Credit Limit and Cash Limit are assigned to Cardholders based on the Bank's internal credit criteria. The Credit Limit, Cash Limit and available credit limit are communicated to the Cardholder in every statement. Cardholders seeking to increase their credit limit can do so by enhancing the limit by opening additional Fixed Deposits — only from the ZET app.
Charges and fees, as applicable from time to time, are payable by Cardholders for specific services provided by the Bank or for defaults committed by the Cardholder with reference to his/her Card account. The Bank retains the right to alter any charges or fees from time to time, or to introduce new charges or fees, as it may deem appropriate, with due intimation to cardholders.
| Variant | Joining fee | Annual fee | Supplementary card fee | Min. spends for annual fee reversal | Free physical card criteria |
|---|---|---|---|---|---|
| IOB ZET Card | NIL | NIL | NA | NA | Cumulative FD amount ≥ Rs. 5,000 |
The Cardholder can use the Card to withdraw cash from domestic/international ATMs. A transaction fee of 3.5% will be levied on all such withdrawals and billed in the next statement (subject to change at the Bank's discretion). All cash advances also carry a finance charge equal to charges on revolving credit (refer schedule of charges) from the date of withdrawal until the date of full payment.
2.49% on international transactions. The exchange rate used to convert a foreign currency transaction into INR is determined by RuPay, based on the exchange rates governed by them on the date the transaction is settled with Indian Overseas Bank (which may not be the same date the transaction was made). The foreign currency transaction fee is applied on the INR-converted amount shared by RuPay.
A surcharge of 1% of the total transaction amount will be levied.
NIL
Rs. 199/- per card + GST
₹499 + GST will be levied if the card is closed within 1 year from the date of issuance.
NIL
If a card member fails to pay at least the minimum dues, Late Payment Fees will be charged after 3 days from the due date. The number of days past due and late payment charges are computed from the payment due date mentioned in the credit card statement. Late Payment Fees are based on the total outstanding amount:
| Total Outstanding | Late Payment Charges |
|---|---|
| ₹1 to ₹1,000 | ₹99 + GST |
| ₹1,001 to ₹5,000 | ₹199 + GST |
| ₹5,001 and above | ₹299 + GST |
Currently 18% GST is applicable (as per GOI) on charges applied by the Bank.
20 to 50 days, subject to the transaction date / submission of claims by the merchant. However, the interest-free period is not applicable for cash advance transactions, or if the previous month's balance is not cleared fully.
5% of the total billed amount for Cash Advance, plus 5% of the total POS/ECom/UPI amount, plus 100% of the interest & charges applied (if any), plus applicable GST — subject to a minimum of Rs. 100/-.
Finance charges are payable at a monthly compounding interest rate on all transactions from the date of transaction, if the Cardholder chooses not to pay the balance in full, and on all cash advances until they are paid back. The current rate of finance charges is 3.25% per month [39% per annum] (may change from time to time at the Bank's discretion). Finance charges, if payable, are subject to applicable taxes and are debited to the Cardholder's account until the outstanding on the card is paid in full.
a) Interest on cash advances and unpaid dues applies from the date of transaction until payment is made in full.
b) If the Cardholder has an outstanding balance from previous months, applicable interest is charged from the date of purchase till the further due date of payment. If the customer pays total dues before the due date, interest already applied for the remaining period is refunded.
Example: A purchase of Rs. 11,000/- is made on 21/09/2021. It is accounted in the bill generated on 20/10/2021, due date 09/11/2021 — interest-free credit period of 50 days.
Case I (paid within grace period): Customer pays dues on 12/11/2021 → deemed paid in time; no late payment fee or interest.
Case II (not paid within grace period): Customer pays only minimum dues of Rs. 1,100/- on 13/11/2021 → late payment fee (Rs. 100/- for 1 month) plus interest: from 21/09/2021 on the full Rs. 11,000/- till 12/11/2021, and from 13/11/2021 on Rs. 9,900/- till payment of total dues. These fees, interest and GST are billed on 20/11/2021 and payable in full by 10/12/2021.
GST is applicable on interest and charges applied by the Bank.
Cash Advance Limit: max. 40% of the card limit. Gold Purchase Limit: max. 50% of the card limit.
No add-on cards will be available in this program.
The Bank will send the Cardholder a monthly statement showing payments credited and transactions debited since the last statement, provided the card was active during the period. The statement is mailed to the address on record or emailed to the email ID on record on a pre-determined date.
Credit cards offer a revolving credit facility. The Cardholder may pay only the Minimum Amount Due (before the Payment Due Date) and carry forward the balance, or pay the Total Amount Due or any part above the Minimum Amount Due. The monthly statement covers a standard period of the 21st to the 20th of every month, subject to minimum dues of Rs. 100/-.
The twentieth day from the billing date is the Payment Due Date for each credit card cycle.
Payments towards the credit card account may be made in any of the following ways:
Payments received are adjusted against the categories in the following order: taxes, fees, other charges, interest charges, EMI plans, retail purchases and cash withdrawals.
In the event of a billing dispute, the card member must inform the IOB credit card division within 30 days of receipt of the statement and not later than 60 days from the date of transaction. The Bank will investigate and confirm the liability for such transactions.
The Cardholder is liable for all transactions on the credit card up to the time of reporting the loss/theft/damage.
On being notified by the cardholder, the Bank shall credit (shadow reversal) the amount involved in the unauthorised electronic transaction to the cardholder's account within 10 working days from the date of notification (without waiting for settlement of any insurance claim). The credit is value-dated as of the date of the unauthorised transaction.
A credit card holder can report complaints through any of the following channels:
Indian Overseas Bank, Central Office, Credit Card Division, 2nd Floor, Annex building, 763 Anna Salai, Chennai-600002, Tamil Nadu.
If the Card Member does not pay at least the minimum dues by the payment due date plus 3 days, the card will be reported as delinquent in the monthly submissions to the Credit Information Companies (CICs) authorized by the RBI. If the requisite payment is made, the record will be updated as 'current' in the subsequent monthly refresh to the CICs.
Illustrative Special Mention Account (SMA) / Non-Performing Asset (NPA) classification, for a due date of 12th March 2022:
| Overdue Days | Date of Classification | Classification Status |
|---|---|---|
| 0 | 12-03-2022 | Standard |
| 1 | 13-03-2022 | SMA 0 |
| 31 | 10-04-2022 | SMA 1 |
| 61 | 11-05-2022 | SMA 2 |
| 91 | 10-06-2022 | NPA |
Defaulter cardholders are intimated about their defaults. If the amounts are not paid even after a considerable lapse of time, cases are handed over to approved recovery agents to contact the cardholder and follow up for recovery. If the matter still remains unsettled, legal action is initiated. All avenues for recovery, such as compromise settlements, will remain open to the cardholder for making repayments.
Recovery of dues in the case of a deceased or permanently incapacitated cardholder will be made from the estate/legal heirs of such Cardholder.
A Card Member may terminate the card membership with IOB at any time by writing to the Bank, sending an email, or calling the helpline. The entire card outstanding dues and EMI facilities linked to the credit card (if availed) immediately become due. You can also reach out to ZET's customer support to raise a request to close your IOB ZET Credit Card.
IOB may also cancel the card membership at any time under notice to the customer if it considers it necessary for business or security reasons — which may include delay in payments, improper use of the credit card (e.g., foreign exchange trading, business use), misleading or incorrect information/documents, failure to furnish KYC/AML/CFT information or documents as required, or if the Card Member is involved in any civil litigation or criminal offence/proceedings.
If the card is lost, stolen or misplaced, the Card Member should contact IOB immediately by calling the 24-hour Helpline at 1800 890 4445, or block the card by logging into the IOB Credit Portal or Mobile App. The Card Member must report the theft to the Police and lodge an FIR.
The Card Member will not be liable for any misuse of the card or PIN after informing the Bank of the loss, unless the Card Member acted with gross negligence. The Card Member is liable for all losses from misuse that happened with their consent or knowledge, or prior to intimation to the Bank about the loss. The card cannot be used for any purpose prohibited by regulations or applicable law.
IOB has tied up with Credit Information Companies (CICs) authorized by the RBI and will share credit information — including but not limited to current balance, EMI facilities linked to the credit card (if availed), balance outstanding, and payment history — along with demographic details, on a monthly/weekly/daily basis, as per the Credit Information Companies (Regulation) Act, 2005.
IOB reserves the right to report a delinquent customer to the CICs even where a Card Member raises a billing dispute that the Bank has clarified as invalid, or a dispute raised after the cut-off date, and/or a dispute relating to secured transactions where a PIN or OTP was used. Transaction alerts received may not be assumed as confirmation of transaction completion.
IOB may, at its sole discretion, utilize the services of external service providers or agents on such terms as required or necessary in relation to its products.