The card is targeted at UPI-active customers and is available in two variants — RuPay Select and RuPay Platinum. The cards are backed by fixed deposits (FDs), making the offering relevant for customers looking to access credit while building their credit history.
The card can be applied for through a digital onboarding process, with novio providing the digital application journey and UPI-focused experience, while IOB will provide the banking infrastructure.
According to the companies, cardholders will earn rewards on UPI transactions and other everyday spending. Depending on the card variant, benefits include airport lounge access, cashback offers at merchants such as Amazon, Swiggy and Zepto, and monthly movie ticket benefits through BookMyShow.
IOB and novio unveiled the card at the Global Fintech Fest in Mumbai on September 16.
The partnership comes as banks and fintech companies expand credit products linked to digital payments and UPI. An FD-backed credit card can also provide an entry point for customers with limited or no established credit history, subject to the issuer’s eligibility and approval criteria.
novio operates under Credilio Financial Technologies and recently announced a ₹100 crore Series A funding round led by Cornerstone Ventures. The company said the funds would support its plan to issue 50 lakh credit cards over the next three years, including in smaller cities.
