IOB EXPO GOLD CARD FOR EXPORTERS
Indian Overseas Bank has formulated Gold Card Scheme for its exporter clients based on the scheme drawn up by Reserve Bank of India. The scheme aims to ensure easy availability of export credit on better terms to credit worthy exporters with good track record. The Gold Card to be offered by IOB will be known as "IOB Expo Gold Card" .The salient features of the scheme are as under :-
Eligibility under the Scheme
Exporters whose accounts have been classified as "Standard" continuously for a period of three years and where there are no irregularities /adverse features in the conduct of the accounts will be considered.
Fixation of Credit Limit
For disposal of fresh applications 25 days
Renewal/Review of limits 15 days
Sanction of ad hoc limits 07 days
Rate of Interest /Service charges
The tenure of Card
The Gold Card will be issued normally for a period of 3 years and will be automatically renewed for a further period of three years unless there are adverse features /irregularities in the account. Further, bank will have the right to recall the card at any time in case of any misuse of the card or observance of any violation of the terms and conditions.