SBI IOCL Co-Branded Contactless RuPay Debit Card – Benefits, Fees & Eligibility

Introduction

The SBI IOCL Co-Branded Contactless RuPay Debit Card is a specialized debit card offered by the State Bank of India (SBI) in partnership with Indian Oil Corporation Limited (IOCL). Issued on the RuPay network, this contactless debit card is designed for both existing and new SBI customers. It is available in two variants, Global and Platinum, and comes equipped with an EMV chip. Its primary differentiating benefit is the accelerated reward points earned on fuel purchases at IOCL retail outlets, making it ideal for individuals who frequently refuel at Indian Oil stations.

Welcome Benefits

• Activation Bonus: Earn up to 300 Bonus Reward Points by making 3 payments with your new SBI IOCL Co-branded Debit Card online or in-store within 2 months of issuance, with a minimum transaction of Rs.2000/-.
  • 50 points for the 1st use.
  • 100 points for the 2nd use.
  • 150 points for the 3rd use.

Fees & Charges Breakdown

• Issuance Fee:
  • Global Variant: NIL
  • Platinum Variant: Rs. 300 + GST
• Annual Maintenance Charges:
  • Global Variant: Rs. 125 + GST
  • Platinum Variant: Rs. 200 + GST
• Card Replacement Charges: Rs. 300 + GST for both Global and Platinum variants.
• Interest Rates: As this is a debit card, revolving credit interest rates are not applicable.
• Cash Advance Charges: As this is a debit card, cash advance fees (as applicable to credit cards) are not applicable. Cash withdrawals are from your own linked bank account.
• Fuel Benefits: The card offers loyalty points worth 0.75% as fuel benefits on fuel purchases at IndianOil fuel stations, in addition to standard reward points.

Rewards & Cashback Structure

• Standard Reward Earning Rate:
  • Earn 6 Reward Points for every Rs.200 spent at IOCL outlets.
  • Earn 2 Reward Points for every Rs.200 spent on online or in-store transactions (shopping, dining out, fuel at non-IOCL outlets, travel, and more).
• Reward Point Value: 1 Reward point = INR 0.25.
• Monthly Reward Cap: Earn up to 10,000 SBI Reward Points every month, with a cap of Rs. 1,000/- per transaction.
• Milestone Bonus: Earn 1,000 Bonus Reward Points on PoS and E-commerce spends of ₹1 lakh or more in a month (excluding spends on MCC-6540).
• Birthday Bonus: Earn 2x Reward Points on spends made with your Debit Card during your birthday month.
• International Payments: Earn 2x Reward Points on international spending, whether online or in-store.
• Partner Brands: Earn extra Reward Points on every purchase at Loyalty program partner brands, online, in-store, and via SBI Rewardz.
• Reward Redemption Options:
  • Redeem points through the "rewardz.sbi" website, SBI REWARDZ App, Yono App, and RINB.
  • Recharge & Bill Payments: Use Reward Points to pay for mobile recharge, DTH, electricity, gas, or FASTag through Bharat Bill Pay.
  • Movie Tickets: Redeem Reward Points on Book My Show for movie tickets.
  • Merchandise & E-vouchers: Explore and save on a range of home & kitchenware, décor, electronics, pooja items, gifting options, and other shopping.
  • Travel: Save on flight, bus, and hotel bookings by redeeming Reward Points, with no convenience fee for travel bookings.

Card Eligibility Criteria & Income Requirements

• Eligibility: The card can be issued to all existing and new SBI customers who are eligible for a Global Debit Card.
• Multiple Cards: If a customer already possesses an SBI Debit Card, they can be issued the IOCL Co-Branded RuPay Debit Card, as two cards can be issued per account per customer.
• Application Process: Applicants can apply for the card through any SBI branch across the country.

Card Review

The SBI IOCL Co-Branded Contactless RuPay Debit Card is a strong offering for SBI customers, particularly those who frequently purchase fuel from Indian Oil outlets. Its co-branded nature provides significant value through accelerated reward points on fuel spends, which is a key differentiator. The contactless feature adds convenience for quick transactions up to ₹5000 without a PIN. The card's availability in two variants (Global and Platinum) allows customers to choose based on their spending habits and desired transaction limits. While it is a debit card and thus lacks credit features like revolving credit and cash advances, its robust reward program and international usability make it a valuable tool for everyday spending and managing finances directly from one's bank account. The fees for the Platinum variant and annual maintenance charges are standard for co-branded debit cards.

Important Product Details

• Card Type: Co-Branded Contactless RuPay Debit Card with an EMV chip.
• Variants: Available in "Global" and "Platinum" variants.
• Validity: The card is valid for 5 years from the date of issue.
• Daily Transaction Limits:
  • ATM Cash Withdrawal Limit:
    • Minimum: INR 100 (both variants)
    • Maximum: INR 40,000 (both variants)
  • PoS/Online Transaction Limit:
    • Minimum: No Limit (both variants)
    • Maximum: INR 75,000 (Global variant)
    • Maximum: INR 2,00,000 (Platinum variant)
• International Transaction Limits:
  • For both ATM cash withdrawals and PoS/Online transactions, limits vary by country, subject to a maximum of USD equivalent to INR 50,000/- per month.
• Contactless Payment: The PIN will not be prompted for NFC-enabled card transactions up to ₹5000/- at NFC terminals.
• International Usage: Both variants are enabled for international usage at over 30 million merchant establishments and over 1 million ATMs worldwide.

Other Details

• The information provided regarding "Interest Rates" in some sections of the source content pertains to various loan schemes (Home Loan, Personal Loan, etc.) and savings/deposit accounts offered by SBI, and not to the features or charges of this specific debit card.
• The Milestone Bonus excludes spends on MCC-6540.
• The bank advises users to refer to English content for clarity in case of any ambiguity or doubt, as some content may be AI-generated translations. SBI assumes no responsibility for mistakes, omissions, inaccuracies, or typographical errors in the content.