All cards / Indian Overseas Bank
IOB SalarySe Rise UP RuPay Platinum Credit Card
The IOB SalarySe Rise UP card is a fixed-deposit-backed RuPay Platinum card that Indian Overseas Bank issues with the salary fintech SalarySe. It was rolled out in September 2026. The virtual card is lifetime free and the limit is 90% of an FD booked in the app, so it works as a credit builder that also pays SCoins on UPI. Rewards run from 0.4% (2 SCoins per ₹100) up to about 2% on salary-day UPI spends. They can only be redeemed for vouchers in the SalarySe app.
Annual fee
₹0
Joining fee
₹0
Reward type
points
Base reward rate
0.4%
Card network
RuPay
Card tier
Entry
Who this card fits
Best suited to salaried applicants who clear the standard eligibility bar. It's a lifetime-free card with no fee to track.
Rewards & benefits
- Rewards rate: 0.4% base rate
- Reward redemption: SCoins are redeemable only in the SalarySe app for brand vouchers, and expire 18 months from the date they are earned.
- Domestic lounge access: Not specified in the IOB MITC.
- International lounge access: Not specified in the IOB MITC.
Benefits by category
- 🌍 Forex / international spend
2% + GST markup on foreign currency transactions. · 2% forex markup on international transactions
Eligibility
- Employment: salaried
Fees & charges
- Rewards redemption fee: No fee; SCoins are redeemed for brand vouchers in the SalarySe app and cannot be redeemed on the IOB credit card portal.
- Foreign currency markup: 2%
- Interest rate: 3.5% p.a.
- Cash advance charges: Up to 3% of the amount withdrawn or ₹250, whichever is higher, plus GST; cash advances attract 3.5% a month interest from the date of withdrawal (IOB MITC). Cash limit is 50% of the card limit.
Benefits
- Fixed-deposit-backed secured card: the credit limit is 90% of the FD booked through the SalarySe app, from ₹2,250 up to ₹4,50,000. The limit is raised by opening more FDs in the app.
- 2 SCoins per ₹100 on SalarySe UPI, online or physical-card spends up to ₹10,000 in a billing month, and 5 SCoins per ₹100 beyond that. Rail, fuel, rent, government, insurance, education, telecom, transit, post office and agriculture spends earn nothing, as do UPI payments through apps other than SalarySe and offline payments under ₹2,000 at small merchants.
- Salary Day Bonus: 10 SCoins per ₹100 on SalarySe UPI spends on the 1st and last day of the month, provided at least ₹2,500 is spent on other days of the cycle.
- Lifetime-free virtual card. The physical card costs ₹299 + GST to join, waived on an FD of ₹10,000 or more, and has no annual fee.
- 2% + GST markup on foreign currency transactions.
Pros
- + Lifetime-free virtual card, and the physical card is free on a ₹10,000 FD
- + No income proof needed because the limit is backed by an FD
- + Rewards on RuPay UPI spends through SalarySe
- + 2% forex markup is lower than most entry-level PSU bank cards
Cons
- − Base reward value is only about 0.4% below ₹10,000 of monthly spend
- − SCoins can only be used for vouchers in the SalarySe app
- − Many everyday categories, and UPI through other apps, earn nothing
- − 42% a year interest on revolving balances