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  • How To Apply For Savings Account in Citibank

    For customers that wish to save for the future or accumulate their savings along with a host of other privileges, they can opt for savings account with Citibank. Catering to different sections of the population, Citibank has rolled out a variety of savings account, from a basic savings account, to a salary account, expatriate savings account, senior citizen savings account, savings account for juniors, etc. Some of the privileges that come with such accounts are reward points for every transaction, interest over deposits, internet banking facilities, phone banking facilities, 24/7 customer care service, etc.

    Types of Citibank Savings Accounts

    Before we get into how one can open a savings account with Citibank, let's discuss the types of savings accounts offered by Citibank.

    Citibank Savings Account

    The Citibank savings account is the regular savings account that can be used for personal banking by Citibank customers. The features and benefits of the Citibank savings account are listed below:

    Features and Benefits of Citibank Savings Account:

    • When opening the account, customers are granted a free Citibank Platinum debit card which comes with a daily withdrawal limit of Rs.1 lakh. The Citibank Platinum debit card can be used worldwide.
    • For every purchase made using the CitiBank Platinum debit card, customers are granted reward points. For every Rs.100 spent, 1 reward point is granted. The reward points can be redeemed in the form of cash or air miles.
    • Customers holding the Citibank savings account can get the help of a financial expert at their bank branch to plan their finances and investments.
    • If in case the customer’s debit card is either lost or stolen, he/she can avail the Emergency Cash Advance facility up to $1,000.
    • Customers can access their account either through their internet banking account, or through the Citi Mobile and SMS banking facility and the Citi phone banking facility.
    • Customers are required to keep a minimum relationship value amounting to Rs.2 lakh, which can be in the form of a home loan, Demat account, term deposit, insurance, etc.
    • Customers have the benefit of 4% interest rate over their deposits. The interest is paid half-yearly.
    • With the CitiBank Platinum debit card customers are not charged a transaction fee at all IndianOil outlets.
    • Customers can avail the 20% off offer on dining bills at over 2,000 partner restaurants.
    • Citibank customers are granted 4,000 introductory reward points when up for the Citibank Rewards Credit Card.
    • Through the Citibank savings account, customers can avail personal loans up to Rs.15 lakh and home loans at attractive rates.
    • The Citibank savings account can be opened as a joint account as well.

    Expatriate Citibank Savings Account

    Catering to the specific need of Citibank expatriate customers, listed below are the features and benefits of the account:

    • The Expatriate Citibank savings account gives customers the convenience of a one-time documentation for remittances.
    • Customers holding the Expatriate Citibank savings account can get the help of a financial expert at their bank branch to plan their finances and investments.
    • One can avail the Emergency Cash Advance facility up to $1,000 if in case the customer’s debit card is either lost or stolen.
    • Through this account, customers can invest in mutual funds, term deposits, etc.
    • Customers are granted a free Citibank Platinum debit card which comes with a daily withdrawal limit of Rs.1 lakh. The Citibank Platinum debit card can be used worldwide.
    • With the Citibank Platinum debit card customers are granted 1% cashback for every transaction. If the customer is part of the frequent flyer program, he/she is granted 2 miles points for every Rs.100 spent.
    • Citibank customers can avail the 20% off offer on dining bills at over 2,000 partner restaurants.

    Citi Priority Account

    Catering to the personal needs of their customers, Citibank has rolled out the Citi Priority Account. The features and benefits of the account are listed below:

    • The Citi Priority Account comes with the benefit of the 24/7 Citiphone helpline.
    • With this account, customers come in contact with world-class wealth management services and have access to the Digital Financial Planner.
    • When opening the account, customers are granted a Citi Priority World debit card, which gives them the privilege of access to airport lounges for privileged customers, and can also earn reward points for every transaction made. For every Rs.150 spent, customers are granted two reward points.
    • Citi Priority World debit card comes with a raised withdrawal and spending limit of Rs.1.5 lakh per month.
    • Citibank customers holding the Citi Priority World debit card can avail the 20% off offer on dining bills at over 2,000 partner restaurants.
    • Through this account, customers can avail personal loans at attractive interest rates and zero processing fee.
    • If a customer applies for a home loan through this savings account, the application fee will be waived.
    • For customers that apply for the Citibank Premiermiles Credit Card, on approval they will receive a introductory bonus of 10,000 miles.
    • Customers can avail a personal accident insurance cover up to Rs.50 lakh.
    • Customers holding this account can access it through the Citibank’s phone banking, tablet banking and mobile banking services.
    • One can avail the Emergency Cash Advance facility up to $3,000 if in case the customer’s debit card is either lost or stolen.
    • Withdrawals at any ATM across the world are completely free.
    • Customers can avail the Citi World Privileges, that come with offers and discounts at over 40,000 merchants across 30 countries.

    Citibank Suvidha Salary Account

    The Citibank Suvidha Salary Account is a zero-balance account and is specifically designed for working individuals. The features and benefits are listed below:

    • On opening the account, customers are granted a free debit card and cheque book.
    • The daily withdrawal and spending limit is set at Rs.50,000.
    • Customers can also personalise their debit card with their photo.
    • Through the internet banking facility, customers can transfer funds through the NEFT, RTGS and NEFT facilities.
    • Customers can also pay their utility bills through the bill payments facility linked to their savings account.
    • Customers can access their account through the Citibank’s phone banking, tablet banking and mobile banking services.
    • 24/7 Citibank customer care service.
    • Through the Citibank Suvidha Salary Account, customers can carry out the automatic overdraft facility that is equivalent to 5 times the salary of the working individual and limited to Rs.5 lakh.
    • Through this account, customers can avail personal loans at attractive interest rates and zero processing fee.
    • Citibank customers can avail the 20% off offer on dining bills at over 2,000 partner restaurants.
    • Currently the rate of interest over deposits for the Citibank Suvidha Salary Account is 4%.
    • Customers can earn reward points for every transaction.

    Citibank Senior Account

    Specifically designed for senior citizens, the features and benefits of the savings account are listed below.

    • Customers holding the Citibank Senior Account can enjoy the benefit of 0.5% extra interest rate on deposits.
    • Through the Citibank Senior Account, customers can invest in term deposits, can carry out the overdraft facility, etc.
    • Customers can make free and unlimited withdrawals from any ATM in the country.
    • Customers can request for a detailed bank statement to check the flow of their finances - in and out of their account.
    • Citibank customers can avail discounts at all partner merchant sites and restaurants with the debit card offered when opening the account.
    • Customers can avail personal loan insurance, home loan insurance, travel insurance, at attractive rates through this account.

    Citibank Junior Account

    Designed to save for the future of a child/minor, the features and benefits of the Citibank Junior Account are listed below.

    • This account can be opened for individuals below 18 years old.
    • For this account, the primary account holder is the minor and the secondary account holder is the parents or guardians.
    • The parents and guardians are required to have an existing savings account with Citibank to be eligible to open the Citibank Junior Account on behalf of the minor.
    • The debit card limit is set by the parents of guardians of the minor.
    • The Citibank Junior Account can be used to invest in mutual funds, term deposits, etc., on behalf of the minor.
    • Free access to internet banking and phone banking facilities.
    • Customers can enjoy the benefit of the 24/7 customer care service.

    Citibank Basic Savings Bank Deposit Account and Small Account

    Specifically designed for those with from rural areas and those who do not have proper documentation, Citibank has rolled out the Citibank Basic Savings Bank Deposit Account and Small Account. The features and benefits of the account are listed below:

    • Customers holding the Citibank Basic Savings Bank Deposit Account and Small Account are granted a free debit card and cheque book when opening the account.
    • No minimum balance requirement with this savings account.
    • Withdrawals cannot exceed Rs.10,000 a month.
    • The balance in the account at no point should exceed Rs.50,000.
    • Foreign remittances are not allowed with this account.
    • For Citibank Basic Savings Bank Deposit Account and Small Account opened under the Pradhan Mantri Jan Dhan Yojana, a Rs.1 lakh personal accident cover is offered.

    Steps to Apply for Savings Account with Citibank

    Customers can open a savings account either online or at the bank branch nearest to them. To do so, they would need to follow the steps mentioned below:

    Steps to Open a Citibank Savings Account Online:

    • Visit the Citibank official banking website.
    • Click on “banking” once the homepage is displayed.
    • Now, choose the savings account you wish to open.
    • Click on “open a bank account”.
    • Now enter details such as your name, mobile number, city, profession and annual income.
    • Click on the “I agree to the terms and conditions” button.
    • Next, click on “call me”.
    • If the eligibility criteria is met, customers will receive a call from the bank executive.
    • Once this is done, you will have to visit the bank with your KYC documents for the verification process.
    • Following approval to open a savings account, customers will receive a notification message on their registered mobile number that their account is now active and will receive a welcome kit.

    Steps to Open Citibank Savings Account Offline:

    • Visit the Citibank branch closest to you.
    • Ensure you carry all the required KYC documents.
    • At the bank, inform the bank executive that you wish to open a savings account.
    • Choose the savings account you wish to open.
    • Fill in the application form for that particular account.
    • Submit the required KYC documents - Identity and Address proof.
    • The verification process will begin once the application form and the KYC documents have been submitted.
    • The bank will notify you when your savings account has been activated, and you will receive a welcome kit.

    Documents Required to Open Citibank Savings Account

    Listed below are the documents required to submit when applying for a Citibank savings account.

    • Proof of identity - Aadhaar card, Passport, PAN, etc.
    • Proof of Address - Passport, Driver’s licence, Voter’s ID, etc.
    • PAN card copy.
    • Employment letter (if required).

    FAQs

    1. Can you tell me what exactly is the Net Relationship Value (NRV)?

    The Net Relationship Value is nothing but the monthly average balance requirement a customer has to meet to avoid penalisation for non-maintenance of the account. The monthly average balance is calculated based on the balance in the account at the end of each day divided by the number of days in the month. Customers do not need to park the amount equivalent to the monthly average balance in their account to meet the requirement.

    2. Is it possible to open a joint savings account with Citibank?

    Yes, customers can open a joint account with Citibank provided that the primary account holder as well as the secondary account holder submit the required KYC documents.

    3. Can I add a nominee for my savings account?

    Yes, when opening the savings account, you can add a nominee for the account. For this, you will have to fill in the nomination form and submit the KYC details of the nominee.

    4. How can I access my Citibank savings account?

    You can access your Citibank savings account either through the internet banking facility, phone banking facility or at the local bank branch.

    5. Can you name some of the free facilities that come with a Citibank savings account?

    • ATM withdrawals and balance enquiry at any ATM in India
    • Fund transfers through NEFT/RTGS facilities
    • ATM withdrawal at any ATM in the country or overseas
    • Issuance of demand drafts
    • Request for a cheque book
    • Request for a duplicate statement
    • Stop cheque or fund transfer payment
    • Closure of account
    • Draft issuance in foreign currency and cancellation
    • Foreign currency conversion
    • Foreign currency cheque collection
    • Verification of signature
    • Reactivation of account
    • Payment of utility bills
    • Reissuance of debit card

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