In-depth review
IndianOil Kotak Credit Card
A low-fee fuel co-brand built around IndianOil pumps — up to 5% value back on IndianOil fuel (4% as reward points plus a 1% surcharge waiver), 2% on grocery and dining, and a bit on UPI since it is a RuPay card. But the 4% fuel reward is capped at 1,200 points a statement, the points are worth ~₹0.25 via the portal (less as cash), and off-fuel earning is thin. Hold it for the IndianOil fuel, not as an everyday card.
Read the full review →Key features
What this card is built to do — the highlights that actually matter.
Welcome Benefit
~₹250 in vouchers, points or cashback in year one — conditional on ₹500 of spend within 30 days of card set-up
16 points/₹100 on Fuel (~4% value)
24 reward points per ₹150 (4%) on IndianOil fuel; capped 1,200 points per statement (~₹7,500 fuel); points ≈ ₹0.25 via portal, less as cash. Paying at the pump by UPI earns 0.5%, not 4%, and carries no surcharge waiver
2% on Dining
12 reward points per ₹150 (2%) on dining (select MCCs). Kotak caps grocery and dining together at 800 points a statement — ONE ceiling shared between the two rows, not 800 each; the engine applies it once via capGroup
Annual Fee Waiver
Fee of ₹449 + 18% GST (₹530 all-in)/yr fully waived when you spend ₹50,000/year
UPI Linked
Pay UPI QR codes from your credit line. What UPI payments earn can depend on the app you pay through, so check the rewards details.
⛽ FUEL BENEFITS
Co-branded card — maximum savings at IndianOil stations.
Up to 4%
Fuel reward rate
PARTNER FUEL STATIONS
- Co-branded card — maximum rewards at IndianOil fuel stations
- Up to 4% effective return on fuel purchases
The IndianOil-loyal driver who fuels up regularly at IndianOil pumps and wants a cheap card that turns that spend into ~4–5% back, with a bit extra on grocery, dining and UPI. If you fuel at BPCL, HPCL or Shell, a bank-agnostic fuel card fits better.
Full reward structure
What you earn on every rupee, per spend category — as of 25 Sept 2026. Rates assume 1 pt = ₹0.25. How we value points →
| Category | Type | Rate | Monthly cap |
|---|---|---|---|
| Fuelonly at IndianOil (IOCL fuel outlets) | reward points | 4%16 pts/₹100 × ₹0.25 | ₹300 |
| Dining | reward points | 2%8 pts/₹100 × ₹0.25 | ₹200one cap shared with Groceries |
| Groceries | reward points | 2%8 pts/₹100 × ₹0.25 | ₹200one cap shared with Dining |
| Other | reward points | 0.5%2 pts/₹100 × ₹0.25 | — |
Fuel: 24 reward points per ₹150 (4%) on IndianOil fuel; capped 1,200 points per statement (~₹7,500 fuel); points ≈ ₹0.25 via portal, less as cash. Paying at the pump by UPI earns 0.5%, not 4%, and carries no surcharge waiver · IndianOil (IOCL fuel outlets)
Dining: 12 reward points per ₹150 (2%) on dining (select MCCs). Kotak caps grocery and dining together at 800 points a statement — ONE ceiling shared between the two rows, not 800 each; the engine applies it once via capGroup
Groceries: 12 reward points per ₹150 (2%) on grocery (select MCCs). Kotak caps grocery and dining together at 800 points a statement — ONE ceiling shared between the two rows, not 800 each; the engine applies it once via capGroup
Other: 3 reward points per ₹150 (~0.5%) on all other spends. Kotak states that UPI transactions accrue 0.5% across spend categories, so a UPI payment earns the base rate whatever it is spent on
Earns nothing on: Rent · Wallet Loads · Insurance · Government & Tax · Utility Bills · Education
These spends earn no rewards at all — not a reduced rate, and not the base rate. They are also normally left out of any milestone or fee-waiver calculation.
Fees & charges
The numbers that matter beyond rewards — verify on the issuer site before applying. Fees below are shown inclusive of 18% GST, as of 25 Sept 2026.
| Charge | Amount |
|---|---|
| Annual fee (incl. 18% GST) | ₹530 |
| Joining fee (incl. 18% GST) | ₹530 |
| Finance charge (APR) | 3.75% p.m. |
| Forex markup | 3.5% |
Perks & benefits
Estimated annual value beyond rewards — ~₹600/yr in total.
1% fuel-surcharge waiver at IndianOil outlets on transactions of ₹100–₹5,000; capped at ₹100 per statement cycle. Kotak does not apply the waiver to UPI transactions
Should you get it?
- Best for: IndianOil-loyal drivers, Everyday spenders who want UPI rewards
- Entry tier — great for first-time and lower-spend users.
- Strongest value if you spend heavily on Dining (2% back; 4% only at IndianOil (IOCL fuel outlets)).
Pros & cons
✓ Pros
- Up to 5% value back on IndianOil fuel (4% points + 1% surcharge waiver)
- Low ₹449 fee, waived at ₹50,000 annual spend
- RuPay card — earns on UPI spends too
✕ Cons
- The 4% fuel reward is capped at 1,200 points a statement (~₹7,500 of IndianOil fuel)
- Reward points are worth ~₹0.25 via the portal but less (~₹0.20) as cash — the 4% headline needs portal redemption
- Off-fuel earning is thin, and rent, wallet loads, insurance, utility, education and government spends earn nothing
- Paying by UPI earns 0.5% whatever the category — a UPI payment at the pump misses both the 4% and the waiver
Eligibility & documents
Documents required
- 📄PAN card
- 📄Aadhaar / valid address proof
- 📄Latest 3 months bank statement
- 📄Income proof — salary slips (salaried) or ITR (self-employed)
- 📄Recent passport-size photograph
How to redeem rewards
Ways to convert what you earn into real value.
- 🎁Kotak rewards portal — vouchers and merchandise (~₹0.25/point)
- 🎁Cash / statement credit adjustment (~₹0.20/point), from a minimum of 2,000 points
What your Kotak Reward Points are worth
Realistic value per point by redemption route — the difference is what most people leave on the table.
Standard redemption
Brand & e-gift vouchers
The 4% fuel reward is capped at 1,200 points a statement (about ₹7,500 of fuel) and assumes ₹0.25/point portal redemption — cash redemption is worth less, and everyday off-fuel earning is minimal, so heavier drivers exhaust the accelerated rate well before the cycle ends.
Frequently asked questions
What is the annual fee on the IndianOil Kotak Credit Card?
How much do I save on IndianOil fuel?
What is a reward point worth on this card?
Does it earn rewards on UPI spends?
How has the IndianOil Kotak Credit Card changed over time?
Has the IndianOil Kotak Credit Card been devalued recently?
When did the IndianOil Kotak Credit Card's fees last change?
How did the IndianOil Kotak Credit Card change in 2025?
The bottom line
A sensible low-fee fuel card if IndianOil is your pump. Up to 5% value back on IndianOil fuel (4% points + 1% surcharge waiver) is real, and the RuPay UPI earning is a nice touch. But the fuel reward is capped at 1,200 points a statement, the 4% needs portal (not cash) redemption, and off-fuel earning is thin. Hold it for the IndianOil fuel, not as an everyday card.
How this page was built
Counted from this card’s own record: 4 earn rules, 3 of them capped, 1 paid only at named merchants, the spends listed as earning nothing and 1 recorded perk. The renewal fee is conditional — it is waived on a published spend target, so the fee you pay depends on what you spend.
Last updated 25 Sept 2026.
Sources & verification
Fees, reward rates, and benefits for the IndianOil Kotak Credit Card are taken from Kotak Mahindra Bank's official Most Important Terms & Conditions (MITC) and fee schedule — see the card's official page. Last updated 25 Sept 2026. Reviewed by Devchandra Sah. Always confirm current details on the issuer's site before applying. How we research →
Independence. CardAdvisor is an independent editorial publication. We are not affiliated with, endorsed by, sponsored by, or authorised to act for Kotak Mahindra Bank. All issuer names, product names, and payment-network marks are the property of their respective owners and appear here for identification and comparison only. Card faces shown on this site are our own original illustrations — we do not display or host issuer card artwork or logos.
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Guides and reviews related to this card.
Value timeline
Every real-world change to this card's rewards, fees and benefits we've tracked — newest first, each linked to its source.
Tracking since 2023 · last change Jun 2025
2025
- ▼ FeeObserved 8 May 2025 · Effective 1 Jun 2025
Finance charge raised; 1% category transaction fees added
A lower monthly finance charge (reported at 3.5%; Kotak publishes no pre-revision rate); no category transaction fee→3.75% per month; 1% fee on select categories over per-cycle limits — fuel exempt on this card
The same 1 June 2025 revised cardholder agreement raised Kotak's monthly finance/interest charge to 3.75% and added a 1% transaction fee on wallet loads, gaming, utility and third-party education spends once their per-cycle limits are crossed. Fuel is exempt on this card — Kotak's Key Fact Statement records the fee on fuel transactions as waived, and the merchant-category annexure states that the fuel transaction fee does not apply to the IndianOil Kotak. IndianOil's accelerated fuel earning and the 1% fuel-surcharge waiver were left in place.
Verification: CardAdvisor Research · Confidence: Reconstructed
- ▼ RewardObserved 8 May 2025 · Effective 1 Jun 2025
Utility, rent, wallet and other categories stop earning reward points
Utility, education, insurance, wallet, rent and government spends earned points→These categories earn no reward points
Kotak's revised cardholder agreement, effective 1 June 2025, restricted reward accrual across its card range on utilities, education, insurance, wallet top-ups, rent, government services and online gaming. The accompanying merchant-category annexure carves the IndianOil Kotak out of the gaming restriction, so on this card the change covers utilities, education, insurance, wallet loads, rent and government spends. The card's core proposition was untouched — IndianOil fuel still earns its accelerated 4% and grocery and dining still earn 2% — so this trims the off-forecourt edges rather than the reason to hold the card.
Verification: Kotak Mahindra Bank ↗ · Confidence: Reconstructed
2023
- ▲ NetworkEffective Jun 2023
RuPay card linked to UPI — earns on scan-and-pay
RuPay card usable at card terminals only→Linkable to UPI apps; QR scan-and-pay earns reward points
In June 2023 Kotak enabled linking of its RuPay credit cards to UPI apps such as Google Pay, PhonePe and Paytm. Because the IndianOil Kotak had launched three months earlier as a RuPay-exclusive card, it picked up UPI scan-and-pay after the fact — a genuine gain, since everyday QR payments at small merchants began earning on a card that otherwise rewards forecourt spend. Kotak applies a flat 0.5% to UPI transactions across spend categories, so a UPI payment never earns an accelerated rate.
Verification: CardAdvisor Research · Confidence: Reconstructed
- ◆ LaunchEffective 10 Mar 2023
IndianOil Kotak co-branded fuel card launched on RuPay
4% back at IndianOil (cap ₹300/mo), 2% dining, grocery & other payments (cap ₹200/mo)
Kotak Mahindra Bank and IndianOil launched the co-brand in Mumbai on 10 March 2023, exclusively on the RuPay network. At launch it earned 4% back as reward points on refuelling at any of IndianOil's 34,000-plus fuel stations, capped at ₹300 a month; 2% back on dining, grocery and other payments, capped at ₹200 a month; and a 1% fuel-surcharge waiver up to ₹100 a month — points redeemable for free fuel at IndianOil stations. It also carried an interest-free credit period of up to 48 days, Smart-EMI, zero lost-card liability and contactless tap-and-pay.
Verification: Kotak Mahindra Bank ↗ · Confidence: High
Each change links to the issuer's own document — bank T&C, MITC, notice, press release or product page — where one is public. Where the bank published nothing, it's marked CardAdvisor Research and verified against the card's current terms. Independent of the live terms shown above. This timeline is one card's slice of our market-wide change record across every tracked card.
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