Indian Overseas Bank IOB-Merchant-Credit-Card-M-Card

Charge

• Cash Advance Fee: 2.25% or ₹22.50 per ₹1000/-.
• Finance/Interest charge: 2.50% per month [30% per annum], monthly compounding.
• Forex Conversion Fee: 2.50% on international transactions.
• PIN Replacement Charges: NIL.
• Card Replacement Charges: ₹100/- per card + GST.
• Over Limit charges: ₹100/- once card limit is exhausted.
• Late Payment fee: ₹100/- charged after 3 days from due date if at least minimum dues not paid.
• Supplementary Card fee: NIL.
• GST: 18% on charges.

Verified · Most Important Terms & Conditions (MITC) – IOB Credit Cards (covers M-Card) · 2026-08-01 · source

Interest-free period

• Interest free period: 20 to 50 days, subject to transaction date / submission of claims by the merchant.
• Not applicable for cash advance transactions or if previous month's balance is not cleared fully.

Verified · Most Important Terms & Conditions (MITC) – IOB Credit Cards (covers M-Card) · 2026-08-01 · source

Fuel surcharge waiver

Fuel surcharge waiver of 1% on transactions between ₹400/- and ₹5000/- (Maximum ₹250/- per billing cycle).

Verified · Most Important Terms & Conditions (MITC) – IOB Credit Cards (covers M-Card) · 2026-08-01 · source

Eligibility

Maximum four add-on cards can be issued to dependents of the Primary Card Holder.

Verified · Most Important Terms & Conditions (MITC) – IOB Credit Cards (covers M-Card) · 2026-08-01 · source

Official terms

https://www.iob.bank.in/en/iob-merchant-credit-card-m-card.

Verified · IOB-Merchant-Credit-Card-M-Card product page · 2026-08-01 · source