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Indian Overseas Bank
IOB Novio RuPay Platinum Credit Card
RuPay
IOB Novio RuPay Platinum Credit Card
The entry-level FD-backed RuPay card from Indian Overseas Bank's Novio co-brand, designed for first-time credit users and UPI-heavy spenders who want a secured card with minimal paperwork and zero fees.
Annual fee
₹0
Joining fee
₹0
Reward type
cashback
Base reward rate
1%
Card network
RuPay
Card tier
Entry
Who this card fits
Best suited to applicants with a credit score of roughly 600+ whose spend is concentrated in groceries. It's a lifetime-free card with no fee to track.
Rewards & benefits
- Rewards rate: 1% base rate
- Domestic lounge access: 1 complimentary domestic lounge visit per quarter (4 per year) via RuPay's lounge program
- International lounge access: 1 complimentary international lounge visit per year
Benefits by category
- 🛒 Groceries
1.5% reward rate (capped ₹300/monthly)
- ✈️ Travel
1 complimentary domestic lounge visit per quarter and 1 international visit per year (RuPay programme)
- 🌍 Forex / international spend
2.49% forex markup on international transactions
Eligibility
- Minimum credit score: 600
- Employment: salaried, self-employed
- Age: 18–60
Fees & charges
- Rewards redemption fee: None — cashback is credited automatically, no redemption fee
- Foreign currency markup: 2.49%
- Interest rate: 39% p.a.
- Fuel surcharge waiver: No fuel surcharge waiver; a 1% surcharge is levied on fuel transactions
- Cash advance charges: 2.5% of the withdrawal amount or ₹299, whichever is higher, plus finance charges from the date of withdrawal
Benefits
- Credit limit set against the backing fixed deposit, with digital onboarding.
- 1 complimentary domestic lounge visit per quarter and 1 international visit per year (RuPay programme)
Pros
- + Zero joining and annual fee
- + FD-backed with digital onboarding
- + Low eligibility bar, good for credit beginners
- + Lounge access (1 domestic per quarter, 1 international per year)
Cons
- − No fuel surcharge waiver (1% surcharge applies)
- − Rewards are modest across categories
- − Credit limit tied strictly to FD amount