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Personal Banking

Last Updated on: 10/10/2025

Prepaid-Card-Application-Terms-and-Conditions

These terms and conditions set out the rights and obligations of you, the Customer, and Indian Overseas Bank, in connection with your use of Indian Overseas Bank Prepaid Card App and all related services. All the terms and conditions of this agreement are legally binding, so please read them carefully before you agree to be bound by them:

DEFINITIONS:

In these Terms and Conditions, unless the context indicates otherwise, the following words and phrases shall have the meanings indicated against them:Top of Form

Expressions Meaning

Bank

Indian Overseas Bank, a body corporate constituted under the provisions of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and having its registered office at Central Office, 763 Anna Salai, Chennai - 600 002, hereinafter referred to as "IOB" or "bank"

IOB Prepaid Card App

Mobile banking application hosted in Google Play Store and Apple App store, offered by IOB which is downloaded on to the Mobile Phone / tablet / any other compatible device of the Customer.

Customer/ User / You:

The person who may or may not be a holder of a bank account with IOB and uses the IOB Prepaid Card App and related services with or without logging in, and shall, where the context requires, include any authorized representative of the Customer, accepted by the Bank

Facility

Digital services provided by IOB on its digital platform through mobile application, IOB Prepaid Card App and all integrated SDKs / APIs / links to access card information, products and other services (including Transaction of financial and non-financial in nature) as may be provided by IOB from time to time in accordance with these terms and conditions.

Portal

The online / mobile interface provided by the Bank for managing, viewing, recharging, or applying for renewal of the Card.

User ID

Login ID that a Customer sets for themselves to access the online services through IOB Prepaid Card App or website. It can be Mobile Number or any username set by the Customer.

Login PIN

Refers to the 4-digit PIN set by the Customer used for logging in to the IOB Prepaid Card App.

Transaction PIN

Refers to the 4-digit PIN set by the Customer used for authorizing transactions in IOB Prepaid Card App.

OTP

One Time Password (OTP) that would be sent to a customer's mobile number registered on the Bank's record.

Wallet

User's Prepaid Card Account or any other type of account so designated by IOB to be eligible account(s) for the operations through IOB Prepaid Card App

Confidential Information

Information obtained by the Customer from/through IOB for availing various services through IOB Prepaid Card App.

Mobile Phone Number

The Mobile number that has been used by the Customer to register for the Facility.

Bank's website

www.iob.bank.in

1. Applicability of Terms and Conditions

By accessing or using the Prepaid Card Online Customer Portal ("Portal"), the Customer agrees and consents to these Terms and Conditions, which constitute a contract between the Customer and the Bank for availing prepaid card services through the Portal. The Bank's prepaid card services shall be governed by these Terms and Conditions, as amended by the Bank from time to time and published on the Portal or the Bank's official website www.iob.bank.in

These Terms and Conditions are in addition to, and not in derogation of, any other terms and conditions applicable to the Customer's account(s), products, or services offered by the Bank, unless otherwise specifically stated. This agreement shall remain valid until replaced by a subsequent agreement, terminated by either party, or until the account is closed, whichever is earlier.

2. Eligibility & Registration

  • Access to the Portal is restricted to valid prepaid cardholders of IOB.
  • You must complete the registration process using accurate personal details and maintain updated information.
  • The Bank may deny or restrict access to the Portal if eligibility or compliance requirements are not met.

3. Use of the Portal

  • The Portal is provided for managing prepaid cards, including balance checks, transaction history, statements, and service requests.
  • You agree to use the Portal only for lawful purposes and in accordance with applicable laws, RBI regulations, and Bank policies.
  • Unauthorized use, including hacking, reverse engineering, or fraudulent activities, is strictly prohibited.

4. Transactions

  • Transactions carried out using the Card and Portal will be binding once authenticated using prescribed security methods (PIN, OTP, etc.).
  • The Bank will not be responsible for merchant disputes. Refunds and reversals are governed by merchant and payment network rules.
  • Transaction limits, fees, and permitted usage categories will be as per RBI guidelines and the Bank's policies.

5. Login and Transaction PIN

The User shall:

  • Keep the Login and Transaction PIN totally confidential and not reveal them to any other person including any person representing or claimed to be representing the Bank;
  • Not disclose/reveal his/her personal or confidential information to anyone over email/SMS/phone call even if it's purportedly from Indian Overseas Bank. IOB or any of its representatives will never send emails/SMS or call over phone seeking the personal information like username, passwords, One Time SMS passwords, ATM card details etc. of any user.

(A) Forgot  Password /PIN

In the event of forgetting Password, User can retrieve it by using the Forgot Password link available in Login page of portal.

(B) Non-liability of the bank in case of Compromise of OTP/Passcode/PIN / Card details

The User agrees and acknowledges that Bank shall in no way be held responsible or liable if the User incurs any loss as a result of compromise of Login /Transaction PIN, Card Details or OTP by the User himself or User has failed to follow the instructions as published by the Bank on the site from time to time. User agrees to fully indemnify and hold harmless Bank in respect of the same.

(C) Locking of Portal Login Password

Prepaid card customer Portal/App Login shall get locked after a number of incorrect attempts, up to such number (at present 3 failed attempts) as may be decided by the Bank from time to time. The same shall be available on the next day. In case of emergency, the Login password/PIN can be retrieved by Forgot Password/pin options

6. Login Credentials & Security

  • You are responsible for maintaining confidentiality of your User ID, Password, OTPs, and any other authentication factors.
  • The Bank will not be liable for losses arising from misuse of credentials, unless due to the Bank's negligence or system failure.
  • In case of suspected unauthorized access, you must immediately notify the Bank.

7. Lost / Stolen Card & Liability

  • You must immediately report loss, theft, or unauthorized use of the Card to the Bank.
  • Your liability will be determined in accordance with RBI guidelines on customer protection for unauthorized transactions in PPIs.
  • The Bank may block or deactivate the Card and Portal access to prevent further misuse.

 

 

8. Application

The Customer shall register to IOB Prepaid Card App by use of an OTP or Login PIN or any other method as provided by the bank including application through forms as prescribed by it from time to time for use of the Facility.

Though the IOB Prepaid Card App and its facilities are very convenient, IOB uses advanced technological/security features in IOB Prepaid Card App, and assumes the technological knowledge and discipline required for operating such facilities and features. Because of the inherent risks involved in case of failure to comply the confidentiality and other obligations of the Customers, all users are advised to familiarize themselves with the correct and proper use of the Facility and the terms and conditions mentioned herein, before opting or using the Facility.

9. Fee Structure for the Facility:

The Bank reserves the right to charge the Customer a fee for the use of the services provided under the Facility and change the fee structure at its discretion. Display of such charges on Bank's websites would serve as sufficient notice and the same is binding on the customer.

10. Usage of Facility:

By registering for the Facility on the mobile phone, the Customer:

  • Agrees to use IOB Prepaid Card App for financial and non-financial transactions and other services in the Facility, with or without login, offered by IOB from time to time and irrevocably authorizes IOB to debit the Account(s) which have been enabled for IOB Prepaid Card App for all transactions / services undertaken using Login/ Transaction PIN or OTP.
  • Authorizes IOB to map the prepaid card, wallet and mobile phone number for the smooth operation of IOB Prepaid Card App and to preserve the mapping record in its own server or server of any third party and to use such data at its discretion for providing/enhancing further banking/ technology products that it may offer.
  • Agrees that he / she is aware and accepts that the Facility offered by the bank will enable him / her to transact using Login/ Transaction PIN or OTP within the limit prescribed by the bank and the transaction being bona fide will not be disputed.
  • Agrees that transactions originated using the prepaid card are non-retractable as these are instantaneous / real time.
  • Understands and explicitly agrees that the bank has the absolute and unfettered right to revise the prescribed ceilings from time to time which will be binding upon him/her.
  • Agrees to use the Facility on a mobile phone properly and validly registered in his / her name only with the Mobile Service Provider and undertakes to use the Facility only through mobile number which has been given to register for the Facility.
  • Agrees that while the Information Technology Act, 2000 prescribes that a subscriber may authenticate an electronic record by affixing his digital signature which has been given legal recognition under the Act, IOB is authenticating the Customer by his mobile phone number, Login/ Transaction PIN or OTP provided by the Customer or any other method decided at the discretion of IOB which may not be recognized under the IT Act, 2000 for authentication of electronic records and this is acceptable and binding to the Customer and hence the Customer is solely responsible for maintenance of the secrecy and confidentiality of the Login PIN/Transaction PIN/OTP/Other confidential information without any liability to the Bank.

11. Accuracy of Information:

1. It is the responsibility of the Customer to provide correct information to the Bank through the use of the Facility or any other method. In case of any discrepancy in this information, the Customer understands that the Bank will not be in any way responsible for action taken based on the information. The Bank will endeavour to correct the error promptly wherever possible on a best effort basis, if the customer reports such error in information.

2. The Customer understands that the Bank will try, to the best of its ability and effort, to provide accurate information and shall not hold the Bank responsible for any errors or omissions that may occur due to reasons beyond the control of the Bank.

3. The Customer accepts that the Bank shall not be responsible for any errors which may occur in spite of the steps taken by the Bank to ensure the accuracy of the information and shall not have any claim against the Bank in an event of any loss/ damage suffered as a consequence of an information provided by the Bank found to be not correct.

12. Responsibilities and Obligations of the Customer:

1. The Customer will be responsible for all transactions, including unauthorised /erroneous/ wrong/ incorrect/mistaken/false transactions made through the use of his/ her mobile phone, SIM card and PIN, regardless of whether such transactions are in fact entered into or authorized by him/ her. The Customer will be responsible for the loss/damage, if any suffered in respect of all such transactions.

2. The Customer shall keep the Login and Transaction PIN confidential and will not disclose these to any other person or will not record them in a way that would compromise the confidentiality of the same or the security of the service.

3. It will be the responsibility of the Customer to notify the Bank immediately if he/ she suspects the misuse of the PIN. He will also immediately initiate the necessary steps to change his PIN.

4. The Customer accepts that any valid transaction originating from the Login Password and / or registered mobile phone number shall be assumed to have been initiated by the Customer and any transaction authorized by the PIN is duly and legally authorized by the Customer.

5. The Customer shall keep himself/herself updated with regard to any information/ modification relating to the services offered under the Facility which would be publicized on the Bank's websites and at the branches and would be responsible for taking note of / compliance of such information/ modifications in making use of the Facility.

6. The Customer shall be liable for all loss or breach of the Terms and Conditions contained herein or contributed or caused the loss by negligent actions or a failure to advise the Bank within a reasonable time about any unauthorised access in the account.

7. The Customer shall be liable and responsible for all legal compliance and adherence of all commercial terms and conditions in respect of the mobile connection/SIM card/mobile phone through which the facility is availed and the Bank does not accept/ acknowledge any responsibility in this regard.

8. It is the responsibility of the Customer to notify the Bank, about any change in mode of operation, through a separate communication, making a specific reference to the Mobile Banking service availed. It is also the responsibility of the Customer to notify the Bank, any other change in the operation of the account which will otherwise make the account ineligible for the Mobile Banking service. Any failure on the part of the Customer to advise the Bank separately shall continue to bind all the account holders, jointly and severally for the transactions through this Facility.

13. Disclaimer:

The Bank, when acting in good faith, shall be absolved of any liability in case:

1. The Bank is unable to receive or execute any of the requests from the Customer or there is loss of information during processing or transmission or any unauthorized access by any other person or breach of confidentiality or due to reasons beyond the control of the Bank.

2. There is any kind of loss, direct or indirect, incurred by the Customer or any other person due to any failure or lapse in the Facility which are beyond the control of the Bank.

3. There is any failure or delay in transmitting of information or there is any error or inaccuracy of information or any other consequence arising from any cause beyond the control of the Bank which may include technology failure, mechanical breakdown, power disruption, etc.

4. There is any lapse or failure on the part of the service providers or any third party affecting the said Facility and that the Bank makes no warranty as to the quality of the service provided by any such provider.

5. The Bank, its employees, agent or contractors, shall not be liable for and in respect of any loss or damage whether direct, indirect or consequential, including but not limited to loss of revenue, profit, business, contracts, anticipated savings or goodwill, loss of use or value of any equipment including software, whether foreseeable or not, suffered by the Customer or any person howsoever arising from or relating to any delay, interruption, suspension, resolution or error of the Bank in receiving and processing the request and in formulating and returning responses or any failure, delay, interruption, suspension, restriction, or error in transmission of any information or message to and from the telecommunication equipment of the Customer and the network of any service provider and the Bank's system or any breakdown, interruption, suspension or failure of the telecommunication equipment of the Customer, the Bank's system or the network of any service provider and/or any third party who provides such services as is necessary to provide the Facility.

6. The Bank will not be responsible if the Application is not compatible with/ does not work on the mobile handset of the Customer.

14. Indemnity:

In consideration of the Bank providing the Facility, the Customer agrees to indemnify and hold the Bank harmless against all actions, claims, demands proceedings, loss, damages, costs, charges and expenses which the Bank may at any time incur, sustain, suffer or be put to as a consequence of or arising out of or in connection with any services provided to the Customer pursuant hereto. The Customer shall indemnify the Bank for unauthorized access by any third party to any information/instructions/triggers given by the Customer or breach of confidentiality.

15. Governing Law & Jurisdictions:

1. The Facility and the terms and conditions of the same are governed by the applicable laws in India.

2. Any dispute or claim pertain to the Facility and /or the terms and conditions herein are subject to the exclusive jurisdictions of competent courts/tribunals/forums in Chennai and the Customer agrees to such exclusive jurisdictions in Chennai.