IOB ZET Card
KeepFree forever, 2.49% forex, and a rewards programme IOB has never written down.
no published earn rate to price
Skip the arithmetic — the board, ranked → · nothing to sign up for
What it's worth to you, after the fee
Welcome: Not published — IOB's MITC for the ZET card states no welcome, activation or first-transaction benefit
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. Everything we can source — the fee, the charges, the migration that put this card in your hand — is above and stands on its own; this card is simply not on the board, not in the calculator, and cannot win a best-of call until Indian Overseas Bank / ZET publishes terms we can cite.
Why we decline to value some cards, and what it takes to change that →
3 notes on the card itself: how it is issued · the network variants · why it ranks #651
Why #651 Carried, not ranked. IOB's MITC for this card prices every fee and then says nothing at all about rewards — no points, no cashback, no programme name, not one rung — so there is no earn to value. What it does publish is worth knowing: lifetime free, and a 2.49% forex markup on a card whose limit is an FD you can open in an app.
The take
The ZET card is IOB's other fintech-fronted secured product, and it is the plainer of the two. The MITC is five pages and prices everything: nothing to join, nothing a year, nothing for a physical card if your cumulative fixed deposit is ₹5,000 or more, 2.49% on foreign currency, 3.25% a month on revolving credit — 39% a year — and 3.5% on a cash advance. Limits move the way SalarySe's do: you raise them by opening another fixed deposit, in the ZET app. What the document never mentions is a reward of any kind. There is no points programme, no cashback percentage, no coin, no partner catalogue, no line at all — and no other IOB document names one either. So this desk prices the card and stops: a free RuPay card, backed by your own deposit, with a forex markup a full point under the Indian norm and no earn we can put a number on. Read two clauses before you take it. IOB reserves the right to close the card and liquidate the linked fixed deposit outright if the account runs 39 days past due. And closing it yourself inside two years costs ₹499 + GST — a longer lock than most secured cards impose.
Your renewal — 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.
the whole desk — what changed, the downgrade, and what we cannot price →
Keep, downgrade or cancel
what we can and cannot price
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. A break-even is the spend at which value crosses a fee, and we are short one side of that sentence — so this desk prints no ladder, no crossing and no ₹0 standing in for either. What we can source about this card is under Sources.
Your copy of this card
You hold this card.
Kept on this device, in your browser. It is never sent to us, never synced, and nothing else on the site reads it yet.
The downgrade
Indian Overseas Bank / ZET 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 we cannot price either side 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
- Lifetime free — IOB's MITC prints NIL against both the joining fee and the annual fee, with no spend condition attached
- The physical card is free too if your cumulative fixed deposit with IOB is ₹5,000 or more
- 2.49% forex markup, a full point under the 3.5% most Indian issuers charge
- Fixed-deposit backed, with limits raised by booking another deposit in the ZET app — no bureau file required
- PIN replacement is free and there is no over-limit charge at all
Watch out
- IOB publishes no reward programme for this card — no points, no cashback, no coin, in any of its own documents — so it cannot be valued, ranked, compared or run through the calculator
- Closing the card within two years of issuance costs ₹499 + GST
- IOB reserves the right to close the card permanently and liquidate the linked fixed deposit if the account rolls to 39 days past due
- Revolves at 3.25% a month, compounding — 39% a year — and the interest-free period is 20 to 50 days depending on where in the cycle you spend
- Cash advances cost 3.5% and are capped at 40% of the card limit; gold purchases at 50%
- A 1% surcharge is levied on fuel transactions, with no waiver published
- No add-on cards are available on this programme at all
- IOB's page links a 'Terms & Conditions – ZET Cards' document that resolves to this same MITC — there is no second, richer document behind that label
What these points actually fly
Indian Overseas Bank / ZET has not published what this card earns, so there are no points here to fly with — not zero points, and not points that go nowhere: nothing stated either way. The moment a benefit sheet exists we will price whatever it names.
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 / ZET 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 / ZET 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
6 of 7 MITC rows published
What the MITC actually says — the rates, fees and cutoffs the brochure skips.
LIFETIME FREE AND FD-BACKED. The MITC's fee table is a single row reading "IOB ZET Card | NIL joining | NIL annual | NA supplementary | NA minimum spends for annual fee reversal | Free Physical Card criteria: Cumulative FD amount ≥ Rs. 5000" — so the card file carries annualFee 0 with no joiningFee key. Limits are raised only by opening further fixed deposits inside the ZET app. NO REWARD PROGRAMME IS PUBLISHED ANYWHERE: the MITC has no rewards, points or cashback section of any kind, and no other IOB document names one, so the card file is carried without a valued earn rate. Fuel carries a 1% SURCHARGE with no waiver stated. PIN replacement Nil; card replacement ₹199 + GST. Card closure ₹499 + GST if closed within two years of issuance — a longer lock than most secured cards impose. THE CLAUSE TO READ BEFORE APPLYING: "The Bank reserves the right to permanently close the credit card and liquidate the linked Fixed Deposit(s)" on an account that rolls to 39 days past due at the third bill's generation date. Interest-free period 20–50 days; statement period 21st to 20th; payment due on the twentieth day from the billing date; minimum due 5% of cash advance + 5% of POS/eCom/UPI + 100% of interest and charges, min ₹100. NO LOUNGE ACCESS. RuPay. IOB's page links a "Terms & Conditions – ZET Cards" document that resolves to this same MITC — there is no second, richer document behind it.
per the official Indian Overseas Bank / ZET 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 / ZET's own documents on
Not published , and we will not invent it: the earn rate and the currency it earns.