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IOB Novio RuPay Select Credit Card
RuPay
IOB Novio RuPay Select Credit Card
A fixed-deposit-backed RuPay Select card Indian Overseas Bank issues in partnership with fintech novio, targeting UPI-active and first-time credit users through fully digital onboarding. The Select variant doubles the lounge allowance of the Platinum tier (2 domestic per quarter, 2 international per year).
Annual fee
₹0
Joining fee
₹0
Reward type
cashback
Base reward rate
1%
Card network
RuPay
Card tier
Mid
Who this card fits
Best suited to applicants with a credit score of roughly 650+ whose spend is concentrated in online shopping. It's a lifetime-free card with no fee to track.
Rewards & benefits
- Rewards rate: 1% base rate
- Domestic lounge access: 2 complimentary domestic lounge visits per quarter (8 per year) via RuPay's lounge program
- International lounge access: 2 complimentary international lounge visits per year
Benefits by category
- ✈️ Travel
Complimentary domestic airport lounge access.
- 🛍️ Shopping
2% reward rate (capped ₹500/monthly)
- 🌍 Forex / international spend
2.49% forex markup on international transactions
Eligibility
- Minimum credit score: 650
- Employment: salaried, self-employed
- Age: 21–60
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
- Complimentary domestic airport lounge access.
- Credit limit set against the backing fixed deposit, with digital onboarding.
Pros
- + FD-backed with no joining or annual fee
- + Fully digital onboarding, easy approval
- + Domestic lounge access
- + Good for building credit history
Cons
- − Credit limit capped by FD amount
- − Cashback categories are limited
- − Relatively new co-brand with limited track record
Best for