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Independent card analysis

IOB ZET Credit Card

Indian Overseas Bank · RuPay · Entry card

A second low-deposit secured UPI route improves first-card choice without adding an annual fee.

Best suited to

Credit builders who prefer an Indian Overseas Bank-backed secured RuPay card.

Authored and reviewed by GainFair
Terms checked 24 Sept 2026
Annual fee
Lifetime free
Joining fee
₹0
Base reward rate
0%
Forex markup
2.5%

Reward rates by spending category

Published catalogue rates before caps and merchant-category exclusions.

CategoryRecorded rate
Online shopping
0%
Groceries & essentials
0%
Dining & delivery
0%
Fuel & commute
0%
Travel & hotels
0%
Bills & utilities
0%
Beauty & wellness
0%
Entertainment & movies
0%
Education & family
0%
Healthcare & pharmacy
0%
Subscriptions & streaming
0%
Offline store shopping
0%
International spending
0%
Gold & jewellery
0%
House rent
0%
Insurance premiums
0%
Other miscellaneous
0%

Caps and fee waiver

Reward caps
No general cap recorded
Annual fee waiver
Not needed
Monthly income requirement
Fixed-deposit backed

Airport lounge access

No complimentary airport lounge access recorded

Benefit details

Benefits & conditions

Expand a category to see recorded benefits, fees and eligibility, with conditions and links to the sources. Categories without recorded details are grouped below; missing information does not mean a benefit is unavailable.

Rewards and cashback · 2 items

  • ZET Plus merchant UPI cashback

    Usage-based value

    2% cashback only with an active ZET Plus subscription on eligible merchant UPI payments routed through ZET.

    Conditions: 2% cashback only with an active ZET Plus subscription on eligible merchant UPI payments routed through ZET.

    Status: verifiedReviewed: 2026-09-24Official source ↗

  • Optional ZET Plus 2% cashback on eligible ZET UPI payments for ₹3 per day

    Shown without a cash value
    Status: verifiedReviewed: 2026-09-24Official source ↗
Fees · 2 items

  • Lifetime-free annual fee

    Recorded value ₹-0

    No annual card fee is recorded under the currently reviewed terms.

    Status: verifiedReviewed: 2026-09-24Official source ↗

  • ZET Plus subscription

    Cost ₹1,095

    ₹1,095 recurring programme fee.

    Status: verifiedReviewed: 2026-09-24Official source ↗
Spend milestones · 1 item

  • ZET Plus brand discounts and voucher benefits remain subject to partner terms

    Shown without a cash value
    Status: verifiedReviewed: 2026-09-24Official source ↗
Insurance and protection · 1 item

  • ZET Plus advertises cyber-fraud and dark-web protection under programme terms

    Shown without a cash value
    Status: verifiedReviewed: 2026-09-24Official source ↗
Foreign-currency charges · 1 item

  • Foreign-currency markup

    Usage-based value

    2.49% foreign-currency markup before applicable tax.

    Conditions: Applies to eligible foreign-currency transactions

    Status: verifiedReviewed: 2026-09-24Official source ↗
Eligibility and availability · 1 item

  • Restricted application availability

    Shown without a cash value

    Application availability: secured. The current ZET multi-bank application flow advertises FD-backed cards from ₹2,000. A free physical IOB card requires cumulative fixed deposits of at least ₹5,000. The card limit is 90% of the fixed deposit.

    Status: verifiedReviewed: 2026-09-24Official source ↗
Other benefits · 6 items

  • FD-backed route for building credit history

    Shown without a cash value
    Status: verifiedReviewed: 2026-09-24Official source ↗

  • Free physical card after cumulative fixed deposits reach ₹5,000

    Shown without a cash value
    Status: verifiedReviewed: 2026-09-24Official source ↗

  • Early closure within two years attracts ₹499 plus GST

    Shown without a cash value
    Status: verifiedReviewed: 2026-09-24Official source ↗

  • Lifetime-free FD-backed RuPay card

    Shown without a cash value
    Status: verifiedReviewed: 2026-09-24Official source ↗

  • 90% of the fixed deposit becomes the card limit

    Shown without a cash value
    Status: verifiedReviewed: 2026-09-24Official source ↗

  • Free physical card after cumulative fixed deposits reach ₹5,000

    Shown without a cash value
    Status: verifiedReviewed: 2026-09-24Official source ↗
Other categories (11)

These categories have no detailed entries. We distinguish confirmed absences from information that still needs review.

What stands out

  • ✓ Lifetime-free FD-backed RuPay card
  • ✓ Optional ZET Plus 2% cashback on eligible ZET UPI payments for ₹3 per day
  • ✓ 90% of the fixed deposit becomes the card limit
  • ✓ Free physical card after cumulative fixed deposits reach ₹5,000

What to watch

The 2% cashback requires the paid ZET Plus programme and an eligible merchant UPI payment through ZET. The bank MITC does not promise rewards on ordinary card spending, and closure within two years costs ₹499 plus GST.

Recorded exclusions

Cash withdrawal · Person to person upi · Fees charges

How GainFair evaluates this card

The personal card advisor applies your monthly spending to category rates, limits rewards at the applicable caps, adds eligible movie, milestone and lounge value, and subtracts annual fees plus foreign-currency markup and GST. It can recommend keeping your current cards when a new card does not create enough incremental value.

Ask the advisorApply ↗Read the methodology
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Compare against

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Issuer sources

Open the sources used for this card's product details, rewards, fees and eligibility.

Product, Rewards, Eligibility ↗Fees ↗

Sources checked 24 Sept 2026