IndianOil Kotak Credit Card Review: 4% on Fuel for a ₹449 Fee

The IndianOil Kotak Credit Card gives 4% back as Reward Points on IndianOil fuel, capped at ₹300 a statement cycle, plus 2% on grocery and dining up to ₹200 and 0.5% on other spends, with points valued at 25 paise in Kotak's catalogue. It costs ₹449 + GST to join and each year, and the annual fee is waived once you spend ₹50,000 in a card year. It is a RuPay card that works on UPI, but UPI payments earn only 0.5%, so pay at the pump with the card itself.

By Rashmi Mandana · Content Writer Updated 5 November 2026 Reviewed by BankCreds Financial Experts

Key facts

Joining fee: ₹449 + GST
Annual fee: ₹449 + GST. Annual fee waived on retail spends of ₹50,000 in the previous anniversary year
Base reward: 0.5% back as Reward Points (3 points per ₹150) on all other spends (about 0.5% value)
Best category: IndianOil fuel pump spends: about 4% value
Lounge: Not published by the bank
Forex markup: 3.5% of the amount
Network: RuPay

Apply on Kotak Mahindra Bank (Kotak)'s site

Opens the bank's own page for this card. Approval and the credit limit are the bank's decision.

In short

A cheap and practical fuel card if you fill ₹3,000 to ₹7,500 a month at IndianOil and buy groceries on the same card; past those caps it earns only 0.5%.

Best for

Two-wheeler and car owners who fill up at IndianOil pumps
Families spending up to ₹10,000 a cycle on groceries and dining
People who want a RuPay card for UPI with a fee waived at ₹50,000 a year

Skip it if

You fill well over ₹7,500 a month, since fuel points stop at 1,200 a cycle
You want lounge access or low forex, as there is no lounge benefit and the markup is 3.5%
You plan to cash out points, because cashback pays only 20 paise a point

Highlights

4% as Reward Points at IndianOil, capped at 1,200 points (₹300) a cycle
2% on grocery and dining, capped at 800 points (₹200) a cycle
₹449 + GST fee, waived on ₹50,000 retail spends in the previous anniversary year
No fuel transaction fee on this card, unlike most Kotak cards
Cashback value cut from 25 to 20 paise a point from 1 June 2025

The IndianOil Kotak card in brief

This is Kotak Mahindra Bank's fuel co-brand with IndianOil Corporation. It comes as a RuPay card that you can link to a UPI app (Kotak doesn't say if other networks are issued), and it costs ₹449 plus GST a year. For that small fee you get Reward Points worth 4% at IndianOil pumps, 2% on grocery and dining, and 0.5% on rest of the spends.

The caps is what you need to watch. Fuel points stop at 1,200 a statement cycle, worth ₹300 in the catalogue, and grocery and dining points stop at 800, worth ₹200. Kotak's "5% savings" on fuel is the 4% in points plus the 1% fuel surcharge waiver, and that waiver itself is capped at ₹100 a cycle. A modest fuel user, so, get almost the full rate; a heavy one hits the ceiling early.

One trap with UPI. Any payment made through UPI on this card earn 0.5% whatever the category, and the surcharge waiver doesn't work on UPI either. Tap or swipe at the pump to get the 4%.

Status and recent changes

The card is active and taking applications. Kotak was barred by the RBI from issuing new credit cards on 24 April 2024, and the RBI lifted that bar on 12 February 2025.
From 1 June 2025 the cashback value of a point went down from 25 paise to 20 paise. The catalogue value stayed 25 paise.
Unlike most Kotak cards, this one charges no fee on fuel transactions, which is the right call for a fuel card.

Compare it with the bank's other cards on our Kotak credit cards page, or read how fuel credit cards and surcharge waivers work.

IndianOil Kotak fees, explained

Joining fee ₹449, annual fee ₹449, GST extra on both. With 18% GST you pay ₹529.82 each time (18% of ₹449 is ₹80.82). The annual fee is waived when your retail spends in the previous anniversary year reach ₹50,000, about ₹4,167 a month (₹50,000 divided by 12). Most people who buy fuel and groceries on it clear that without trying. On add-ons the bank's papers don't match: the card page offers a free add-on card, but the KFS and MITC prints "NA" for the add-on fee.

Interest and penalties

Interest is 3.75% a month, which is 45% a year, and the interest-free period goes up to 51 days if the previous bill was cleared fully. Late fees follow Kotak's slabs: ₹100 when the amount due is above ₹100 and up to ₹500, ₹750 for above ₹5,000 to ₹10,000, ₹1,100 for above ₹25,000 to ₹50,000. A cash withdrawal costs 2.5% with ₹500 minimum, and interest runs from that day. For ₹30,000 the fee would be ₹750 (2.5% of ₹30,000). Going over your limit by ₹500 or more cost ₹500.

Spend-based fees

Fuel: no fuel transaction fee at all on this card.
Utilities: 1% on cumulative utility spends above ₹35,000 a cycle. Points on utilities stop only above ₹50,000, so between those two figures you pay the fee and still earn.
Rent: 1% of each payment plus GST. Education through third-party apps: 1%.
Wallet loads and online skill-based gaming: 1% each above ₹10,000 a cycle.
Forex markup and dynamic currency conversion: 3.5% each. ₹20,000 spent abroad cost ₹700 (3.5% of ₹20,000) plus ₹126 GST (18% of ₹700).
Card replacement: ₹100. Kotak hasn't published any redemption fee.

IndianOil Kotak: fees and charges

Joining fee	₹449 + GST
Annual or renewal fee	₹449 + GST
Annual fee waiver	Annual fee waived on retail spends of ₹50,000 in the previous anniversary year
Add-on card fee	Not published by the bank
GST	Charged on top of the fees and charges listed
In the bank’s words	Joining fee ₹449, annual fee ₹449; annual fee waived on ₹50,000 retail spends in an anniversary year (MITC, KFS). Card page: "Get a free Add-on card"; KFS and MITC print "NA" for the add-on fee.
Interest on unpaid balances	Up to 3.75% a month (45% a year)
Late payment fee	Up to ₹100: ₹0; >₹100-₹500: ₹100; >₹500-₹1,000: ₹500; >₹1,000-₹5,000: ₹600; >₹5,000-₹10,000: ₹750; >₹10,000-₹25,000: ₹900; >₹25,000-₹50,000: ₹1,100; >₹50,000: ₹1,300 (charged when no payment or less than the Minimum Amount Due is paid by the due date)
Cash withdrawal	2.5% on advance amount, subject to minimum of ₹500; interest charged from the date of the transaction until payment
Over-limit fee	₹500 (if over limit amount is equal to or greater than ₹500)
Forex markup	3.5% of the amount
Other fees	Rent payments: 1% of transaction amount + GST (MCC 6513) Utility spends: 1% on cumulative utility spends exceeding ₹35,000 per statement cycle Fuel transactions: Waived (no fuel transaction fee on this card) Wallet loading: 1% on cumulative wallet loading spends exceeding ₹10,000 per statement cycle Online skill-based gaming: 1% on cumulative online skill-based gaming spends exceeding ₹10,000 per statement cycle Education payments: 1% on all education payments made via third-party apps Dynamic currency conversion fee: 3.50% Card replacement: ₹100

How the points work

IndianOil fuel: 24 points per ₹150, which is 4% at 25 paise a point (24 times ₹0.25 is ₹6 on ₹150). Capped at 1,200 points a cycle, reached at ₹7,500 of fuel (1,200 divided by 24 is 50 blocks of ₹150).
Grocery and dining: 12 points per ₹150, or 2%, on MCCs 5812, 5814, 5813, 5411, 5311, 5399, 5422, 5451, 5499 and 5441. Capped at 800 points a cycle, which you reach at about ₹10,000 (800 divided by 12, times ₹150).
Everything else, and all UPI: 3 points per ₹150, or 0.5%.

Points are earned on multiples of ₹150 only, so a ₹1,000 fill earn on ₹900. No points at all comes on education, wallet loading, rent, online skill-based gaming, EMI, cash advances and fees. Utility points stop above ₹50,000 a cycle, government above ₹40,000 and insurance above ₹70,000.

Redeeming, and what a point is worth

The catalogue pays 25 paise a point. Cashback pays 20 paise, needs at least 2,000 points and is done through customer care on 1800 4100. At cash value the fuel rate falls to 3.2% (24 times ₹0.20 is ₹4.80 on ₹150), so the catalogue is the better route if you finds something useful there. Points expire 2 years after you earn them. The welcome gift is 1,000 points, worth ₹250 at catalogue value, for one transaction of ₹500 or more within 30 days, only on cards with a joining fee. Milestone rewards there are none on this card.

Three monthly patterns

Scooter rider, ₹10,500: fuel ₹3,000 is 20 blocks, so 480 points (20 times 24); grocery and dining ₹4,500 is 30 blocks, 360 points (30 times 12); other ₹3,000 gives 60 (20 times 3). Month 900 points (480 plus 360 plus 60), ₹225 at 25 paise (900 times ₹0.25); year 10,800 points (900 times 12), ₹2,700. Surcharge waiver ₹30 a month (1% of ₹3,000), ₹360 a year. Total ₹3,060 (₹2,700 plus ₹360). Spends of ₹1,26,000 a year (₹10,500 times 12) clear ₹50,000, so the fee went away from the second year.
Car owner, ₹27,000: fuel ₹7,500 hits the cap exactly, 1,200 points; grocery and dining ₹9,000 is 60 blocks, 720 points (60 times 12), under the 800 cap; other ₹10,500 is 70 blocks, 210 points (70 times 3). Month 2,130 points (1,200 plus 720 plus 210), ₹532.50 (2,130 times ₹0.25); year 25,560 (2,130 times 12), ₹6,390. Waiver ₹75 a month (1% of ₹7,500) on three fills of ₹2,500, so ₹900 a year. Total ₹7,290 (₹6,390 plus ₹900), annual fee waived.
Two cars and a big kitchen, ₹49,500: fuel ₹12,000 would give 1,920 points (80 blocks times 24), capped at 1,200; grocery and dining ₹15,000 would give 1,200 (100 blocks times 12), capped at 800. Other card spends ₹18,000 add 360 (120 blocks times 3), and ₹4,500 of UPI adds 90 (30 blocks times 3). Month 2,450 points (1,200 plus 800 plus 360 plus 90), ₹612.50 (2,450 times ₹0.25); year 29,400 (2,450 times 12), ₹7,350. Waiver 1% of ₹12,000 is ₹120 but caps at ₹100, so ₹1,200 a year. Total ₹8,550 (₹7,350 plus ₹1,200), about 1.44% of ₹5,94,000 spent (₹49,500 times 12, and ₹8,550 divided by that).

Pattern	Monthly spend	Points a month	Points value a year	Surcharge waiver a year	Total a year
Scooter rider	₹10,500	900	₹2,700	₹360	₹3,060
Car owner	₹27,000	2,130	₹6,390	₹900	₹7,290
Heavy household	₹49,500	2,450	₹7,350	₹1,200	₹8,550

Look at the last two rows together. The heavy household spend ₹22,500 more a month (₹49,500 minus ₹27,000) but earns only ₹1,260 more a year (₹8,550 minus ₹7,290), because both caps are already full. In all three cases the ₹449 fee is waived after year one.

IndianOil Kotak: higher-reward categories

Category	Rate	Cap
IndianOil fuel pump spends	4% back as Reward Points (24 points per ₹150), about 4% value	1,200 Reward Points (₹300) per statement cycle, ₹1,200, statement cycle
Grocery and dining (MCCs 5812, 5814, 5813, 5411, 5311, 5399, 5422, 5451, 5499, 5441)	2% back as Reward Points (12 points per ₹150), about 2% value	800 Reward Points (₹200) per statement cycle, statement cycle

IndianOil Kotak: how rewards work

Earned as	Reward Points
Base rate	0.5% back as Reward Points (3 points per ₹150) on all other spends. About 0.5% value back
Minimum spend rules	Points earned on transaction amounts in integer multiples of ₹150; UPI on credit card transactions earn 0.5% across all categories (accelerated rates not on UPI)
No rewards on	Education Wallet loading Rent Online skill-based gaming EMI Cash advances Fees and charges
Lower rewards on	Utility: no points on cumulative spends above ₹50,000 per statement cycle Government: no points above ₹40,000 per statement cycle Insurance: no points above ₹70,000 per statement cycle
Value of a point	Kotak Rewards catalogue: 25p per point Cashback via customer care (1800 4100): 20p per point; minimum 2,000 points
Redemption fee	Not published
Expiry	Reward points expire 2 years from the date on which they are earned (MITC)
Welcome benefits	1,000 Reward Points on a single transaction of ₹500 or more within 30 days of card issuance; only on cards with a joining fee; credited within 3 months
Milestone benefits	None published
Lounge access	Not published by the bank Condition: No lounge benefit published
Fuel surcharge waiver	1% waiver on transactions between ₹100 and ₹5,000 only at IndianOil outlets; maximum ₹100 per statement cycle; not on UPI transactions
Insurance cover	Not published by the bank

Getting the IndianOil Kotak card

Kotak doesn't list any age or income requirement on this card's page. That's a gap, not a sign there is none, the bank still applies its own policy to every application. Since the RBI sets no minimum income or age for cards, each issuer decides its own cut-offs.

Paperwork

Proof of identity, age and address.
Income proof or employment details, plus PAN card.
For the online form: name, phone number, PAN and Aadhaar, then a Video KYC call.

Ways to apply

Apply online on Kotak's website, where Video KYC ends with a virtual card you can use right away, or go to a Kotak branch or a bank representative. Ask for the Key Fact Statement first; the RBI requires the bank to give this one-page summary of rate and charges along with the application.

How the decision is made

The bank must assess your own means, taking into account the credit limits you have with other lenders. A credit score helps here, Experian treats above 750 as generally good on a 300 to 900 scale. If Kotak say no, it has to tell you the specific reasons in writing. Before activation the account can't be reported to credit bureaus, and an unactivated card has to be confirmed by OTP after 30 days or closed free. Approval is always Kotak's decision.

Points cashback, card blocking and other service go through 1800 4100; more contacts are on our Kotak customer care page.

IndianOil Kotak: eligibility and documents

Age (salaried)	Not published by the bank
Age (self-employed)	Not published by the bank
Income (salaried)	Not published by the bank
Income (self-employed)	Not published by the bank
Other conditions	Not published on the card page.
Documents	Identity proof Age proof Address proof Income proof or employment details PAN Card Online application: Name, Phone Number, PAN and Aadhaar, then Video KYC (VKYC)
How to apply	Online on the Kotak website (onboarding.kotak.bank.in): choose a card, share name, phone number, PAN and Aadhaar, complete Video KYC and receive a virtual card; or apply offline at a Kotak branch or through bank representatives. Dream Different (FD-secured) applications go through the Kotak811 app or website. White and White Reserve have no online Apply button (programme/RM-linked).
Card customer care	1800 4100

These are the bank's published conditions. Meeting them does not guarantee a card: approval and the credit limit are the bank's decision.

Other IndianOil co-brand cards

IndianOil have tie-up with several banks for co-brand cards. The side-by-side table here gives the full numbers, and below is the short version of who should pick which.

Kotak or HDFC Bank IndianOil

The IndianOil HDFC Bank card costs ₹500 plus GST, waived at ₹50,000 like Kotak's. It gives 5% as Fuel Points at IndianOil, but after the first 6 months the cap is 150 Fuel Points a month, which is 5% of just ₹3,000. Those points are worth ₹0.96 each as free fuel, so the monthly fuel ceiling is about ₹144 (150 times ₹0.96) against Kotak's ₹300. HDFC do better on the surcharge waiver, up to ₹250 a cycle, and it pays 5% on bills too. Small fuel users can pick either; bigger ones, Kotak.

Kotak or Axis Bank IndianOil

The IndianOil Axis Bank card also charges ₹500 plus GST, but the waiver needs ₹3,50,000 a year. It pays 4% value back at IndianOil on up to ₹5,000 of fuel a month, at most 1,000 points worth ₹200, and 1% on online shopping. Its surcharge waiver tops out at ₹50. The welcome deal is generous, up to 1,250 points on the first fuel fill. For most families Kotak's lower waiver bar and bigger fuel cap wins.

Kotak or RBL IndianOil XTRA

The IndianOil RBL Bank XTRA is built for heavier users: 15 fuel points per ₹100, worth 7.5% at 50 paise a point when used at IndianOil, up to 2,000 points a month, or ₹1,000 of fuel value (2,000 times ₹0.50). It costs ₹1,500 plus GST from the first year, so ₹1,770 with tax (₹1,500 plus ₹270), and is waived only on ₹2.75 lakh of yearly spends. Its fuel rate beats Kotak's by 3.5% (7.5% minus 4%), which covers that fee once you fill about ₹4,214 a month (₹1,770 divided by 3.5% is ₹50,571 a year, divided by 12). Below that, or if groceries are your bigger spend, Kotak's 2% grocery rate and ₹449 fee make it the better keep.

More fuel options are on our best fuel credit cards page and the credit cards hub.

IndianOil Kotak against similar cards

Term	IndianOil Kotak Credit Card This card	IndianOil HDFC Bank Credit Card	IndianOil Axis Bank Credit Card	IndianOil RBL Bank XTRA Credit Card
Bank	Kotak Mahindra Bank (Kotak)	HDFC Bank	Axis Bank	RBL Bank
Joining fee	₹449 + GST	₹500 + GST	₹500 + GST	₹1,500 + GST
Annual fee and waiver	₹449 + GST. Annual fee waived on retail spends of ₹50,000 in the previous anniversary year	₹500 + GST. Renewal fee waived on annual spends of ₹50,000	₹500 + GST. Annual fee waived for an anniversary year with eligible spends of INR 3,50,000 or more (rent, wallet loads, EMI, cash, fees, insurance and disputed transactions excluded).	₹1,500 + GST. Annual fee waived on eligible spends of INR 2.75 lakh in a year (excluded categories do not count)
Base reward	0.5% back as Reward Points (3 points per ₹150) on all other spends (about 0.5% value)	1 Fuel Point for every ₹150 spent on other categories, including UPI...	1 EDGE REWARD Point per INR 100 on other eligible retail spends (about 0.2% value)	2 fuel points per INR 100 on all other purchases... (about 1% value)
Best category	IndianOil fuel pump spends: about 4% value	IndianOil fuel pumps and outlets: about 5% value	Fuel at IndianOil outlets: about 4% value	Fuel at select IndianOil fuel stations: about 7.5% value
Lounges	Not published by the bank	Domestic: None International: None	Domestic: None stated International: None stated	Domestic: None listed International: None listed
Forex markup	3.5% of the amount	3.5% of the amount	3.5% of the amount	3.5% of the amount
Network	RuPay	RuPay	RuPay	Mastercard, RuPay
Published minimum income	Not published by the bank	₹12,000 a month	Not stated on the card page	Not published by the bank
Status	Taking applications	Taking applications	Taking applications	Taking applications

Frequently asked questions

What is the IndianOil Kotak fee, and how is it waived?

The joining fee and annual fee are ₹449 each, plus GST, as per Kotak's MITC and Key Fact Statement. The annual fee is waived when your retail spends in the previous anniversary year reach ₹50,000, which is about ₹4,167 a month (₹50,000 divided by 12). Anyone who uses the card regularly for fuel and groceries should clear that comfortably.

What are IndianOil Kotak Reward Points worth?

A point is worth 25 paise in Kotak's rewards catalogue and 20 paise as cashback, which you request through customer care on 1800 4100 with at least 2,000 points. So the 4% on IndianOil fuel holds at catalogue value and becomes 3.2% as cash, because 24 points at 20 paise is ₹4.80 on ₹150. Points expire 2 years after they are earned.

Who is eligible for the IndianOil Kotak Credit Card?

Kotak does not publish age or income criteria on the card page. Applicants give identity, age and address proof, income proof or employment details and a PAN card, and the online route uses PAN, Aadhaar and Video KYC. You can also apply at a Kotak branch. The bank assesses your income and existing credit, and the decision is Kotak's alone.

Does the IndianOil Kotak card offer lounge access or low forex?

No lounge benefit is published for this card. Foreign currency spends carry a 3.5% markup, and dynamic currency conversion is also 3.5%, with GST extra. So ₹20,000 spent abroad costs ₹700 in markup (3.5% of ₹20,000) plus ₹126 GST. It is built for fuel and groceries, not for travel.

What changed on the IndianOil Kotak card in 2025?

From 1 June 2025 the cashback redemption value fell from 25 paise to 20 paise a point, while catalogue redemption stayed at 25 paise. Kotak's portfolio changes from that date also brought 1% fees on some spends above set limits, such as utility spends above ₹35,000 a cycle on this card. Fuel transactions on this card remain free of any fuel fee.

Do I get 4% back if I pay for fuel by UPI with this card?

No. UPI payments made with the IndianOil Kotak card earn 0.5% in every category, so fuel paid by UPI earns 3 points per ₹150 instead of 24. The 1% fuel surcharge waiver also does not apply to UPI payments. To get the 4% and the waiver, tap or swipe the card at the IndianOil pump.

Sources

Kotak Mahindra Bank: Most Important Terms & Conditions and Cardholder Agreement, Retail Cards (English); Key Fact Statement - Indian Oil Kotak Credit Card (version KFSIOK12032026); IndianOil Kotak Credit Card product page; Credit Card - Apply for Credit Card Online (Kotak credit card listing page); Contact Us (Kotak Mahindra Bank customer service)

Last verified: 5 November 2026

Written by Rashmi Mandana, reviewed by BankCreds Financial Experts

BankCreds does not sell cards or take applications. Fees and rewards change; the bank's own terms on the day you apply are what count, and approval is the bank's decision.