IOB SalarySe Rise UP
KeepTwo percent forex on an FD-backed card, and a reward coin worth twenty paise its own bank never mentions.
a year at ₹40,000 a month, after the fee
Skip the arithmetic — the board, ranked → · nothing to sign up for
What it's worth to you, after the fee
Welcome: Not published — IOB and SalarySe state no joining, activation or first-transaction bonus in the card's MITC
Priced on the everyday mix — 30% groceries · 10% utilities · 20% travel · 6% fuel · 34% everything else — with this card's published category rules applied. Plus milestones, minus the fee. No accelerator credit — the ranking model on /compare adds ~20% of spend at the card's best accelerator, so its ₹ for this card reads higher.
How these numbers are computed — and why the rankings show a bigger one →
Spend tiers, milestones and fee waivers included, at our house ₹/point. Portal and category multipliers can push higher — run your exact number →
Pays from the first rupee
At ₹1,000 a month — ₹12,000 a year — on the everyday mix this card returns ₹0 gross (earn ₹0) against its ₹0 fee = ₹0 net — at or above ₹0 from the first rung we price. The ladder runs in ₹1,000 steps to ₹1,00,000 a month and ₹10,000 steps to ₹5,00,000; figures are rounded to the hundred, and the accelerator is never credited.
3 notes on the card itself: how it is issued · the network variants · why it ranks #650
Why #650 Priced at last. IOB states the rungs — 2, 5 and 10 Scoins per ₹100 — and never states what a Scoin is worth, but the SalarySe programme does, in City Union Bank's edition of the same reward document: five Scoins to the rupee. At 20 paise a coin the rungs are 0.4%, 1% and 2%, which is a modest card carried on its real strength — a 2% forex markup, a point and a half under the Indian norm and unheard of on a secured card.
The rate is the programme's, not IOB's. Indian Overseas Bank publishes the Scoin rungs and the 18-month expiry and never says what a Scoin is worth; SalarySe's other issuing bank does, in the reward document for the same coin — "1 Reward Point(RP) shall be equivalent to 1 SCoin, and 5 Scoins shall be equivalent to ₹1". Twenty paise, flat, with no better redemption to chase: Scoins buy brand vouchers inside the SalarySe app, IOB's own MITC says they "cannot be redeemed on the IOB Portal", and they expire after 18 months.
The take
This is an IOB card in name and a SalarySe product in practice: you open the fixed deposit in the SalarySe app, the credit limit comes out at 90% of it, and every limit increase means another FD booked through the same app. The band is wide at the bottom — ₹2,250 is the floor, which is an FD of ₹2,500 — and runs to ₹4,50,000, so it works both as a first card for someone with no bureau file and as a parking spot for idle deposit money. The number that makes it interesting to a traveller is buried in the MITC's charge table: the foreign currency markup is 2% + GST. India's norm is 3.5%, IOB's own Visa and RuPay range charges 2.50%, and this secured co-brand undercuts both. On a ₹2 lakh trip that is ₹3,000 saved against a typical card. The rewards are the opposite story. IOB pays in "Scoins" — zero on UPI apps other than SalarySe and on eleven excluded categories, 2 per ₹100 on SalarySe-routed transactions under ₹10,000 in a billing month, 5 per ₹100 above that, and 10 per ₹100 on the first and last day of the month if you have already spent ₹2,500 on non-bonus days. Scoins redeem for brand vouchers inside the SalarySe app and expire after 18 months. IOB never says what one is worth — but SalarySe's other issuing bank does, in the reward document for the same coin: five Scoins to the rupee. At twenty paise apiece those rungs are 0.4%, 1% and 2%, which is honest and unremarkable, and a rung below what the same programme pays on City Union Bank's edition. Read the exit costs before applying: 42% APR, ₹500 per cash advance, and ₹299 + GST to close the card.
Your renewal — keep, downgrade or cancel
This card charges nothing at the anniversary — its one fee was taken at issue. There is no renewal decision to make; keeping it costs ₹0 a year.
Keep, downgrade or cancel
nothing due at the anniversary · 5 spend bands
The charge ₹0/yr · ₹299 joining (one-time)
At your spend
₹1,200 a year at ₹3,00,000 of annual spend
₹2,400 a year at ₹6,00,000 of annual spend
₹4,800 a year at ₹12,00,000 of annual spend
₹14,400 a year at ₹36,00,000 of annual spend
₹24,000 a year at ₹60,00,000 of annual spend
Everyday earn plus milestones, with no fee to subtract — the same model as the value panel above, so the two cannot disagree. run your exact spend →
The downgrade
Indian Overseas Bank / SalarySe publishes no document naming a card you can step down to, so we name none — an invented product change is a phone call you would waste. That leaves keep or cancel, and the numbers above are the whole of it.
If you call to cancel
What the bank offers to keep you is the one fact this desk cannot compute. We are collecting those reports — dated, and only in aggregate — before publishing any: an offer one reader was made is not one you are owed. Called about this card? Tell us what they offered →
The desk publishes subscribable .ics feeds for the dates it knows — offer deadlines, devaluations, expiry audits. Your renewal date is not one of them: only your statement knows it.
What's good
- 2% + GST foreign currency markup — a point and a half under the 3.5% most Indian issuers charge, and half a point under IOB's own unsecured range
- The virtual card is free to get and free to keep; the physical plastic is ₹299 + GST, itself waived if your fixed deposit is ₹10,000 or more
- Annual fee is Free from the second year onwards on BOTH the virtual and the physical card, in IOB's own words
- FD-backed with a very low floor: the credit limit is 90% of the deposit and starts at ₹2,250, so a ₹2,500 FD opens an account
- 10 Scoins per ₹100 — about 2% — on SalarySe UPI spends on the first and last day of the month, after ₹2,500 of spend on non-bonus days
Watch out
- IOB itself never prices a Scoin. The 20 paise this page values one at comes from the same SalarySe programme's other issuing bank, which publishes the exchange as five Scoins to the rupee — if IOB ever states a different rate for its own edition, every figure here moves
- Scoins redeem only inside the SalarySe app for brand vouchers — IOB's own MITC says they 'cannot be redeemed on the IOB Portal'
- Base earn is ZERO on UPI apps other than SalarySe, and on railways, fuel, rent, government services, insurance, education, contracted services, agriculture, transportation and transit, telecom and post office
- Transactions below ₹2,000 at small offline merchants earn nothing either
- 42% APR — 3.5% a month, compounding — on both purchases and cash advances, and the interest-free period is at most 20 days from the billing date
- ₹500 + GST per cash advance regardless of size, plus 3% or ₹250 whichever is higher on the withdrawal itself
- Closing the card costs ₹299 + GST, and there are no add-on cards at all
- 1% surcharge on fuel, rent, wallet loads and utility payments, with no waiver published
What these points actually fly
No live transfer route takes SalarySe SCoins into a programme that publishes an award chart. These points buy catalogue and portal redemptions, not award seats — so this page has no flight to show you, and will not invent one.
what the cards that DO reach a chart can fly — 2,196 corridors priced →
Lounge access
0 of 793 tracked doors
No lounge access. This card opens exactly 0 of 793 tracked lounge doors — board with the crowd, or find a card that doesn't →
Can you get it?
the route in — no cutoffs published
The cutoffs and the actual route in — not the "apply now" button, the door that opens.
Not confirmed on sale — the issuer still documents this card but we could not confirm it is open to new applications. Treat any application path with care.
Indian Overseas Bank / SalarySe publishes no income or age cutoffs for this card. Blank means blank — we don't invent numbers to fill a grid.
per the official Indian Overseas Bank / SalarySe MITC — figures marked (community) aren't in the PDF; the issuer won't say · filter the board by what you can get →
The fine print
7 of 7 MITC rows published
What the MITC actually says — the rates, fees and cutoffs the brochure skips.
FD-BACKED SECURED CARD with a two-variant fee table that differs by form factor: the VIRTUAL card is Free to join and Free from the second year, while the PHYSICAL card is ₹299 + GST to join (itself waived if the fixed deposit is ₹10,000 or more) and Free from the second year. That is the mirror of our published-nil-fee rule's renewal-only shape — free to KEEP, charged to GET — so the card file carries annualFee 0 beside joiningFee 299. Credit limit ₹2,250 to ₹4,50,000, assigned at 90% of the FD, and raised only by booking further deposits inside the SalarySe app. Product name in IOB's own words: "IOB SalarySe Rise UP RuPay Platinum Card (Virtual & Physical)". THE REWARD UNIT IS UNPRICED: IOB states 0 Scoins on non-SalarySe UPI and eleven excluded categories, 2 per ₹100 on SalarySe transactions under ₹10,000 in a billing month, 5 per ₹100 above that, and 10 per ₹100 on SalarySe UPI on the first and last day of the month after ₹2,500 of non-bonus-day spend — and nowhere says what a Scoin is worth in rupees, so the card file is carried without a valued earn rate. The same section contradicts itself, printing 5 Scoins and then "10 Scoins applicable on spends above ₹10,000" in consecutive lines. Excluded from earning: railways, fuel, rent, government services, insurance, education, contracted services, agriculture, transportation and transit, telecom, post office, and any transaction below ₹2,000 at a small offline merchant. A 1% surcharge applies to fuel, rental, wallet and utility payments with no waiver published. Card closure ₹299 + GST. Statement on the 20th, due 20 days later, 3-day grace, minimum due 5% + 100% of interest and charges, min ₹100. NO LOUNGE ACCESS. RuPay.
per the official Indian Overseas Bank / SalarySe MITC · reviewed 10 Jul 2026
What's changed for this card
nothing tracked yet — which is itself a fact
No tracked devaluations or changes yet — this card's history starts here.
Verified against Indian Overseas Bank / SalarySe's own documents on · the net-annual-value engine, at our house ₹/point
Every document behind this page — 2 of them, each with the day we read it
- official IOB's Most Important Terms and Conditions for the SalarySe Rise UP card — the two-variant fee table, the 2% forex markup and the full Scoins earning structure
- official IOB's credit-card page — where the SalarySe Rise UP MITC is published, and the secured-card route for applicants without a 700 CIBIL score