M16S / Indian Overseas Bank / Indian Overseas IOB RuPay Select Credit Card
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Indian Overseas IOB RuPay Select Credit Card
The Indian Overseas IOB RuPay Select Credit Card costs Rs 500 a year, waived if you spend Rs 1,00,000 in a year. Its base return is 0.25% (1 RP per Rs 100). The forex markup is 2.5%. Lounge visits in India: 2 per quarter. Abroad: 2 per year (bankbazaar); cardinsider says 1 per quarter. Read from the issuer's documents and an aggregator on 11 Oct 2026.
- Annual fee
- Rs 500+ GST
- Fee waived at
- Rs 1,00,000annual spend
- Base return
- 0.25%
- Forex markup
- 2.5%
- Interest
- 2.5%a month
Apply on iob.bank.inOpens the bank’s own page.
Fees
| Joining fee | Free |
|---|---|
| Annual fee | Rs 500 |
| Annual spend that waives the fee | Rs 1,00,000 |
| Fee notes | Joining nil. Annual fee Rs 500 + GST, reversed on minimum annual spend of Rs 1,00,000. Supplementary cards free. (MITC) |
Rewards
| Reward currency | Reward Points |
|---|---|
| Base earnunverified | 1 RP per Rs 100 |
| Base returnunverified | 0.25% |
| Point valueunverified | 1 RP = Rs 0.25; minimum 1,000 points to redeem (cardinsider) |
| Reward notes | base_return_pct = 1 RP per Rs 100 x Rs 0.25. Earn rate and value from aggregators, not the MITC. |
Travel and perks
| Domestic loungeunverified | 2 per quarter |
|---|---|
| International loungeunverified | 2 per year (bankbazaar); cardinsider says 1 per quarter |
| Lounge conditions | Aggregator figures, which disagree on the international count; RuPay lounge programme. |
| Forex markup | 2.5% |
| Fuel surcharge waiver | 1% waiver on transactions of Rs 400 to Rs 5,000, capped at Rs 250 per billing cycle |
| Other freebiesunverified | RuPay personal accident cover Rs 10 lakh (aggregators). |
Charges and eligibility
| Interest per month | 2.5% |
|---|---|
| Late payment fee | Rs 100 if minimum due is not paid within 3 days after the due date |
| Cash advance fee | 2.25% (Rs 22.50 per Rs 1,000) plus finance charges from withdrawal date |
| Eligibilityunverified | Aggregator: limit Rs 2 lakh to Rs 5 lakh |
| Fine-print notes | MITC: finance charge 2.50% p.m. (30% p.a.), monthly compounding from transaction date; over-limit fee Rs 100; minimum due 10% of billed amount (min Rs 100); interest-free period 20 to 50 days; cash limit 40% and gold purchase limit 50% of card limit; card replacement Rs 100 + GST; up to four add-on cards, free. The bank's credit card product and FAQ pages render no body text to the fetch tool, so rewards, lounge and insurance come from aggregators. Aggregators: EMI at 13% (3/6 months), 15% (9/12), 17% (18/24) with nil processing fee on transactions of Rs 3,000+. |
Questions
- What is the annual fee of the Indian Overseas IOB RuPay Select Credit Card?
- Rs 500 a year, before GST. It is waived if you spend Rs 1,00,000 in a year.
- Does the Indian Overseas IOB RuPay Select Credit Card give airport lounge access?
- Yes. In India: 2 per quarter. Outside India: 2 per year (bankbazaar); cardinsider says 1 per quarter. Conditions: Aggregator figures, which disagree on the international count; RuPay lounge programme.
- What is the forex markup on the Indian Overseas IOB RuPay Select Credit Card?
- 2.5% of each foreign-currency transaction, before GST.