A large segment of the Bank’s customers still prefer to spend their income and savings rather than availing credit. With the introduction of Debit cards, this long felt desire of customers to pay for the purchases at shops and business establishments directly from their account would be fulfilled. It would no longer be required for the customer to draw cash either from the ATM or from the branch counters to pay for their spends. No charges would be levied by our Bank on such Point of Sale transactions, except merchant charges for using in Petrol Bunks and for booking railway tickets through IRCTC.
IOB has tied up with Visa/RuPay/Master Cards for its Debit Card Program. Customers can use these cards for drawing cash not only in our Bank’s ATMs, but also in any Bank’s ATM that display the Visa/RuPay/Master Card logo. The Bank, in its constant endeavor to enhance customer service, has already tied up with a consortium of Banks under the banner of NFS by which customers can access their individual accounts from all ATMs.In addition, the cards can also be used through secured electronic payment gateways for e-commerce / Internet payments.