SBI, Indian Oil Corporation launch co-branded RuPay debit card

State Bank of India (SBI) and Indian Oil Corporation (IOC) launched a co-branded contactless RuPay debit card. A customer, anywhere in the country, can get the card by visiting the SBI's home branch, the bank said in a release.

It is a contactless card and transactions up to Rs 5,000 can be paid for with just a tap.

"We believe this co-branded card, with 'tap and pay' technology, several attractive benefits and associated offers, would...provide a rewarding experience on purchase of fuel to the cardholders," the bank's Chairman Dinesh Kumar Khara said in the release.

The card will also simplify the everyday purchases of customers with secure and convenient contactless payments, he added.

Using it, cardholders can avail fuel benefits and loyalty points worth 0.75 per cent against purchase of fuel at all retail outlets Indian Oil fuel stations. There is no monthly limit for purchasing the fuel.

Customers can also earn reward points for spends on dining, movies, grocery and utility bills. The reward points can similarly be redeemed for dining, movies, grocery and utility bills, the bank said.