Indian Overseas Credit Cards

With a view to encouraging foreign exchange operations and overseas banking, Indian Overseas Bank was founded by Shri M Chidambaram. Soon branches were opened at Rangoon, Karikudi, Madras. In 1938 a branch was opened in Penang, Kualalumpur and a branch opened in Singapore. Indian Overseas Bank specialized in overseas operations since the day of inception. IOB lost its branches in Kuala lumpur and Rangoon due to war. But resumed operations of the branch at Singapore in 1942. 

IOB took a large number of local banks in Tamilnadu during the year 1960 when there was a drive for merging weaker banks in the bank sector. 

In 1969 banks were nationalized in India. IOB was one of the banks that were nationalized. Prior to nationalization IOB had a major number of branches overseas. However, the Malaysian Government banned the ownership of foreign banks in Malaysia. Thereafter IOB concentrated in business development within India and worked towards opening branches in the rural area. 

In 1973 Bharat Overseas Bank, a Chennai based private bank was established by IOB and six other private banks in India to take over IOBs Bangkok branch. 

A branch in Seoul was opened in 1977. A branch was opened at Colombo, Sri lzlanka two year later. However, during the anti-Tamil riots in 1983 the branch of IOB at Colombo was burnt down. 

IOB acquired Bank of Tamil Nadu and its branches during 1988-89. 

During the millennium year that is, in the year 2000 IOB went public and the government share in the bank?s equity was brought down to 75%. IOB acquired a Mumbai based Adarsha Janata Sahakari Bank and set its foot in Mum bai. Shree Suvarana Sahakari Bank which had its branches in Pune, Mumbai, and Shirpur was taken over by IOB ion 2009. 

An extension counter was opened in Ceylon at New Kathiresan Temple Complex during the year 2003. 

IOB entered China during the year 2005 and once again entered Malaysia in 2009. It also opened an office in Dubai. 

IOB took over Bharat Overseas Bank in 2007. Commercial banking licence was issued by Malaysia in 2010 for a locally incorporated jointly owned by Indian Overseas Bank, Andhra Bank and Bank of Baroda. The jointly owned bank, India International bank started operations in Malaysia during the year 2012. IOB holds a share of 35% in this joint venture. 

IOB upgraded its extension counter in Sri Lanka and also opened an overseas branch at Colombo during the year 2013. 

Since the inception, they have come a long way and emerged as one of the largest nationalized banks. They cater to all category of society. IOB offers a variety of products in retail lending, personal banking, digital banking. The Bank in association with Visa International has launched credit cards with two variants. The multiple features and benefits on this card make it convenient for the customers to manage their expenses while shopping, dining and travelling. The Bank in association with Visa International has launched credit cards which has two variants 

The two variants of Indian Overseas Bank Credit Card are: 

• Indian Overseas Bank Gold Credit Card
• Indian Overseas Bank Classic Credit Card.

The following are the features and benefits of Indian Overseas Bank Credit Card: 

• Worldwide acceptance: The card global acceptance across 24 million outlets which includes 625000 outlets within India.
• Cash withdrawal: The cardholder can withdraw cash up to 40% of the credit limit with a restriction of 15000/- per day at any Visa ATMs.
• POS transaction: The card can be used for purchases made at member establishments up to 50% of the credit limit in a day.
• Add-on card: Add-on card facility is available for the family members of the cardholder.
• EMI: The cardholders have the facility to convert high-end purchases on the card to EMI and pay in easy instalments.
• Revolving facility: With this facility, the cardholder can pay a minimum due amount which will be a percentage of the total amount due as stipulated by the bank. The balance amount can be carried over to the next billing cycle. An interest at 2% p.m. will be charged on the carried over balance.
• Rewards Program: For every purchase on the card you earn reward points which can be redeemed for exciting gifts on the catalogue.
• Credit limit: The minimum credit limit is 10,000 and the maximum credit limit is 5.00 lakhs.
• SMS Alerts: Real-time updations of the transactions done on the card will be given through SMS on the registered mobile number of the cardholder.
• Insurance: Insurance cover is available for personal accident and baggage loss.
• Purchase Protection: Protection is available against the risk of fire, riots, terrorism, malicious damage, theft, and strike during transit or when kept at the premises of the cardholder to the extent of 25000/- for the purchases of any item on the card up to 30 days from the date of purchase.

The detailed features of IOB Credit Cards are as mentioned below:

Shopping offers 

• A discount of 500/- for purchase above 3000/- at Croma stores across the country.
• For shopping at designated Wills Lifestyle stores in India you get a discount of 500.
• Get a discount of 20% on gold making charges and a discount of 3000/- for purchase of diamond jewellery worth 50,000/- at exclusive Joyalukkas Outlets.
• Avail up to 60% discount on the Bicester Village Shopping Collection of world best lifestyle brands.
• Enjoy the privilege of private sale and late- night shopping at Florentia Village, China

Wellness and Fitness offers 

• 10% discount on medicines except for DPCO by presenting coupon code VISA5075 at Apollo Pharmacy
• 5% discount on FMCG products by presenting coupon code VISAFMCG at Apollo Pharmacy
• 15% discount on Apollo Pharmacy products by presenting the coupon codeVISAAP
• Discount up to 1000/- for an annual membership at Golds Gym
• Avail 3 days free trial and 20% discount on a gym membership at Talwarkars
• Complimentary access to airport lounges.

Dining and hotel booking offers

• Enjoy a complimentary welcome drink and priority restaurant booking at Umame. Restaurant bookings should be made through Visa Concierge.
• Enjoy a complimentary welcome drink and priority restaurant booking at Square Pan.
• Get a 10% discount on the total bill at Baskin Robins. The minimum billing amount is 350/- to avail the offer.
• 20% discount on any service availed at IOSIS Spa.
• Holiday Inn Golden Mile Hongkong offers a range of discounts on dining with Visa Card.
• Enjoy a complimentary welcome drink at Baths Middle Brighton, Melbourne, Australia.
• Enjoy a complimentary dessert at the Grain Store, Melbourne.
• Enjoy a complimentary welcome drink at Hinokizaka Japan
• 20% off on bookings at St.James Hotel and Club Mayfair.
• Enjoy 25% off for stays at Sala Phuket Mai Khao Beach Resort.
• 50% discount on Tariff rates on Signature Suites at Hotel Madera, Hollywood and Hotel Madera, Hongkong.
• 15% discount on Johnson Group Home and Green Pest Management
• Enjoy one tailor- made dish at Nikushou, Hongkong.
• Enjoy a special set of the menu at Yon Toh Heen, Hongkong.
• Complimentary non-alcoholic cocktail at Jade Dragon, Hongkong
• One complimentary bottle of house wine at Niu by Vikings, Phillipines.

Every purchase on the credit card earns reward points that can be redeemed for exclusive gifts on the gift catalogue. 

There are no joining fees and annual fees for the IOB credit cards. A fee of 100/- will be collected for a photo card. 

The charges on IOB Credit Cards are as given below: 

Steps to apply for the Card through Bank?s Website 

The existing customers of IOB can apply for the card online by following some simple steps. 

• Go to the Credit Card page on the official website of IOB
• Provide your net banking customer ID and mobile number
• You can directly apply for the credit card online.

New Customers should follow the following steps to apply for the Credit Card. 

• Visit the official website of IOB
• Go to the Credit Cards Page and provide your contact details and personal details.
• Details of the list of cards will appear. Choose the card as per your requirement. If the financial details satisfy the requirement of the bank for that particular card you can proceed to apply for the card.
• On verification, a representative from the bank will approach you and guide you through the process.
• You will have to submit the documents relating to address proof, Photo ID proof and Income Proof for checking the eligibility criteria and issuing the card.

Steps to apply for the Credit Card through MyMoneyMantra

You should make use of the digital platform provided by MyMoneyMantra for applying for the card. 

• To begin with visit the MyMoneyMantra website. Log in and choose the credit card menu
• Select the card you intend to apply for and submit.
• Fill in all the relevant information required for applying for the credit card.
• Once the filling of the application is complete and the process initiated you will be assisted by the representatives of MyMoneyMantra through the process from documentation till the approval of the card.
• On approval, the card will be dispatched to your address.
• Card and the pin will be despatched separately

To apply for the card offline, you have to visit the nearest IOB branches and apply for the credit card by submitting the relevant documents 

The eligibility criteria mentioned below have to be complied with to qualify for the credit card. 

• The age of the applicant should be between 21 years to 65 years and the age of the add-on cardholder should be above 18 years.
• The applicant should be a resident of India.
• Salaried individuals, self-employed individuals/professionals, and businessmen are eligible for the card.
• The applicant should have a stable income.
• The applicant should preferably be a customer of IOB.
• The credit score of the applicant should be satisfactory preferably above 750.

The following documents are required for IOB Credit Card 

• Proof of Address like Voters ID card, Aadhar card, Utility Bills, and Driving licence.
• Photo ID proof like passport, Pan card, Voters ID card, Aadhar Card, and Driving Licence.
• Salaried individuals should provide the latest salary slips, form 16 and bank account statement of the last 6 months as income proof. Self-employed individuals/professionals and businessmen should provide financial documents like audited balance sheet and profit and loss account along with last 2 years ITas income proof.

Internet banking: The customers of IOB can register for internet banking facility and pay the credit card bill by logging in to the net banking account with the user id and password and make the credit card payment. 

Auto-debit: The customers of IOB can opt for an auto-debit facility from their savings bank/current account to the credit card account. 

NEFT/RTGS: The payment of the credit card can be made through NEFT/RTGS. The beneficiary account should be the 16-digit card number. You should also provide the account which has to be debited, amount to be debited, name of the cardholder and the IFSC code of IOB for making the payment through NEFT/RTGS. 

Cheque: The payment of the credit card can be made through a cheque drawn on either IOB or any other bank. The payee?s name should be the 16-digit card number. The name of the cardholder and the registered mobile number have to be mentioned on the reverse of the cheque. 

Cash: Payment of the credit card bill can be made by depositing cash at any of the branches of IOB.

The credit card customer care of IOB can be reached on the following numbers: 

• 1800-425-4445
• 1800-425-7744