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Last Updated on: 26/06/2023


Indian Overseas Bank’s Debit Card is issued on the following terms & conditions. Please read these terms and conditions carefully before using the Card. These terms and conditions apply to all transactions involving use of the Card. The Cardholder is deemed to haveaccepted unconditionally all the terms and conditions listed hereunder and will be bound by them once the Card is used. 


  1. “Bank” means Indian Overseas Bank (IOB) having its Central Office at 763, Anna Salai, Chennai – 600002and its successors and assigns.

  2. “Card” refers to the IOB Debit Card issued by the Bank to the customer.

  3. “ATM” means any Automated Teller Machine, whether in India or Overseas at which amongst other things, the card holder can use his card to access his funds held in his account with the bank.

  4. “Cash Dispenser” means an ATM with restricted function ability of dispensing cash only.

  5. “IOB ATM” means ATMs installed by IOB.

  6. “Shared ATM” means ATM of any other Bank on a shared network with whom the Bank has a tie-up where the Cardholder can use his Card to access his account.

  7. “CBS Branch” means any branch of the bank, which is networked and offers the Core Banking Service.

  8. “Account” means the Cardholder’s Savings or Current or Cash Credit or other account, which has been designated by the Bank to be an eligible account for the operation of the Card.

  9. “Cardholder” or “Customer” means an account holder who applies for a Card or who was already issued Card, which has been replaced with the Card and includes his/her legal heirs, representatives, heirs, administrators and executors whose application is accepted by the Bank, for effecting certain Banking transactions by electronic means through ATMs or Point of Sale (PoS) terminals at merchant establishments or secured Internet ecommerce Payment gateways.

  10. “PIN” means Personal Identification Number (required to access ATMs and for use in PoS terminals) advised to the Cardholder by the Bank or changed by him from time to time.

  11. “CVV” means Card Verification Value, which is represented by three digits printed after the signature panel on the reverse of the card and is used for doing transactions through the Internet.

  12. “Merchant Establishments” shall mean establishments wherever located which accept / honour the IOB-Debit Card and shall include amongst others, stores, shops, restaurants, airline, railways, etc.

  13. “PoS” shall mean Point of Sale swipe terminals or Electronic Data Capture (EDC) machines whether in India or overseas, whether of the Bank or any other Bank on the shared network that permits the debiting of accounts for purchase transactions, from merchant’s establishments.

  14. “Transaction” includes any instruction, directly or indirectly, given by a Cardholder to the bank to effect transaction in his her account by using the card. (Examples of transaction can be retail purchases, cash withdrawals, cash / cheque deposits, e-commerce payments, etc.)

  15. “International transaction” means the transactions performed by the Cardholder through the Card outside India, Nepal and Bhutan.

  16. “VISA” means a trademark owned by VISA International.

  17. RuPay is trademark owned by NPCI.

  18. Master Card / Maestro Card is trademark owned by Master Card Worldwide.

  19. “ATM Network” means ATMs that honours any Card that VISA / Electron logo or Master / Maestro logo or RuPay logo. 

  20. Referenes to VISA / Master / RuPay regulation pertains to guidelines issued from time to time by VISA / Master Card NPCI to all the member banks of its network.

Terms & Conditions:

  1. The Card shall be issued by the Bank solely at its discretion to account holders provided he / she satisfies the applicable eligibility norms and / or maintains prescribed minimum balance in his / her account. The Bank in its sole discretion may refuse issuance or renewal of the Card and or impose conditions without assigning any reason.

  2. The Card is and shall remain the property of the Bank at all times and will be returned by the Cardholder unconditionally and immediately upon Bank’s request. The Bank reserves the right to withdraw / cancel the Card or any of the services thereby offered at any time without prior notice.

  3. a) The Card shall be used only by the Cardholder and is not transferable or assignable.

b) The Cardholder shall take all necessary precautions to ensure the safety of the Card. The Cardholder must sign the Cardimmediately upon receipt. The Bank shall not assume any liability whatsoever for any claim or damages arising from Cardholder’s failure to sign the Card or from signature deviating from the specimen signature appearing on the Application form for issuance of the Card.

c) The Cardholder shall not inform / disclose to any person the PIN given by the Bank for access to ATM or PoS and PIN used by him / her for transacting through ATM or PoS at any time and under any circumstances voluntarily or otherwise.

d) PIN is for personal use, strictly confidential and not transferable. The Cardholder shall not keep any written record of his / her PIN in any place or manner, which may enable a third party to use the Card. There is provision to change the PIN in any ATM of IOB and Cardholder must change the default PIN provided by the Bank immediately on receipt of Card. PIN shall not be used for any purpose other than for transactions designated by the Bank for use through ATMs / PoS / E-Commerce.

e) The cardholder shall keep the CVV confidential and must always have the card within his sight even when payments are made in hotels, restaurants, petrol stations or any other merchant outlets. The cardholder shall be responsible for any transactions that may arise consequent to skimming of his card information. The cardholder shall be responsible if the CVV provided for Internet transactions that are not done through a secured e-commerce payment gateway.

f) The Bank shall not be liable whatsoever for any loss / damage arising out of issue of the Card and related PIN and CVV to the cardholder.

g) The Cardholder will be solely responsible for all transactions effected by the use of his Card whether authorized by the Cardholder or not and shall indemnify the Bank for all loss or damage caused by any unauthorized use of Card or related PIN of the Cardholder, including any penal action arising there from on account of any violation of RBI guidelines or rules framed under the Foreign Exchange Management Act 1999 or any other country / state / continent / territory wherever located in the world at the time notwithstanding the termination of this agreement.

h) All transactions arising from use of the Card to operate a designated joint account shall be binding on all the account holders jointly and severally.

  1. The Bank shall debit the Cardholder’s Account with the amount of any withdrawal, transfer, and / or other transactions effected by the use of the Card through any ATMs, PoS and Internet in accordance with the Bank’s record of transactions. The Cardholder shall maintain sufficient funds in his / her account to meet any such transaction. At no time shall the Cardholder use or attempt to use the Card for withdrawal or transfer unless there is sufficient clear funds in his / her account.

  2. When the cardholder overdraws from an account interest shall be charged on such overdrafts as prescribed by the Bank. If a cardholder, by using the Card, draws an amount in excess of the balance available or overdraft limit permitted by the Bank, he / she shall pay to the Bank the entire amount overdrawn with interest and penalties as prescribed by the Bank.

  3. The records of the Bank in computers for transactions put through by use of the Card at any ATM, PoS or Internet shall be conclusive and binding on all concerned for all purposes.

  4. All fees related to Card are determined by the Bank from time to time and will be recovered to the debit of the Cardholder’s account and the Cardholder shall unconditionally agree to pay / provide funds for such levy.

  5. Where cash / cheque depositing facility is provided, such cash deposits at ATMs shall be credited to the Cardholder’s SB / CA / CC account only after verification by two staff members authorized by the Bank and the amount credited shall be conclusive and binding on the Cardholder for all purposes. Proceeds of cheques deposited shall be credited to the SB / CA / CC account only after realization. The receipt issued by the ATM at the time of deposit shall not be binding on the Bank as it represents only an acknowledgement of what the Cardholder purports to have deposited. 

  6. The cheque book requisitioned by the Cardholder through any of the ATMs shall be dispatched by Registered Post to the Cardholder and necessary charges shall be recovered from Cardholder’s SB / CA / CC account.

  7. If the Card is lost / stolen or captured in an ATM, the Cardholder shall immediately report to the Bank by the quickest mode of communication and confirm in writing as soon as possible. Similarly any instruction to stop operation of Card facility shall be in writing. Till such notification is received and acted upon by the Bank, the Cardholder will be responsible for all transactions effected by the use of Card. The Bank is entitled to request any data related to the Cardholder and the account prior to blocking in order to verify the identity of the reporting person. The Bank will debit the Cardholder’s SB / CA / CC account with the cost of issuing a replacement Card. Any replacement of the Card shall be subject to the terms and conditions, which are in force at the time of issuing the replacement card.

  8. If the Cardholder subsequently is able to trace/find the Card within the validity period of the Card which is reported lost, the Cardholder shall inform the Bank and may submit a request for activation. In such case, the Bank in its discretion may activate the Card provided that no Card in lieu of lost Card was issued.

  9. The Bank will not be liable for any failure to provide any service or to perform any obligation hereunder where such failure is attributable (directly or indirectly) to any malfunction of the machine or the Card, failure of communication lines or any other circumstances beyond the control of the Bank. The Bank will not be liable for any dispute, consequential or indirect loss or damage, arising from or related to the use of the Card. Any statement issued by the machine at the time of withdrawal shall be conclusive unless verified and found otherwise by the Bank. Any such verification shall likewise be final and conclusive and the Cardholder shall not have objection thereto.

  10. In case the Cardholder decides to terminate the use of the Card, the Cardholder shall give the Bank not less than 2 working days’ prior notice in writing. Such termination shall also be deemed as termination of the Card facility accorded by the Bank to the Cardholder. However, the Cardholder shall be liable to the Bank for all the transactions put through the Card.

  11. Where the SB, CA or CC account is sought to be closed, all Cards given to the customers for that account shall be cancelled. In such cases, the actual closure of account would be done within a maximum period of 2 working days from the date of request for closure.

  12. Closure, transfer or any change in mode of operation of the designated account(s) will not be allowed unless the Card is cancelled and dues, if any, against it are paid.

  13. In case the Bank decides to hot-list a Card or cancel the facility for any reason whatsoever, the Card facility shall stand automatically cancelled / withdrawn. The Bank will not be in a position to intimate the Cardholder personally before hot-listing such Card. Appropriate service charges shall also be levied to the Cardholder’s account and Cardholder shall be liable for the same.

  14. The Cardholder shall provide such information, records or certificates relating to any matter that the Bank deems necessary. The Bank reserves its right to verify the veracity of the information furnished by whatever means or from whichever source deemed necessary. If the data is not provided or if found incorrect, the Bank may at its discretion refuse renewal of the Card or cancel the Card forthwith.

  15. The Bank reserves the right to disclose in strict confidence to other institutions, such information concerning the Cardholder’s account as may be necessary or appropriate in connection with the Card transactions or its participation in any Electronic Funds Transfer Network; or to any court of competent jurisdiction, quasi-judicial authority, law enforcement agencies and any other wing of Central Government or State Government.

  16. Any notice hereunder sent by post will be deemed to have been received by the Cardholder within 7 days of posting to the address notified in writing to the Bank by the Cardholder. Notification of changes by such means as the Bank may consider appropriate will constitute effective notice to the Cardholder thereof.

  17. The Bank shall be entitled to terminate the Card facility with immediate effect and cancel the Card upon the occurrence of any of the following events:
a. Failure to adhere or comply with terms and conditions as may be stipulated from time to time.

b. Upon hot-listing the Card or in the event of default under any agreement or commitment (contingent or otherwise) entered into with the Bank.

c. Upon the Bankruptcy or any insolvency / other proceedings of similar nature imposed on the Cardholder.

d. Death of the Cardholder.

e. Any other event by which the Bank concludes that allowing possession of card with the cardholder is detrimental to the image / interest of the Bank.
  1. The Cardholder/s has / have read, understood and agreed to be bound by these terms and conditions subsisting. The Bank may in its absolute discretion withdraw the Card, the service thereby provided or to add / modify / delete any of the terms and conditions at any time without prior notice to the Cardholder and the same shall be binding on the Cardholder. Use of the Card after the date specifying such modifications / changes will constitute acceptance of such change.

  2. The Cardholder accepts the onus of ensuring compliance with the relevant Reserve Bank of India (RBI) Regulations, Exchange Management Act 1999 (the FEMA Act), all the rules and regulations framed under the Act and as amended / modified / applicable from time to time and any other corresponding enactment in force from time to time.

  3. The Bank may decide to send the Card and / or the PIN to the branch where the customer has the account or directly to the customer or in any other combination. Where the Card and / or PIN is sent to the Cardholder by post / courier of Bank’s choice at the address mentioned in the application form at his risk and responsibility and that such delivery by post / courier at that address will be construed as a valid delivery of the Card / PIN to the Cardholder, irrespective of whether the said Card / PIN is delivered to him or to some other person at that address.

  4. The Cardholder shall inform the Bank immediately if there are any changes in the information provided in the Application for issuance of the Card including change in his employment and / or office or residential address and telephone numbers.

  5. Cardholder will be allowed to use his Card only upto a pre-defined amount every day in ATM / Merchant Establishments / Internet, irrespective of the credit balance in his account. The amount will be determined by the Bank and may be changed at any time at its discretion without notice to the Card holder.

  6. If the Card is not used for any transaction by the Cardholder for a continuous period of 180 days or more, the Card may be deactivated for security reasons at the sole discretion of the Bank.

  7. The Cardholder shall get his passbook updated at least once in a month. The Cardholder shall inform the Bank in writing within seven (7) days from the statement date or from the date of updating of his passbook of any irregularities or discrepancies that exist in the transaction details at an ATM / Merchant establishment / Internet. If no such notice is received during this time, the Bank will assume the correctness of both the transaction and the statement of account / passbook and the Bank will not be liable for claims / representations made by the cardholder subsequently.

  8. The Bank may from time to time, at its discretion, tie-up with various agencies to offer various features on the Debit Cards. All these features would be on best efforts basis only and the Bank does not guarantee or warrant the efficacy, efficiency or usefulness of any of the products or services offered by any service providers / merchants / outlets / agencies. Disputes, if any will have to be taken up with the merchant / agency, etc directly, without involving the Bank.

  9. The Cardholder may be offered various insurance benefits from time to time by the Bank through tie-up with any Insurance Company. The Cardholder specifically acknowledges that he shall not hold the Bank responsible for any matter arising out of or in conjunction with such insurance cover, whether for or in respect of any deficiency or defect in such insurance cover, recovery or payment of compensation, processing or settlement of claims or otherwise howsoever and all such matters shall be addressed to and sorted out directly with the insurance company. Further, the Cardholder also agrees that the Bank may at any time (in its sole discretion and without giving any notice thereof to the Cardholder or assigning any reason thereof) suspend, withdraw or cancel the benefit of such insurance cover and there will be no binding obligation on the Bank to continue this benefit.

  10. The Bank makes no representations about the quality of the goods and the services offered by third party providing benefits such as discounts to Cardholder. The Bank will not be responsible if the service is in any way deficient or otherwise unsatisfactory.

  11. All transactions, in particular, deposits will be subject to delay, due to transit period. The Bank will not be responsible for any loss or damage or inconvenience caused to the Cardholder due to such delay.

  12. The Cardholder shall be availing this facility at his own request without any liability either expressed or implied on the part of the Bank and agrees not to make any claims against the Bank in respect thereto.

  13. All disputes are subject to the exclusive jurisdiction of the Courts of Chennai, irrespective of whether any other Court may have concurrent jurisdiction in the matter and governed by the Laws of India.

  14. The Cardholder will be liable for all the costs associated with the collection of dues, legal expenses or charges where legal resources have been utilized in the resolution of a dispute.

  15. The Cardholder will also remain bound by the terms and conditions of operation of his / her Savings Bank Account / Current Accounts / other accounts with the Bank and the changes made thereto from time to time.

  16. Cardholder is also bound by the Rules and Regulations of the Bank as amended from time to time.

  17. The powers and authorization conferred on the Bank are irrevocable.

Merchant Establishment Usage:

  1. The Card is for Electronic use only and will be accepted only at merchant establishments that have an Electronic Point of Sale swipe terminal. Any usage of the Card other than electronic use will be deemed unauthorized and the Cardholder will be solely responsible for such transactions.

  2. The Cardholder must sign the sales slip and retain his copy whenever the Card is used at merchant establishments. Bank will not furnish copies of the sales slip. Any sales slip not signed personally by the Cardholder but which can be proved, as being authorized by him will be the cardholder’s liability.

  3. The Bank will not be responsible for any dealings the merchant may have with Cardholder, including but not limited to supply of goods and services. Should he have any complaint relating to any merchant establishments, the Cardholder should resolve the matter with the merchant establishment and in the event of the complaint remaining unresolved, it will not relieve the Cardholder from any obligations to the Bank.

  4. The Bank shall not be responsible or liable in any manner for the refusal by any merchant establishment to accept or honour the Card.

  5. The Bank is not responsible for any charges over and above the value / cost of transactions levied by any merchant establishment and debited to the Cardholder account along with the transaction amount.

  6. A purchase and a subsequent credit for cancellation of goods / services are two separate and independent transactions. The refund (less cancellation charges) will only be credited to Cardholder’s account as and when it is received from the merchant. If the credit is not posted to Cardholder’s account within 30 days from the date of refund, the Cardholder must notify the Bank along with a copy of the credit note from the merchant.

  7. In case of purchase transactions, a sales slip with the signature of the Cardholder together with the Card number noted thereon shall be conclusive evidence between the Bank and the Cardholder as to the extent of the liability incurred by the Cardholder. The Bank shall not be required to ensure that the Cardholder has received the goods purchased / availed of the services to the Cardholder’s satisfaction.

  8. The Bank shall not be liable or responsible for the goods or services purchased or availed by Cardholder either by way of short supply or non supply or defective supply or quality or rates or delivery of goods or services and any such disputes must be resolved by the Cardholder with the merchant establishment.

  9. The Card holder agrees to use the card up to a stipulated number of occasions and / or up to an amount limited for a cycle of 24 hours as may be prescribed by the Bank from time to time.

  10. The Card is not to be used at Hotels during check in and also at other locations where paying arrangement is done before completion of the purchase transaction or service.

  11. The Card should not be used for any mail order / phone purchases and any such usage will be considered as unauthorized.

  12. The Card should not be used for any payment of subscription to foreign magazines / periodicals and any such usage will be considered as unauthorized.

  13. The Cardholder will be solely liable for all unauthorized acts and transactions.

Usage at ATM/Cash Dispensers (CD):

  1. All transactions including cash withdrawals and balance enquiry (including failed transactions) at IOB ATMs, shared ATMs, CDs may be subject to a fee (as determined by the Bank from time to time) and will be debited to the account at the time of such transactions.

  2. The Cardholder shall accept the Bank’s record of transaction as conclusive and binding for all purposes. The printed slips provided by ATMs to the Cardholder’s, on completion of transactions each time, shall not be construed as the Bank’s records for this purpose.

  3. The Bank will not be liable for any failure to provide any service or to perform any obligation under this Card where such failure is attributable (whether directly or indirectly) to any malfunctioning of the ATM, CD or the Card or circumstances beyond its control.

International Usage:

Only certain types of cards are eligible for International usage. All other cards are restricted for Domestic usage only. For international usage, 

  1. The Cardholder shall ensure adherence to all requirements of the Exchange Control Regulations, Foreign Exchange Management Act (FEMA) 1999, and all amendments thereto and all the rules and regulations, notifications issued under the same with regard to foreign exchange entitlements as stipulated by RBI from time to time. In the event of noncompliance by the Cardholders with the same, the Cardholder shall be liable for action under the FEMA and any other law, regulation in force relating to Foreign Exchange. The Cardholder may be debarred from holding the internationally valid Debit Card, either at the instance of the Bank or RBI.

  2. The Card is not valid for Foreign Currency transactions in Nepal and Bhutan (i.e. in any currency that is not the local currency or the Indian Rupee).

  3. Non-resident Indians can hold the Card provided all dues arising out of its use in India/overseas are met out of a Non Resident External (NRE) account held with the Bank.

  4. The Bank shall be under no liability whatsoever and shall be deemed to be indemnified in respect of a loss or damage arising directly or indirectly out of the decline of charge created by the Cardholder having exceeded the foreign exchange entitlement as prescribed by RBI as issued from time to time, on the Bank becoming aware of the Cardholder exceeding his entitlement.

  5. The Cardholder undertakes not to use the Card for making payments for illegal purpose for which the release of foreign exchange is not permitted under extant regulations.

  6. The Cardholder also recognizes that foreign currency withdrawals are permitted only if at the time of withdrawal, there is adequate equivalent Indian rupee balance in his account against which the Card has been issued and in case of inadequate balance the withdrawals will be denied.

  7. The Cardholder agrees that every transaction for withdrawal of foreign currency will attract a service fee stipulated by the Bank. The service fee is liable to change without notice.

  8. The exchange rate used for all foreign currency transactions will be decided by the Bank and will be binding on the Cardholder.

  9. The availability of ATM services in a country other than in which the card is issued is governed by the local regulations in force in that country. The bank shall not be liable if these services are withdrawn without notice.

  10. The Cardholder agrees that the Bank shall have the right to report to the RBI expenditure undertaken by the Cardholder in foreign currencies to ensure that Basic Travel Quota / other permissible entitlements are not exceeded by the Cardholder(s) and the FEMA regulations are not contravened.

  11. If the Card is lost or stolen overseas, the Cardholder may either report the loss through the normal channel to the Branch or contact the help line of the Bank or through VISA Global Customer Assistance Services (GCAS) help lines. In case the Cardholder uses the GCAS service, then the charges for the usage of such services shall be borne by the Cardholder.

  12. Cards can be used only for permissible current account transactions and the item-wise limits as mentioned in the Schedules to the Government of India Notification No.G.S.R. 381(E) dated May 3, 2000, as amended from time to time, are equally applicable to payments made through use of these cards.

  13. The Card cannot be used on internet for purchase of prohibited items like lottery tickets, banned or proscribed magazines, participation in sweepstakes, payment for call-back services etc., i.e. for such items / activities for withdrawal of foreign exchange is not permitted.


  1. Non-refundable fees for the Card shall be charged as prescribed by the Bank from time to time, which will be debited to Cardholder’s primary account. Charges for other services will be debited at prevailing rates.

  2. The charges / fees applicable on the usage of the Card are subject to revision / changes by the Bank from time to time without prior intimation to the Cardholder(s).

  3. All charges in foreign currency will be billed in the Cardholder’s Bank account statements in Indian Rupees. The rate of exchange used will be at the discretion of the Bank.