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"0" Fee - Rupay Select Debit Card ‼️ - Indian Overseas Bank

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ramkumar_y

ramkumar_yramkumar_y is verified member.

TF Select
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Banker
Hello TFians 🙋🏻‍♂️

Rupay Select Debit Card Available at "0" Issuance / Annual Fee.
100% Online Account Opening - No Branch Visit.

Since it's difficult to reply every DM regarding Option 2 & 3 and follow-up, removing them and posting Direct method only to open account & get Rupay Select yourself.

Indian Overseas Bank SB-HNI Account (Features) :
Rupay Select DC: No Issuance / Annual Fee
Initial funding: 50000*
AMB: 50000
Card replacement: 350 + GST*
*Card will be processed after Initial funding.
*Card replacement can be requested through Mobile Banking.

Account Opening Procedure:
1) Visit VKYC Page
2) In Branch Selection choose your nearby branch.
(If you don't have any nearby IOB Branch or if you need my support later regarding Card Tracking or other issues etc... open with Others > Tamil Nadu > Dindigul > Narikkalpatti Branch only - You can transfer later to your nearby branch by online process (If you open with other branch I can't help later or reply to DMs regarding the same- Don't Blame me later).
3) Select scheme as SB-HNI only.
4) Rupay Select is shown under Debit Card options, select the same.
5) VKYC verification will be done and account will be opened in 2-3 days.
6) Add Initial funding of 50000 and your card will be Auto-Generated and sent to your Registered address by bank.

FeatureDescription
EligibilityAccounts can be opened by all those who are eligible to open savings bank accounts.
Quarterly Average Balance (QAB)Rs 50,000/- for all
Non-Maintenance of QAB per quarterFlat Rs. 300/ per quarter
Internet & Mobile Banking FacilityFree
Type of Debit cardVISA Gold/ Rupay Platinum/ VISA Signature/ Rupay Select
Debit Card Issuance ChargesFree
Debit Card Annual Maintenance ChargeFree
ATM Cash Withdrawal LimitRs 40,000/- in VISA Gold / Rs 50,000/ in Rupay Platinum and Select/ Rs 1 Lac in VISA Signature
ATM POS LimitRs 1.25 Lac in VISA Gold and Rupay Platinum/Rs 3.5 Lac VISA Signature Rs 5 Lac Rupay Select
Ecom LimitRs 1.25 Lac in VISA Gold and Rupay Platinum/Rs 3.5 Lac in VISA Signature/ Rupay Select
ATM Access at own ATMUnlimited FREE
ATM Access at other Bank ATMUnlimited FREE
Lounge access: Domestic /International AirportLounge access is subject to card network. As per the present scenario, Rupay (Platinum/Select) provides 2 lounge access per quarter while VISA(Platinum/Signature) provides 1 lounge access per quarter
FREE Personal Accident Insurance -With accountRs 5 Lakhs (Death + PPD & TPD)
FREE Personal Accident Insurance -With Debit CardRs 10 Lakhs by NPCI for RuPay Select Card
As per the terms & conditions of NPCI, at present Debit Card will be eligible for Rupay Insurance Program only if it is being used in POS/Ecom transaction once in 30 days
Type of Credit cardVissa Classic/ Rupay Platinum/ Rupay Select/ VISA Gold
Credit Card limit subject to Bureau score, income norms and other eligibility criteriaIssuance Free Annual Maintenance Charges (AMC) -50% waiver.
NEFTFree both online & offline
RTGS FacilityFree both online & offline
IMPSFree
Demand DraftFree
SWEEP OUT FACILITY (flexi Facility)Available, if the balance exceeding Rs 1,25,000 will swept out and kept in TD
Core Deposit /Threshold DepositRs 1,25,000/-
Sweep Out amountRs 10,000/-
Sweep out periodicity (From SB to FD account)upto 179 days
Concession in Processing charges on retail loansUp to 50% concession
Personalized Free Cheque Books (per annum)FREE up to 100 leaves a year.
SMS ChargesFree
Concession on locker Rent15 % waiver
Locker OperationsFree
Processing fee for home loan of Rs 25 lacs and above100% concession
Processing fee for home loan below Rs 25 lacs50% concession
Rate of Interest on Home loan0.05% p.a. concession in applicable ROI
Rate of Interest on Vehicle loan0.05% p.a. concession in applicable ROI
Rate of Interest on Education loan more than Rs 7.5 lacs for study abroad / premier institution0.05% p.a. concession in applicable ROI
Rate of Interest on Personal loan0.10% p.a. concession in applicable ROI
Instant Credit of outstation chequesRs 25,000/-
Standing InstructionsFree
Utility Bill Payment, online Tax paymentFree
Stop Payment Instruction ChargesFree
Account Statement through e-mail/e-Statement (Monthly)Free
Benefits with Repay Select Debit Card​
Gym​
Nil​
15 days/1month free gym membership.
40-50% discounted price on extension of membership.
GOLF​
Nil​
1 Complimentary Golf Lesson / round in a year. Discounted access from 2nd visits onwards.
SPA services​
Nil​
1 Complimentary SPA session in a year. 40-50% discount on additional sessions throughout the year.
Health Check Up​
Nil​
1 Complimentary premium health check-up package in a year. Discounted Health Check-up facility post utilization of complimentary offer.
Concierge Services​
Nil​
Personal assistance anytime anywhere 24x7 is available in Hindi and English languages.
Exclusive merchant offers​
Nil​
Exclusive offers from selected partner merchants.
 

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ramkumar_y said:
This post is about getting LTF Rupay Select and not about which is cheap.
In that case, with Indian Overseas Bank, you can get this card for SB-Public scheme account too for which MAB is only 100 for Rural and charge 850+ GST as Annual Fee.
Click to expand...
Are you sure we will get this option for Saving bank account as well with low MAB ?
 
Upvote 0 Downvote
@ramkumar_y i went to my branch in hyd to convert to sbhni variant, and they said the MAB the HNI variant SB account is 1L -

I showed the online sb-hni page of IOB and the image you shared in original post where it is mentioned 50K MAB for which they said online may not be updated recently. Is 50K requirement in non-urban by any chance?

If your account is old, and if you are in urban branch, can you confirm if you had maintained ~50K and not 1L and not received any fees for non maintainence.
 
Upvote 0 Downvote
Most Public Sector Banks are now following the ₹50,000 MAB rule for Rupay Select Debit card.
Today I asked Bank of India manager about the same, and he also confirmed the ₹50,000 MAB for rupay select (issuance+AMC free).
 
Upvote 0 Downvote
ramkumar_y said:
No. Your branch is providing wrong information.
Even as per upcoming circular wef 10.07.2024, QAB for SB-HNI scheme is 50k only (Source) for all category branches.

No need to visit branch for Scheme change to SB-HNI, you can do that online HERE.

Try and let me know if you need any other details?
Click to expand...
Thank you🙏 I will try the online mode. I tried the net banking which did not have a way to upgrade (or might be hidden somewhere). Good to know this site..

Edit: placed online request. Is there any other sites like this for iob? Would be good to know. Thanks again @ramkumar_y
👍
 
Last edited:
Upvote 0 Downvote
ramkumar_y said:
No. Your branch is providing wrong information.
Even as per upcoming circular wef 10.07.2024, QAB for SB-HNI scheme is 50k only (Source) for all category branches.

No need to visit branch for Scheme change to SB-HNI, you can do that online HERE.

Try and let me know if you need any other details?
Click to expand...
For my IOB account, auto sweep is turned on so amount above some 25K or 30K goes automatically to be formed a term deposit and when required the deposit is broken and swept back to savings account. For such an account, is the IOB system smart enough to understand that 50K balance is still being maintained, only that it has gone for sweep? IOB's net banking isn't smart enough to show correct balance, counting the balance that has gone for sweep, but IOB's app shows it correctly.
 
Last edited:
Upvote 0 Downvote
ramkumar_y said:
No. Your branch is providing wrong information.
Even as per upcoming circular wef 10.07.2024, QAB for SB-HNI scheme is 50k only (Source) for all category branches.

No need to visit branch for Scheme change to SB-HNI, you can do that online HERE.

Try and let me know if you need any other details?
Click to expand...
It's giving the error "Joint Accounts cannot be transferred Online. Kindly visit branch!" even though my IOB account is a single account. Was formerly a joint account but now made a single account with joint names deleted. But IOB's system can't handle such a case. 🤣
 
Last edited:
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