M16S / Indian Overseas Bank / Indian Overseas IOB novio Select Credit Card
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Indian Overseas IOB novio Select Credit Card
The Indian Overseas IOB novio Select Credit Card charges no annual fee and no joining fee. The forex markup is 2.49%. Lounge visits in India: 2 per quarter. Abroad: 2 per year. Read from the issuer's own documents on 11 Oct 2026.
- Annual fee
- Free
- Fee waived at
- —
- Base return
- —
- Forex markup
- 2.49%
- Interest
- 3.25%a month
Fees
| Joining fee | Free |
|---|---|
| Annual fee | Free |
| Fee notes | Joining and annual fee nil. Physical card free when cumulative FD is Rs 25,000 or more. |
Travel and perks
| Domestic lounge | 2 per quarter |
|---|---|
| International lounge | 2 per year |
| Lounge conditions | 8 visits in total per year per MITC. RuPay/NPCI lounge programme; Rs 2 non-refundable authorisation per visit; unused visits lapse. |
| Forex markup | 2.49% |
| Fuel surcharge waiver | No waiver stated; MITC lists fuel surcharge of 1% of transaction amount |
Charges and eligibility
| Interest per month | 3.25% |
|---|---|
| Late payment fee | Outstanding Rs 1-1,000: Rs 99; Rs 1,001-5,000: Rs 199; Rs 5,001 and above: Rs 299 (plus GST); 3-day grace |
| Cash advance fee | 2.5% of amount or Rs 299, whichever is higher; ATM withdrawal interest 2.99% p.m. (35.88% p.a.) |
| Eligibility | Fixed deposit opened in the novio app; limit set against the FD. No credit history required. |
| Fine-print notes | FD-backed card run through the novio app; launched September 2026. Finance charge 3.25% p.m. (39% p.a.), monthly compounding. Card cancellation within 1 year Rs 499 + GST; replacement Rs 199 + GST. Rental payments carry a 1% fee. Over-limit charge nil. No add-on cards. Minimum due 5% plus all interest and charges (min Rs 100). Lounge entry takes a non-refundable Rs 2 authorisation; unused visits lapse. MITC is inconsistent on due date (15 days after statement in one place, 20th day from billing in another). Rewards are not described in the MITC. |
Questions
- What is the annual fee of the Indian Overseas IOB novio Select Credit Card?
- No annual fee.
- Does the Indian Overseas IOB novio Select Credit Card give airport lounge access?
- Yes. In India: 2 per quarter. Outside India: 2 per year. Conditions: 8 visits in total per year per MITC. RuPay/NPCI lounge programme; Rs 2 non-refundable authorisation per visit; unused visits lapse.
- What is the forex markup on the Indian Overseas IOB novio Select Credit Card?
- 2.49% of each foreign-currency transaction, before GST.