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

Introduction

The SBI IOCL Co-Branded Contactless RuPay Debit Card, issued by the State Bank of India (SBI), is a mid-range debit card specifically designed for existing and new SBI customers. It is positioned to offer enhanced reward points, particularly on fuel purchases at Indian Oil Corporation Limited (IOCL) retail outlets. Key differentiating benefits include its contactless payment feature, availability in two variants (Global and Platinum), and a robust rewards program that incentivizes fuel spending and other transactions.

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. 2,000/-. This bonus is structured as:
  • 1st Use: 50 Reward Points
  • 2nd Use: 100 Reward Points
  • 3rd Use: 150 Reward Points

Fees

• Issuance Fee:
  • Rupay SBI IOCL Global: NIL
  • Rupay SBI IOCL Platinum: Rs. 300 + GST
• Annual Maintenance Charges:
  • Rupay SBI IOCL Global: Rs. 125 + GST
  • Rupay SBI IOCL Platinum: Rs. 200 + GST
• Card Replacement Charges: Rs. 300 + GST for both Global and Platinum variants.

Rewards

• Standard Reward Points:
  • 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, including shopping, dining out, fuel (other than IOCL), travel, and more.
• 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.
• Fuel Benefits: Loyalty points worth 0.75% are provided as fuel benefits on fuel purchases at IndianOil fuel stations.
• Reward Point Value: 1 Reward Point = INR 0.25.

Rewards Redemption Guide

• Redemption Channels: You can redeem your SBI Reward Points through the official website "rewardz.sbi", the SBI REWARDZ App, Yono App, and RINB.
• Redemption Categories:
  • Recharge & Bill Payments: Pay for mobile recharge, DTH, electricity, gas, or FASTag through Bharat Bill Pay using your Reward Points.
  • Movie Tickets: Redeem Reward Points on Book My Show to save on movie tickets.
  • Merchandise & E-vouchers: Explore and save on a range of home & kitchenware, décor, electronics, pooja items, gifting options, and other shopping items.
  • Travel: Save on flight, bus, and hotel bookings by redeeming your Reward Points. This includes comparing and flying for great deals with no convenience fee.
  • Partner Brands: Redeem Reward Points on every purchase at Loyalty Program partner brands, online, in-store.

Card Eligibility Criteria

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

Important Product Details

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

Other Details

• The card allows for unlimited fuel purchases in a month.
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