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Last Updated on 08/06/2017
IOB SME VISA DEBIT CARD

In association with VISA – Indian Overseas Bank launched its Business Card called IOB SME VISA Debit Card on our Founders Day. It is specially designed to MSME customers for providing hassle free transactions and to avoid temporary mismatches in liquidity arising out of purchasing raw-materials, delayed payments, tax payments, execution of bulk orders, travelling and trade related payments.

This Card not only allows you to withdraw cash from ATMs but also gives you the freedom for making cashless purchases as well as for settling online business related payments. 

Eligibility criteria
: 

The borrower should be in Micro, Small or Medium Enterprises sector and have a satisfactory track record for a minimum period of 2 years and account should be regular. The SME Debit Card limit will be given as sublimit of the sanctioned working capital limit. Card is issued in the name of Firm / Company to be operated by Proprietor or duly authorized Partner / Director. 

Usage of IOB SME Card
:

  • Online payments towards purchase of raw materials, tax payments, execution of bulk orders, travel, exhibitions / trade fair related payments etc can be done in a secured way through ‘Verified by Visa’.
  • Convenience of Bill settlement through Point of Sale.
  • Benefit of surcharge waivers, merchant discount, reward points, commercial offers that are available with VISA card.
  • This card separates the business and personal expenses as the borrower need not use his personal debit/credit card for business transactions. It helps in tracking and monitoring the business expenses.

Card limits:

At the discretion of the Bank, the Card limit may be fixed upto 10 % (maximum) of the fund based working capital limits or Rs. 5.00 Lakhs whichever is less. 

 

Transaction Limits:

Daily Cash withdrawal limit Rs.50,000
Daily limit for usage in PoS/E-com Rs 1,00,000
Charges for issuance of Card Rs.150
Annual Maintenance fee Rs.100/- plus service tax from the second year onwards


SMS Alerts for Better Tracking:


Register your mobile number & email-ID and get instant SMS alerts on all cash withdrawal/purchase transactions/online transactions made through your IOB SME Debit Card.


For more information, contact: