Iob Rupay Kisan Debit Card - Benefits, Charges and Eligibility

Iob Rupay Kisan Debit Card Overview

The objective behind launching IOB Rupay Kisan Debit Card is t o meet investment and credit requirements of farmers. The main purpose is Investment credit need and allied activities. Revolving Cash Credit for crops & for allied activities. The are eligible to avail loan against Suitable Collateral such as Hypothecation of crops / assets created out of loan and the Loan amount / Limit fixed on annual basis depending upon the cropping pattern, Scale of Finance for the crop and the extent of cultivation.

Iob Rupay Kisan Debit Card Features

  • Issued on Rupay platform
  • It has comparatively less transaction cost
  • It is faster in processing
  • Avail Cash Credit for crops & for allied activities max. upto 5 years
  • Cashless Shopping
  • Loan amount / Limit fixed on annual basis depending upon the cropping pattern, Scale of Finance for the crop and the extent of cultivation
  • Margin : Upto Rs 100000 - Nil & Above Rs 100000/- 15 % to 25 %
  • Security : Upto Rs 100000 - Hypothecation of crops / assets created out of loan & Above Rs 100000 - Suitable Collateral or TPG at the discretion of the Bank & Hypothecation of crops / assets created out of loan
  • Repayment : Term loan - Max. 5 years

Iob Rupay Kisan Debit Card Eligibility

Existing farmer clients & also the prospective farmer clients. Existing eligible customers can also upgrade the accounts to apply for this card.

Iob Rupay Kisan Debit Card Fees & Charges

  • Charges for issuance of Card : Nil
  • Second Year Onwards Annual Fee: Rs. 100/- plus applicable taxes
  • Re-issue of PIN: Rs. 20/-
  • Replacement/Re-issue of Lost/Damaged: Rs. 100/-
  • PoS/Ecom Transactions: Nil

Iob Rupay Kisan Debit Card Benefits

  • No issuance charges
  • Avail Cash Credit for crops & for allied activities max. upto 5 years
  • Priority customer service available 24 hrs for all the 7 days of a week
  • Quick and secure access for funds
  • IOB Rupay card holders are eligible for personal accident (death only) Insurance cover of Rs. 1 lakh

Iob Rupay Kisan Debit Card How to Apply

  1. Contact your Branch.
  2. If you don't have saving or Current Account, first open your account.
  3. Get the Debit Card Application form from the Branch, fill it up and submit it to your Branch.
  4. You will receive your Insta Debit Card & PIN (Personal Identification Number) at the time of submission of the application form.
  5. In case of named Debit Card, the card will be delivered to the customer's residential address. The PIN will have to be collected from the respective Branch.
  6. The customer has to activate the Insta Debit card after 24 hours from the receipt of the card by withdrawing cash from Dena Bank ATM.

Iob Rupay Kisan Debit Card Documents Required

  • Proof of Identity : Aadhaar Card/ PAN Card/ Passport Driving License/ Voter ID Card
  • Proof of Address : Aadhaar Card/ Driving License/ Ration Card/ Voter ID Card/ Passport
  • Passport sized photographs

What is EMV-Chip Based Debit Card?

EMV stands for Europay MasterCard and Visa, who developed this technology. EMV-chip based debit cards are the debit cards which have embedded microprocessor chip that stores and protects cardholders' information/ data. It uses enhanced security features to protect the important date of the card holders and discourages card's unauthorized usage.

EMV-chip based debit card generates fresh user data every time the user transacts. Therefore, it is impossible for hackers/ fraudsters to steal the information or copy the original data from any card. Further, EMV technology uses your debit card as well as PIN to complete any transaction.

The Reserve Bank of India (RBI) has asked all banks in the country to replace magnetic-strip debit/ credit cards with EMV-chip based cards by 31 December 2018 as magnetic cards are quite vulnerable to skimming. Banks have already replaced the existing magnetic strip debit/ credit cards with latest EMV chip cards. Banks will provide it free of cost.