IOB novio Select Credit Card
A ₹25,000 fixed deposit buys eight RuPay lounge visits a year on a card that never charges a fee.
Not valuedno published earn rate to price
Our verdict: keep (ranked #403)
This is Indian Overseas Bank's version of the novio fixed-deposit card, unveiled at the Global Fintech Fest in September 2026.
Our full review 4 good · 6 bad
You open an IOB fixed deposit inside the novio app and the card's limit is 90% of it. A deposit of ₹25,000 or more puts you on Select. IOB's own terms make it lifetime free on both fee lines, and Select carries two domestic lounge visits a quarter and two international visits a year through RuPay's lounge programme, eight in all. That is the strongest lounge allowance of any novio card on this board. The DCB Select gives four, all domestic. Foreign spend costs 2.49%, a point below the 3.5% norm. The rewards are novio coins, and nobody publishes what a coin is worth, so this site prints no rate. Closing inside a year costs ₹499. Take it if you want a first credit card that also gets you into lounges, and are happy to park ₹25,000 at up to 7%.
What's good
- Lifetime free: IOB's MITC prints Nil joining and Nil annual fee for the Select variant
- 2 domestic lounge visits a quarter and 2 international a year through RuPay's lounge programme, 8 in all
- 2.49% foreign-currency markup, about a point below the usual 3.5%
- Secured on a fixed deposit opened in the novio app; the credit limit is 90% of it
Watch out
- The Select variant needs a cumulative fixed deposit of ₹25,000 or more; below that the card is the Platinum variant
- No reward rate is published: novio coins redeem only as e-voucher discounts in the novio app, at no stated rupee value
- ₹499 + GST to cancel the card within a year
- 39% a year (3.25% a month) on revolving balances; 35.88% a year on ATM cash
- 1% fee on rent payments, and no add-on cards
- Unused lounge visits lapse at the end of the quarter or year, and a non-refundable ₹2 is charged at every lounge entry
Rewards
Indian Overseas Bank has not published what this card earns. Not zero: nothing stated either way. We can't value this card until the issuer publishes how it earns — every net-value number here would be a fee subtracted from rewards nobody has described.
Category rules: not published. We have not found where this card earns less.
Fees & charges
₹0 — lifetime free.
Keep, downgrade or cancel?
There is no renewal arithmetic to run on this card yet — and a break-even we cannot source is not one we will print.
We cannot work out a break-even without both the fee and the earn rate. What we can source is under Sources.
You hold this card.
Saved on this device only. Never sent to us.
Downgrade: Indian Overseas Bank publishes no card you can step down to, so we name none. That leaves keep or cancel.
Called to cancel? Tell us what the bank offered · Calendars of upcoming changes
All charges 6 of 7 published
| Charge | What the bank says | Our read |
|---|---|---|
| Forex markup | 2.49% of the transaction value | |
| Interest (APR) | 3.25%/mo (39% a year) on retail; 2.99%/mo (35.88% a year) on ATM cash | |
| Late payment fee | ₹99 (₹1–1,000); ₹199 (₹1,001–5,000); ₹299 (above ₹5,000), each plus GST | |
| Cash withdrawal fee | 2.5% of the amount withdrawn or ₹299, whichever is higher; cash capped at 40% of the card limit | |
| Add-on card fee | Add-on cards are not available | |
| Over-limit fee | Nil | Free |
| Reward redemption fee | not published |
From Indian Overseas Bank's most important terms and conditions, checked 10 Jul 2026.
IOB's MITC/KFS for the novio card (ModDate 20 Aug 2026). Variant table: "IOB novio Select Credit Card — NIL | NIL" joining and annual; free physical card at a cumulative FD of ₹25,000. Fuel surcharge 1%; rent payments 1%; card replacement ₹199 + GST; cancellation within one year ₹499 + GST; gold purchases capped at 50% of the limit. Statement on the 20th, payment 15 days later, 3-day grace. Lounges: 2 domestic a quarter and 2 international a year via RuPay. The document prints no reward table.
Who can get it Apply direct
| Rule | What the bank says |
|---|---|
| How you get it | Apply direct |
| Income, salaried | None — secured on a fixed deposit opened in the novio app |
| Income, self-employed | None — secured on a fixed deposit opened in the novio app |
| Age | not published |
From Indian Overseas Bank's terms document.
Direct application — no invite list, no banking relationship required.
Lounges
Opens 17 of 792 lounges we track, across 10 airports.
Visits, guests and airports 8 busiest airports
Through RuPay.
- Visits in India
- 2 per quarter (8 a year with the international visits) — RuPay lounge programme
- Visits abroad
- 2 per year — at lounges listed on rupay.co.in/lounges
- Guests
- Guest access is not part of the entitlement; unused visits lapse at the end of the quarter or year and a non-refundable ₹2 authorisation is taken at entry
Mumbai (BOM) · 3Delhi (DEL) · 3Bengaluru (BLR) · 2Kolkata (CCU) · 2Chennai (MAA) · 2Ahmedabad (AMD) · 1Kochi (COK) · 1Guwahati (GAU) · 1
Welcome & milestones
Welcome: novio's product page lists "Welcome Benefits Worth ₹5,000" without itemising them; IOB's MITC names no welcome benefit.
Spend milestones: none published.
What changed
Nothing tracked for this card yet.
Alternatives
Sources
Last checked . Every fact on this page comes from these 2 documents; the bank's own are marked official.
- Official Indian Overseas Bank MITC and Key Fact Statement for the IOB novio card: both variants' fees, charges and lounge table read 24 Oct 2026
- Community novio's IOB novio RuPay card page: the deposit for each variant, lounge visits and the novio coins grid read 24 Oct 2026
Not published by Indian Overseas Bank: the earn rate and the points it earns. We show these as "not published", never as zero.
How we work out the yearly value
Not valued. We can't value this card until the issuer publishes how it earns — every net-value number here would be a fee subtracted from rewards nobody has described. This card is not in our rankings, the calculator or the best-of lists until Indian Overseas Bank publishes terms we can cite.
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Work out this card in the calculator