All cards / Indian Overseas Bank
Indian Overseas Bank
IOB ZET Credit Card
RuPay
IOB ZET Credit Card
Indian Overseas Bank's version of ZET's fixed-deposit-backed RuPay card, aimed at people building a credit history without income proof. It is lifetime free and has a lower 2.49% forex markup than most PSU cards, but IOB's terms list no rewards and it charges 3.25% a month on revolved balances.
Annual fee
₹0
Joining fee
₹0
Reward type
cashback
Base reward rate
0%
Card network
RuPay
Card tier
Entry
Who this card fits
Best suited to applicants who clear the standard eligibility bar. It's a lifetime-free card with no fee to track.
Rewards & benefits
- Rewards rate: 0% base rate
- Reward redemption: No reward programme in the card terms; merchant offers run through the ZET app
Benefits by category
- 🌍 Forex / international spend
2.49% forex markup on international transactions
Eligibility
- Employment: salaried, self-employed
Fees & charges
- Foreign currency markup: 2.49%
- Interest rate: 3.25% p.a.
- Fuel surcharge waiver: No fuel surcharge waiver; 1% surcharge is levied
- Cash advance charges: 3.5% transaction fee on cash withdrawals, plus finance charges from the date of withdrawal
Benefits
- Fixed-deposit-backed limit, raised by opening more FDs through the ZET app
- Free physical card when cumulative FD amount is ₹5,000 or more
Pros
- + Lifetime free
- + No income proof needed; limit backed by your FD
- + Physical card free once FDs total ₹5,000
Cons
- − No reward points or cashback in the card terms
- − ₹499 closure fee if closed within two years
- − 1% fuel surcharge is charged, with no waiver