INTERNATIONAL INSTACASH VISA DEBIT CARDS

            Indian Overseas Bank has tied up with Visa for its International Debit Card Program. IOB has issued about 4,00,000 ATM cards to customers of 600+ networked branches till date and all these cards would be replaced with Visa Debit Cards in the next three months.

            A large segment of the Bank’s customers still prefer to spend from their income and savings rather than availing credit. With the introduction of Debit cards, this long felt desire of customers to pay for the purchases at shops and business establishments directly from their account would be fulfilled. No charges would be levied on such Point of Sale transactions. It would no longer be required for the customer to draw cash either from the ATM or from the branch counters to pay for their spends. Customers can use these cards at all ATMs that display the VISA logo. These cards can also be used globally during their visits abroad. IOB’s InstaCash ATMs would also open its doors to any Visa Member Bank’s cardholder. In addition, the card number can also be used through secured electronic payment gateways for e-commerce / Internet payments.