Find out the best business bank accounts in India for your small or medium sized business. Learn more about your options and know how to choose right one!
Citibank is known the world over for its banking services globally. In India, they offer a few banking and investment options for domestic businesses. Their business accounts come in two categories:
Citi Commercial Bank for investments for mid-market enterprises, small to medium enterprises and local corporates.
CitiBusiness banking for micro to small enterprises.
With every Citibank account, you get the global reach and great service one has come to know from the company, but the minimum relationship value tends to be higher than other local Indian banks. Learn more about what Citibank can offer Indian businesses and if they could be the right partner for you.
Most small to medium-sized businesses will fall within the CitiBusiness Account. The main features of this account are¹:
- Online and national banking across the country
- A dedicated Citi relationship manager to guide and support you
- Service relationship managers to take care of day to day transaction and banking needs
- Assistance for advice on banking and finance issues like forex, trades, and lending by qualified commercial bank counselors.
- Direct Tax payment through your Citi commercial bank
- Cash management solutions for payments and receivables
One of the biggest draws of Citibank is the global presence in more than 102 countries. There is no need for correspondent banks and outward/inward remittances can be done anywhere in the world quickly.
The other business account that Citi offers is the OneWorld for foreign MNCs in India. It is specialized banking solutions for large corporates to help with FDI/ capital account transactions, regulatory requirements, approvals, FX Market advisory and bank account set up for different currencies.²
Last but not least, Citi also offers a banking account called CitiBusiness Leap for startups. It allows new startups to get the average monthly relationship value waived for the first 12 months. You also get a Citi corporate card and a dedicated relationship manager too. But check the charges below to see if Citibank does make sense for a new company.³
Citibank offers a wide range of business services to customers. This includes loans, trade services, credit, foreign exchange, and cash management services.
They also offer:
- Citibank Online which was voted Asia’s Best Consumer Internet Bank between 2009-2011
- Import and export financing at LIBOR denominated rates
- A Citibank treasury with hedging solutions to manage currency risk
- State of the art technology and processing systems to get things done quickly.
Citibank is strongest in its foreign exchange and trade services due to the breadth of its reach. The multinational aspect of Citibank lets customers take advantage of services within trade, import/ exports, international guarantees, letters of credit, local guarantees to domestic bills and integration of trade and foreign exchange services.⁴
You can simply apply online on the Citibank website with your contact details for a relationship manager to contact you. You can also access Citibank’s business account opening form directly from their website to get started, or stop into a Citibank branch near you.
Doing business overseas and need to receive international business payments? Wise could save you money versus your bank
Banks will often provide services to transact globally, but they come at a price. Whether through separate charges or unfriendly exchange rates, you end up getting a good chunk of your money lost to the bank’s bottom line.
Wise offers Indian businesses and freelancers with account details in 8 different currencies to receive payments from abroad. Your clients pay you with a local transfer in their currency, and you receive rupees in your INR bank account — with eFIRC for every transfer.
To open any business bank account with Citibank you will first need identification proofs for all signatories and for the business. This includes a photo ID, signature proof and address proof.
In addition, you will need to provide the requisite company registration documents and PAN information. Consult your relationship manager on which exact documents you will need.⁵
Citi business accounts carry a number of charges that are dependent on your average monthly relationship value with the bank. The higher that number is, the fewer fees you have to pay. There are also different charges between Tier 1 and Tier 2 cities, as well as if you are conducting business online, by phone or at the branch. Here are some of the common charges below:⁶
|Average Monthly Relationship Value||₹15 lakhs or more||Up to ₹15 lakhs||Minimum of ₹5 lakhs in Tier 1 cities*||Minimum of ₹3 lakhs in Tier 2 cities**|
|The minimum monthly charge for amount non maintenance||N/A||N/A||₹1500||₹1000|
|Citibank Atm charges||Free||Free||Free||Free|
|Non-Citibank Atm charges||Free||Free up to 5 withdrawals per month; ₹17.80 thereafter||Free up to 5 withdrawals per month; ₹17.80 thereafter||Free up to 5 withdrawals per month; ₹17.80 thereafter|
|Cheque Pickup charges||Free||Free||500 per month||500 per month|
|Cash Deposits||Free up to ₹50 lakhs per month; then ₹3 per ₹1000 with a minimum charge of ₹50||Free up to ₹10 lakhs per month; then ₹3 per ₹1000 with a minimum charge of ₹50||Free up to ₹1 lakh per month; then ₹3 per ₹1000 with a minimum charge of ₹50||Free up to ₹1 lakh per month; then ₹3 per ₹1000 with a minimum charge of ₹50|
|Cheque Return Inward||₹375||₹375||₹375||₹375|
*Tier 1 Cities: Mumbai, Delhi, Noida, Gurgaon, Faridabad, Kolkata, Chennai, Bangalore, Pune, Hyderabad, Ahmedabad and Thane
**Tier 2 Cities: Aurangabad, Chandigarh, Cochin, Coimbatore, Jaipur, Lucknow, Nagpur, Nashik, Baroda, and Surat
You can contact CitiBusiness by writing to firstname.lastname@example.org or sending an SMS to 52484 with BIZ. You can also stop by your nearest branch usingCitibank Branch/ ATM locator or finding answers to anything you need at the Citibank Support Page. Once you have your account, you can always contact your Relationship Manager with any questions.
Get started with a Wise Business Account, and save with a low-cost transfer fee and mid-market exchange rate - which is the same as the one you see on Google.
Sources used for this article
- CitiBusiness Account
- Citi Startups
- CitiBusiness Services
- Requirements to Open a Citi Business Account
- Citi Schedule of Charges
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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