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Indian Overseas Bank
A lifetime free secured card from a Rs. 2,000 deposit that stays insured and earns up to 7%
One-time
Zero renewal fee
Uncapped rewards
Standard approval
Applying takes you to Indian Overseas Bank. CredSpy does not process applications, and the ranking on this site is never influenced by commission.
Best for
Terms structured from published copy
2 reward rates with their caps, taken from Indian Overseas Bank’s own published wording rather than checked against its terms document. Verify before you rely on a figure.
Terms effective from 10 Oct 2026.
See where each figure came fromOnline shopping
No published ceiling on this tier
Everything else
No published ceiling on this tier
The issuer publishes no earning exclusions for this card All exclusions
Data-driven verdict based on net earnings after fees and caps.
Key strength
5% on Online shopping — Flat 5% on Amazon Pay and Flipkart voucher purchases., with no stated cap.
Biggest limitation
The flat 2% cashback on ZET UPI transactions requires a paid ZET Plus subscription.
Priced with caps, exclusions, and annual fee deducted live.
Monthly spending — ₹54,000
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Import a statement and this runs on your real spending instead of the sliders.
Click any drawer below to inspect fee schedules, lounge terms, reward multipliers, and exclusions.
Everything else the issuer publishes about this card. All of it is on this page and searchable — open only what you need.
5%
uncappedOnline shopping
Flat 5% on Amazon Pay and Flipkart voucher purchases.
2%
uncappedEverything else
Flat 2% on ZET UPI transactions, which requires a ZET Plus subscription.
| Charge | Amount | Condition |
|---|---|---|
| Joining fee | Nil | — |
| Annual / renewal fee | Lifetime free | The card carries no annual fee, so there is no waiver to earn. |
| Add-on card | The issuer publishes no separate add-on card fee for this card. | — |
| Foreign currency markup | 3.5% | — |
Interest only applies if a balance is carried past the due date. Paying in full each month costs nothing, and no reward rate on this card comes close to offsetting the interest if you do not.
Fees exclude GST unless stated. Charges can change — confirm against the issuer's current schedule before applying.
Year one
Rewards only
no welcome value is recorded
Every year after
No fee, ever
the rewards simply continue
This card carries no airport lounge access.
No fuel surcharge waiver is published for this card.
2% on UPI spends. A RuPay credit card can be linked to a UPI app; the issuer's own earning exclusions still apply to UPI spends.
We do not have welcome or milestone benefits recorded for this card. Check the issuer's page before relying on it.
Scored against these published criteria only. No bureau pull, and no approval guarantee — the issuer decides.
CredSpy never collects these. You submit them to the issuer during their own application.
No reviews yet
CredSpy publishes only reviews left by real cardholders. Nothing here is generated, bought or seeded — so this stays empty until someone who holds the card writes one.
| Card | Annual fee | Headline rate | Lounge |
|---|---|---|---|
| Indian Overseas Bank ZET FD Credit Card · this card | Lifetime free | 5% online shopping | No |
| Suryoday SFB FD-Backed Credit Card | ₹177 | See card | No |
| IDFC FIRST Mayura Credit Card | ₹7,079 | Up to 10 reward points per ₹150 | Included |
| RBL Bank SalarySe UP Credit Card | ₹589 | See card | No |
| YES Bank Rio RuPay Credit Card | Lifetime free | See card | Included |
Headline rates are not comparable on their own — each card caps and excludes differently. Run your own spending through the switch calculator to see which of these actually pays you more.
It is a lifetime-free card — there is no annual fee.
The strongest published rate is 5% on online shopping, with no stated cap. The calculator above prices your own basket with every cap and exclusion applied.
No — airport lounge access is not offered on this card.
Yes. A RuPay credit card can be linked to a UPI app; the issuer's own earning exclusions still apply to UPI spends.
The issuer publishes no earning exclusions for this card The issuer publishes no earning exclusions for this card. The issuer publishes no excluded spend categories for this card.
Credited as cashback on ZET UPI transactions with ZET Plus, Credited as cashback on Amazon Pay and Flipkart voucher purchases
You can apply online through our website by filling out the application form and uploading the required documents. You may also visit your nearest branch for in-person assistance.
Yes, you can request a limit increase through internet banking, mobile app, or by contacting customer care. Approval depends on your credit history and income. If you want, I can also create a more engaging, SEO-friendly FAQ section for your credit card website that boosts trust and conversions. Would you like me to prepare that next?
A late payment fee and interest will be charged. Missing payments can also impact your credit score.
Its rewards. Most secured cards in this catalogue either publish no earn rate or pay a token amount, because the product exists for access rather than return. This one pays a flat 5% on Amazon Pay and Flipkart voucher purchases and 2% on ZET UPI transactions with ZET Plus — rates that would be respectable on an unsecured card.
Rs. 2,000, with the credit limit set at 90% of the deposit — so about Rs. 1,800 of limit. The deposit is insured under DICGC up to Rs. 5 lakh and keeps earning interest at up to 7% a year while it secures the card, so the money is pledged rather than spent.
Nothing. Zero joining fee and zero annual fee, with no spend condition. A secured card that is also lifetime free is a rare combination here — several secured cards in this catalogue charge a joining fee at the lowest deposit tier.
Yes — it requires a ZET Plus subscription. That is a paid add-on, so the 2% is not free the way the 5% voucher rate is. Work out whether the subscription cost is covered by your actual UPI volume before counting on that rate.
For a secured card, modestly. Indian Overseas Bank reports to the credit bureaus like any issuer, so the credit-building works the same. What a public sector bank brings is the deposit sitting with a bank under DICGC insurance up to Rs. 5 lakh, and an approval process that does not depend on an income assessment at all.
Yes. A secured card reports to the credit bureaus exactly like an unsecured one, so using a small limit and clearing it in full every month builds history on a thin or damaged file. Because this card also costs nothing to hold, there is no reason to close it once an unsecured card arrives — the age of the account helps your file.
Secured cards exist for access. A fixed deposit stands as the bank's security, no credit score or income assessment is needed, and the rewards are usually an afterthought — several secured cards in this catalogue publish no earn rate at all.
This one is different. A flat 5% cashback on Amazon Pay and Flipkart voucher purchases, a flat 2% on ZET UPI transactions with ZET Plus, and up to 20% off at Swiggy, Zomato, Instamart and BookMyShow. Those are rates that would hold their own against unsecured cards, on a card issued against a Rs. 2,000 deposit to somebody with no credit history.
It stays yours. The fixed deposit is pledged against the card, not spent — it is insured under DICGC up to Rs. 5 lakh, it keeps earning interest at up to 7% a year, and the lien is released when the card is closed with the dues cleared.
The credit limit is set at 90% of the deposit, so Rs. 2,000 gives about Rs. 1,800 and Rs. 20,000 gives Rs. 18,000. The limit cannot grow on its own, which is the real constraint: increasing it means increasing the deposit. On the other hand the card costs nothing to hold, so there is no running cost against which to weigh a small limit.
The flat 2% on ZET UPI transactions requires a ZET Plus subscription, which is a paid add-on. So that rate is not free in the way the 5% voucher rate is, and whether it is worth having depends on how much UPI volume actually goes through the card against what the subscription costs.
The 5% on Amazon Pay and Flipkart vouchers carries no such condition, and that is where the card earns its score. Buy vouchers you were going to use anyway and the return is immediate and unconditional — which, on a lifetime free card issued without a credit check by a public sector bank, is a genuinely good deal.
Credit card fees, rewards and benefits change. Please verify the latest terms on the issuer's website before applying. CredSpy earns a commission on some applications; it never affects rankings or what is written here.
Indian Overseas Bank ZET FD Credit Card — 5% on online shopping. No annual fee.