.
  • Enjoy the privilege of private sale and late- night shopping at Florentia Village, China

Wellness and Fitness offers 

  • 10% discount on medicines except for DPCO by presenting coupon code VISA5075 at Apollo Pharmacy
  • 5% discount on FMCG products by presenting coupon code VISAFMCG at Apollo Pharmacy
  • 15% discount on Apollo Pharmacy products by presenting the coupon codeVISAAP
  • Discount up to 1000/- for an annual membership at Golds Gym
  • Avail 3 days free trial and 20% discount on a gym membership at Talwarkars
  • Complimentary access to airport lounges.

Dining and hotel booking offers

  • Enjoy a complimentary welcome drink and priority restaurant booking at Umame. Restaurant bookings should be made through Visa Concierge.
  • Enjoy a complimentary welcome drink and priority restaurant booking at Square Pan.
  • Get a 10% discount on the total bill at Baskin Robins. The minimum billing amount is 350/- to avail the offer.
  • 20% discount on any service availed at IOSIS Spa.
  • Holiday Inn Golden Mile Hongkong offers a range of discounts on dining with Visa Card.
  • Enjoy a complimentary welcome drink at Baths Middle Brighton, Melbourne, Australia.
  • Enjoy a complimentary dessert at the Grain Store, Melbourne.
  • Enjoy a complimentary welcome drink at Hinokizaka Japan
  • 20% off on bookings at St.James Hotel and Club Mayfair.
  • Enjoy 25% off for stays at Sala Phuket Mai Khao Beach Resort.
  • 50% discount on Tariff rates on Signature Suites at Hotel Madera, Hollywood and Hotel Madera, Hongkong.
  • 15% discount on Johnson Group Home and Green Pest Management
  • Enjoy one tailor- made dish at Nikushou, Hongkong.
  • Enjoy a special set of the menu at Yon Toh Heen, Hongkong.
  • Complimentary non-alcoholic cocktail at Jade Dragon, Hongkong
  • One complimentary bottle of house wine at Niu by Vikings, Phillipines.

IOB Credit Cards Rewards Details 

Every purchase on the credit card earns reward points that can be redeemed for exclusive gifts on the gift catalogue. 

IOB Credit Cards Fee Details 

There are no joining fees and annual fees for the IOB credit cards. A fee of 100/- will be collected for a photo card. 

IOB Credit Card Charges 

The charges on IOB Credit Cards are as given below: 

Name of the chargeAmount
Finance charges2% p.m.
Cash Advance Fee22.50/- per 1000/- and part thereof
Cash Advance Interest2% p.m.
Card hot listing chargesNil
Card replacement charges100/-
Duplicate statement50/-
Duplicate charge slip100/-
Original charge slip300/-
Delayed payment charges100/-
Cash withdrawal charges from the other banks Visa ATMs100/- per withdrawal and 20/- per balance enquiry.
Foreign currency mark-up fee2.5% of the transaction

How to apply for IOB Credit Card? 

Steps to apply for the Card through Bank?s Website 

The existing customers of IOB can apply for the card online by following some simple steps. 

  • Go to the Credit Card page on the official website of IOB
  • Provide your net banking customer ID and mobile number
  • You can directly apply for the credit card online.

New Customers should follow the following steps to apply for the Credit Card. 

  • Visit the official website of IOB
  • Go to the Credit Cards Page and provide your contact details and personal details.
  • Details of the list of cards will appear. Choose the card as per your requirement. If the financial details satisfy the requirement of the bank for that particular card you can proceed to apply for the card.
  • On verification, a representative from the bank will approach you and guide you through the process.
  • You will have to submit the documents relating to address proof, Photo ID proof and Income Proof for checking the eligibility criteria and issuing the card.

Steps to apply for the Credit Card through MyMoneyMantra

You should make use of the digital platform provided by MyMoneyMantra for applying for the card. 

  • To begin with visit the MyMoneyMantra website. Log in and choose the credit card menu
  • Select the card you intend to apply for and submit.
  • Fill in all the relevant information required for applying for the credit card.
  • Once the filling of the application is complete and the process initiated you will be assisted by the representatives of MyMoneyMantra through the process from documentation till the approval of the card.
  • On approval, the card will be dispatched to your address.
  • Card and the pin will be despatched separately

To apply for the card offline, you have to visit the nearest IOB branches and apply for the credit card by submitting the relevant documents 

Eligibility Criteria for IOB Credit Card 

The eligibility criteria mentioned below have to be complied with to qualify for the credit card. 

  • The age of the applicant should be between 21 years to 65 years and the age of the add-on cardholder should be above 18 years.
  • The applicant should be a resident of India.
  • Salaried individuals, self-employed individuals/professionals, and businessmen are eligible for the card.
  • The applicant should have a stable income.
  • The applicant should preferably be a customer of IOB.
  • The credit score of the applicant should be satisfactory preferably above 750.

Documents required for IOB Credit Card 

The following documents are required for IOB Credit Card 

  • Proof of Address like Voters ID card, Aadhar card, Utility Bills, and Driving licence.
  • Photo ID proof like passport, Pan card, Voters ID card, Aadhar Card, and Driving Licence.
  • Salaried individuals should provide the latest salary slips, form 16 and bank account statement of the last 6 months as income proof. Self-employed individuals/professionals and businessmen should provide financial documents like audited balance sheet and profit and loss account along with last 2 years ITas income proof.

Making the payment of IOB Credit Card 

Internet banking: The customers of IOB can register for internet banking facility and pay the credit card bill by logging in to the net banking account with the user id and password and make the credit card payment. 

Auto-debit: The customers of IOB can opt for an auto-debit facility from their savings bank/current account to the credit card account. 

NEFT/RTGS: The payment of the credit card can be made through NEFT/RTGS. The beneficiary account should be the 16-digit card number. You should also provide the account which has to be debited, amount to be debited, name of the cardholder and the IFSC code of IOB for making the payment through NEFT/RTGS. 

Cheque: The payment of the credit card can be made through a cheque drawn on either IOB or any other bank. The payee?s name should be the 16-digit card number. The name of the cardholder and the registered mobile number have to be mentioned on the reverse of the cheque. 

Cash: Payment of the credit card bill can be made by depositing cash at any of the branches of IOB.

IOB Credit Card Customer Care 

The credit card customer care of IOB can be reached on the following numbers: 

  • 1800-425-4445
  • 1800-425-7744

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Indian Overseas Bank Credit Card FAQs

✅ Is there any transaction limit on the IOB credit Cards?

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The cash withdrawal limit on the card is 40% of the credit limit with a restriction of RS. 15000/- per day for IOB Classic Card and 25000/- for IOB Gold Card. The limit per day for the purchase of jewellery and other purchases is 50% of the credit limit. 

✅ What is the validity period of IOB Credit Cards?

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The validity period of IOB Credit Cards is 3 years. The card will be renewed automatically if the track record is good and will be dispatched to the registered address of the cardholder. 

✅ What are the terms and conditions for acceptability and usage of the card at Member Establishments?

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The terms and conditions for acceptability and usage of IOB credit cards at Member establishments is as follows: 

  • The member establishments are not supposed to add any extra charges for payment for purchases through IOB Credit Card except for the surcharge at fuel stations and railway ticket booking.
  • There is a floor limit fixed for merchant establishments dealing in different products and services. The member establishments can accept the card up to the floor limit fixed for them. If the transaction exceeds the floor limit fixed, the member establishments have to obtain prior authorisation for such transactions.
  • If any member establishment refuses to accept the card, the same can be reported to IOB credit card division in writing giving all the details like the Member establishments bankers name, date, time, etc.
  • Member establishments need not accept expired or hot listed cards. They are also permitted to reject the cards during any discount sale.

Explain in brief the procedure for settlement of IOB Credit Card bill? 

  • A bill consisting of the transactions done during the previous billing cycle i.e., from the 21st of the last month till the 20th of the current month along with the name of the cardholder and the number of the credit card will be generated on the 20th of the current month and dispatched to the registered address of the cardholder. It will also contain the details of the transactions of the add-on card.
  • The date against each transaction indicated in the statement is the date on which the purchase was done. The credits received for the card, if any, will also be indicated in the statement.
  • The minimum amount due and the cash limit will also be indicated in the statement.
  • If the outstanding amount of the previous statement is paid in full without opting for a revolving facility, an interest-free period of 15 to 50 days for the purchases made during the billing cycle will be available. Otherwise, a finance charge of 2% p.m. will be charged from the due date till the date of settlement for the pending amount.
  • Default in payment of the minimum amount due will attract a late payment fee as stipulated by the bank. If the payment is delayed beyond a certain period as stipulated by the bank, the card will be hotlisted.
  • The credit limit will be indicated in the card statement and the transactions should be within the limit.
  • If any discrepancy is noticed in the credit card statement, the same has to be brought to the notice of the Credit Card Division of the bank within 7 days from the date of receipt of the statement.
  • If the card statement is not received, you should not refrain from paying the dues as the charges collected for the late payment will not be reversed by the bank.
  • It will normally take time for the reversal of any cancellation of purchases made on the card. Such transactions included in the billing statement should be paid without waiting for reversal. If such balances are outstanding, late payment and other charges will be collected. The reversal received subsequently will be credited to your card account.

✅What is the credit limit fixed for IOB Credit Cards?

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The credit limit for IOB Classic card is between 10,000/- to 50,000/- and the credit limit for IOB Gold Card is between 60,000/- to 5.00 lakhs. 

✅What are the charges for foreign currency transactions?

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A foreign currency mark-up fee of 2.5% of the transaction will be charged for foreign currency transactions. 

✅ Are there any charges for hotlisting of the card in the event of theft/loss of the card?

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No, there are no charges for hotlisting of the card.