Iob Sme Debit Card - Benefits, Charges and Eligibility
Iob Sme Debit Card Overview
Indian Overseas Bank (IOB) is a major public sector bank headquartered in Chennai which was founded on 10 February 1937. The bank has about 3700 domestic branches, 3300 ATMs, 3 extension counters in India and 8 overseas branches (having 100% CBS status) as of 30 September 2014. In 1984, it opened its 1000th branch. In 2005, it launched its first debit card in the market.
IOB SME Debit Card has been launched for All MSME customers, who satisfy the conditions of the Bank for issuance of the Card. It has a VISA platform. Separates business and personal expenses as the borrower need not use his personal credit card for business transactions. So, it will help in tracking and monitoring the business expenses.
Iob Sme Debit Card Features
- Issued on VISA platform
- Cashless Shopping
- Can be used at 30000 + ATMs of various banks
- Daily cash withdrawal limit: Rs.50,000
- Daily shopping/online transaction limit: Rs. 1,00,000
- Card Limit : Up to 10% (Maximum) of fund based working capital limit or Rs. 5 lakhs whichever is less at Bank's discretion
- Not eligible for usage in jeweler shops, can be used only for business transactions
- Secured Online Transactions verified through VISA
Iob Sme Debit Card Eligibility
All MSME customers, who satisfy the conditions of the Bank for issuance of the Card. Existing eligible customers, can also upgrade the accounts to apply for this card.Iob Sme Debit Card Fees & Charges
- Charges for issuance of Card : Rs. 150/- plus applicable taxes
- 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 Sme Debit Card Benefits
- Separates business and personal expenses as the borrower need not use his personal credit card for business transactions. So, it will help in tracking and monitoring the business expenses
- Higher withdrawal and transaction limit
- Quick and secure access for funds
- Priority customer service available 24 hrs for all the 7 days of a week
- Eligible for IOB Rewardz points for usage through PoS / Ecom channels
Iob Sme Debit Card How to Apply
- Contact your Branch.
- If you don't have saving or Current Account, first open your account.
- Get the Debit Card Application form from the Branch, fill it up and submit it to your Branch.
- You will receive your Insta Debit Card & PIN (Personal Identification Number) at the time of submission of the application form.
- 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.
- 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 Sme 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.