Citibank Savings Account

• Citibanking Savings Account – A savings account with attractive benefits and privileges including complimentary lounge access, banking services, personal banker and many more. Let us have a look at the features of this account:

• A free Citibank Platinum Debit Card and a free ATM cash withdrawal facility worldwide and a daily spending along with Rs 1 lakh of withdrawal limit
• Reward points earned by using the debit card for purchases
• 1 reward point for spends worth Rs. 100 on the card redeemable as cash or air miles and 2 times the air miles on Air India and Jet Airways airlines if the customer is a frequent flyer program member of the respective airline
• The bank provides the services of an expert personal banker for complete financial planning of the customer
• Citibank offers an Emergency Cash Advance of up to 1000 USD if the debit card is lost or stolen abroad
• Ease of access in use of account through Citibank Online Banking platform, Citi Mobile & SMS Banking, CitiPhone Banking and Branch Banking services
• The bank requires one to keep a minimum relationship value of Rs. 2 lakh which can be maintained in various forms like demat account, term deposits, home loans, insurance, etc.
• The rate of interest on the account is 4% per annum which is calculated daily on the end of day balance and is paid half-yearly
• Zero transaction fee at IndianOil outlets across India which are affiliated with Citibank
• 20% off on dining bills across 2000 partner restaurants
• Special shopping offers and deals across multiple merchant outlets
• Up to 4000 bonus reward points on signing up for a Citibank Rewards Credit Card along with the Citibanking Account
• Personal loan available up to Rs. 15 lakhs and home loan up to a value of Rs. 10 crore with a flexible repayment term
• These accounts can also be opened as joint savings accounts

• Citi Priority Account – A premium savings account by Citibank offering a gamut of privileges including personalised services for upwardly mobile customers. Highlights of the Citi Priority Account are mentioned below.
  • Access to a host of personalised services including super quick account related support on the 24x7 CitiPhone helpline, exclusive services of a Citi Priority Personal Banker, range of investment options with world-class wealth management services, access to personal Digital Financial Planner, and access to priority channels with improved turnaround time for account maintenance requests
  • The Citi Priority Account comes with an exclusive Citi Priority World Debit Card which offers restricted privileges. It gives complimentary lounge access at select airports in India in addition to two times the air miles on Jet Airways. It also gives 2 reward points for every Rs. 150 spent and has a significantly higher daily cash withdrawal limit of Rs. 1.5 lakhs and offers savings of up to 20% at over 2,000 restaurants. The card offers complimentary golf rounds and lessons at 11 world-class golf courses.
  • Preferential pricing and zero processing fee for Citibank personal loans
  • Discounted Booking fees and waiver of application fees for Citibank Home Loans
  • Citibank Premier Miles Credit Card with welcome bonus of 10,000 miles plus first-year fee waiver for Citi Priority clients
  • Personal Accident Insurance Policy with minimum documentation and a cover of up to Rs. 50 lakhs.
  • Simplified banking through Citibank Online banking platform, Citi Mobile, SMS or Mobile Banking and Tablet Banking
  • Access to global banking services and support – access to emergency cash during international travel with a standard daily limit of USD 3,000, global account opening assistance, Citi World Privileges by way of exclusive offers and discounts at over 40,000 merchants in 30 countries
  • Free withdrawals at any ATM around the world
• Citibank Savings Account for Expatriates – A savings account created specifically for expatriates for their banking needs. The features and benefits of the account are listed below.
• One-time documentation for easy remittances
• The bank provides the services of an expert personal banker for complete financial planning of the customer
• Ease of access to various financial solutions like mutual funds, time deposits and forex services at one place
• Facility of an Emergency Cash Advance of up to 1000 USD if the debit card is lost or stolen abroad.
• Citibank minimum balance requirements are in the form of a relationship value of a minimum of Rs. 2 lakhs which can be maintained in the form of different Citibank investment products like demat account, term deposits, loan, insurance, etc.

• Option to avail the Citibank Platinum Debit Card which comes with a free worldwide ATM cash withdrawal facility and a daily spending and withdrawal limit of Rs. 1 lakh. Moreover, 1% cash back is given on all debit card spends plus 2 air miles for every Rs. 100 spent on Jet Airways and Air India airlines if one is a frequent flyer program member of either airlines.
• This Citibank saving account interest rates are equal to 4% per annum which is calculated on the end of day balance everyday and paid at half-yearly intervals
• Zero transaction fee at IndianOil outlets across India which are affiliated with Citibank
• 20% off on dining across 2000 popular partner restaurants
• Shopping concessions in the form of special shopping offers and deals across multiple merchant outlets

• Citibank Suvidha Salary Account – A zero balance salary account for working individuals. The features and benefits of the account are as follows:

• Citibank provides an instant account opening kit immediately on account opening which includes an ATM/debit card, at par cheque book along with PIN details
• Daily limit on ATM/debit card for shopping and cash withdrawal is Rs. 50,000
• Optional choice of photo debit card for greater safety
• Free demand draft delivery at 1100 locations across India
• Free NEFT, RTGS and IMPS fund transfer facility
• Complimentary utility bill payment facility to pay utility bills online of over 150 service providers in 3 simple steps
• Ease of access through Citibank Online Banking, Citi Mobile & SMS Banking, CitiPhone Banking and Branch Banking
• 24x7, free of cost Citibank customer assistance anywhere in the world
• Free monthly online account statements and duplicate account statements whenever requested
• Automatic overdraft facility equivalent up to 5 times one’s net monthly salary, limited to a maximum of Rs. 5 lakh post the first salary credit for emergency requirements
• Preferential pricing with attractive rates on personal loan and products
• Reward points for all transactions made through the debit card, redeemable as cash credit to the Citibank salary account
• Savings of up to 20% on dining across 2000 partner restaurants across the country
• Zero fuel surcharge across IndianOil partner outlets in India
• The rate of interest offered is 4% per annum which is calculated daily on the end of day balance and paid half-yearly
• Reward points even on select banking transactions in the new Banking Rewards Program. The reward points are earned on various banking transactions like the first login into Citi Mobile within 60 days of account opening, first fund transfer using IMPS within 60 days of account opening, carrying out of standing instructions for payment of Citibank credit card bill or loan EMIs or SIP and also on bill payments on Citibank Online platform

• Citibank Senior Account – A savings account designed for senior citizens giving them attractive offers and banking privileges. The features and benefits of the account are mentioned below:

• 0.5% extra rate of interest on deposit amounts – fresh as well as renewal, of less than Rs. 1 crore for senior citizen account holders
• Citibank Senior Account offers flexible deposit terms, automatic roll-over facility which reinvests the proceeds on maturity for earning continued interest and an overdraft facility on linking the deposit account with the current account
• Free unlimited ATM withdrawals at ATMs all the banks
• A one-glace account statement gives crisp details facilitating ease of understanding
• Complimentary utility bill payment facility makes it easy to pay the utility bills online of over 80 service providers across India
• Free electronic funds transfer facility
• Discounts at selected merchants and restaurants on the Citibank Debit Card in India
• Citibank provides the services of a trained and certified investment consultant who offers expert advice on investment decisions on a wide range of financial products like mutual funds, bonds, structured and alternate products
• Insurance services and solutions include life insurance, home loan insurance, travel insurance, comprehensive health insurance and insurance on personal loans
• Option to choose from a wide range of debit cards

• Citibank Junior Account – A savings account for minor children to give them banking education at an early age. The features and benefits of the account are as follows:

• The account can be opened for children below 18 years of age with 2 account holders. The first account holder will be the minor child and the second holder will be the parent or the guardian.
• The parent or the guardian must already have a savings account with Citibank before they can open an account for their child
• A Citibank Junior Debit Card is available to children above 15 years of age. It has the facility of free cash withdrawal at all Citibank ATMs and can be used to make payment for shopping in India and foreign countries.
• The parent or the guardian can fix the debit card limit for their child
• The parent or guardian can issue standing instructions to transfer money from their account to their child’s account which can be used to invest in deposits, mutual funds, etc.
• Free electronic funds transfer facility
• Savings at select merchants and restaurant outlets across the country while making use of Citibank debit card
• 24x7 customer assistance through CitiPhone Banking and free access to online banking services
• Availability of Investment Services Account for the child which provides the services of certified investment consultants on a range of investment products and access to financial market reports
• Saving options by way of Systematic Investment Plan (SIP) which harness Citibank’s global expertise in investments

• Citibank Basic Savings Bank Deposit Account and Small Accounts – This is a savings account from Citibank in context with the Pradhan Mantri Jan Dhan Yojana floated by the government of India. The features and benefits are as follows:

• The account entitles the holder with a ATM/debit card and a cheque book
• There is no minimum relationship value requirement which needs to be maintained with the bank
• There are annual transaction limits on the small accounts. These include an aggregate limit on credit transactions up to Rs. 1 lakh, aggregate withdrawals and transfers should not exceed Rs. 10,000 in any month, and the balance in the account at any point of time should not exceed Rs. 50,000.
• Transactions involving foreign remittances will not be allowed unless the account holder establishes his/her complete identity by submitting officially valid documents
• In addition to the above features and benefits, savings accounts opened under the Pradhan Mantri Jan Dhan Yojana comes with a personal accident cover of Rs. 1 lakh for protection against accidental injuries, accidental death and permanent disability

An individual can apply for a savings account by Citibank in various ways. One can open a Citibank savings account online or visit one of the many Citibank branches or open a savings account through the 24x7 phone service.

• Applying Online

In keeping with the rising trend of online transactions, the bank accepts applications for a savings account online through its website. The process is simple:

Visit www.paisabazaar.com and use the eligibility calculator tool to check whether or not you are eligible for your desired type of savings account. You can choose from the range of suitable options displayed and click over it, thereafter the bank official will contact you for the procedure that is to be followed.

After the necessary analysis, the bank will accept the application and contact the applicant for further process. The customer does not have to get into an unnecessary hassle in order to open an account. He or she simply needs to log in to the  website, choose the relevant tab, fill in required details, supply the necessary documentation and the account can be opened.

The applicant needs to give his personal details which the bank may require to match with the eligibility criteria laid down for availing the relevant type of savings account. If the applicant’s profile matches the required norms, the eligibility process is complete and the applicant will be asked to submit the necessary documents for Citibank savings account as mentioned on the website. Once all the requirements for Citibank savings account are met with and all the documents are verified post submission, then the account is opened.

• Applying via a branch
• Applying through Phone

The bank provides the facility of phone banking which is available 24x7. The phone numbers are location specific and can be found on the bank’s website. The customer can call the relevant number, request for the specific type of savings account and the bank’s executive will get in touch to complete the necessary formalities associated with the account opening procedure.

Managing the Account

Citibank offers a host of facilities to customers of Citibank savings accounts enabling him or her to efficiently manage the account, anytime and anywhere without having to visit the branch for any transaction. These facilities include:

• Citibank Online Banking – a safe and secure way to make any transaction or monitor the account through a unique User ID and Password wherein the customer can log into the bank’s online interface
• Citi Mobile – the facility of Mobile banking and SMS alerts on every account transaction. The customer can make transactions and even manage the account through a mobile phone device.
• Branch Banking – for a more traditional customer, the bank has an extensive network of Citibank branches where any individual can visit to transact or to make enquiries relating to his or her account. The bank executives serve the customer accordingly.

• What is Net Relationship Value (NRV)? How is NRV calculated?

Net Relationship Value (NRV) is the total of the average value of certain relationships a customer holds with Citibank. It is calculated on a monthly basis. NRV not only takes into account the savings with Citibank (i.e. the savings balance) in one’s account but also includes fixed deposits, investments and insurance policies taken through Citibank, outstanding principal on Citibank Home Loans and a part of the holdings in the Citibank Demat Account.

• Are there any charges levied on my account in case the NRV falls below the threshold limit?

Yes, non-maintenance charges are levied if the NRV falls below the threshold limit. The charges are Rs. 500 for domestic customers and Rs. 400 for non-resident Indians.

• How does one get to know if the NRV has fallen below the threshold limit?

Citibank sends intimation by SMS and email when the NRV in a customer’s account falls below the threshold limit and also when a non-maintenance charge is levied on the account.

• How can one find out the NRV of one’s account?

One can find out the average monthly NRV of one’s account in the monthly account statement sent out by Citibank by post or email.

• How can one find out the minimum NRV requirement to be maintained against one’s account?

The minimum monthly NRV threshold limit varies depending on the type of savings account with Citibank. The Schedule of Charges mentions the figure applicable against each type of Citibank account.

• Details of Citibank savings account charges

• Monthly fee (if the average net monthly relationship value goes below Rs. 2 lakh) : 1% of shortfall or Rs. 600, whichever is lower)
• Deposited cheque bounces : Rs. 100
• Issued cheques, foreign currency cheque return, ECS bounce: Rs. 350
• Outward foreign currency telegraphic transfer/telex transfer : Rs. 250
• Debit card use at a petrol pump : 2.5% surcharge subject to a minimum of Rs. 10 (waived on Citibank EDCs at IndianOil pumps)
• International use of debit card for shopping or at ATM : 3.5% mark-up
• Rail ticket booking/cancellation through IRCTC : Rs. 10 or 1.8% of the transaction amount (whichever is higher)

Details of free of charge transactions on a Citibanking Account

• ATM withdrawals and balance enquiry at any ATM in India
• ATM withdrawal at any ATM worldwide
• NEFT/RTGS
• Demand draft's issuance and cancellation
• Cheque book reorder
• Duplicate statement
• Stop payment
• Account closure
• Foreign currency draft issuance and cancellation
• Foreign currency conversion charge for FCY sale/purchase
• Outstation and foreign currency cheque collection
• Signature verification
• Account re-activation
• Utility bill payment
• Debit card for family members and debit card reissuance