Complete guide to education loans available for Indian students pursuing higher studies abroad. Read on to go over the available options & general requirements.
Citibank India offers NRI services, but they do require higher minimum balances versus other Indian banks. Learn more about Citibank NRI accounts below and see if they can be a good fit for your money.
|⚠️ Citibank announced in spring of 2021 that it will be exiting from it’s Indian retail banking business, along with other countries in Asia and Africa.¹|
|📝 Table of contents|
Citibank offers savings accounts, term deposits, and overseas transfer services for NRIs.
A NRI is an Indian citizen that lives outside of India for over 182 days a year. Once an NRI returns to India to live full time, they return to being a normal resident.
Let’s take a closer look at the NRI savings accounts that Citibank offers.
|Type of account||Purpose|
|Non Resident External (NRE) Account||For foreign earned income that grows interest tax free|
|Non Resident Ordinary (NRO) Account||For India based income such as rent, pensions or dividends|
Unlike other banks that can have specialized NRO and NRE accounts, Citibank offers these 2 straight forward accounts. However, within each NRE and NRO are two different options:
The main difference between Preferred and Citigold accounts is the total value of the required relationship balance in the account. Check out the section on minimum balance requirements.
Citigold has additional benefits and privileges above what Preferred accounts offer. This includes things like access to international and domestic airport lounges, travel benefits and access to Citigold Business Centers.
On top of savings accounts, Citibank also offers NRI term deposits. Here is a quick look at how the term deposits compare at Citibank:
|Service||NRE fixed deposits||NRO fixed deposits||FCNR deposit|
|Currency||Indian rupee||Indian rupee||US Dollar, British Pound, Euro, Japanese Yen, Australian Dollar, Canadian Dollar|
|Time frame||1-5 years||7 days- 5 years||1-5 years|
|Repatriation||Principal and interest||Up to $1 million dollars after appropriate taxes are paid||Principal and interest|
But to open a fixed term deposit, you will be required to open a Citibank NRI savings account first.²
There are 2 ways to open an NRI account with Citibank. The first is to go to a Citibank branch in India to complete and submit an application in person.
The second way is to start the process online on the Citibank website for your appropriate residence country. ³
|⚠️ Citibank India does not offer NRI services to residents of the European Union, European Economic Area, and Switzerland.|
To open an NRI account with Citibank online, you will need to head to the Citibank website for your resident country. Here is the quick few steps to get started:
- Go to the Citibank website
- Head to the NRI Accountssection under Banking and Services
- Click on the button for Apply Now
- When the contact form opens up, fill in your details
- Click on Submit when done
This process sends your information to a Citibank representative for NRI services who will contact you on the phone or by the email listed. They can then help alk you through the process of submitting an application.
Keep in mind that with the closing of Citibank India’s retail banking, there may be a change over of accounts to a different institution in the future. That being said, all bank accounts and credit cards will continue to operate in the country.
The documents necessary to open a Citibank account do depend on your country of residence. But here are a few of the documents you may need:⁴
- A signed copy of your Indian passport page with your photograph and details
- A signed copy of your resident country visa, employment visa, residence permit or permanent resident card
- If in Singapore, a copy of your NRIC
- One passport size color photograph
- A signed copy of a proof of address
The proof of address can be any of the following:
- A valid passport’s address page
- A valid driver's license with the address stated
- Aadhaar card
- Voter ID card
Your required documents may also depend on your employment status. Send an email to email@example.com to understand what you may need to submit before account opening.
Here are the balance requirements for a Preferred or Citigold NRI account at Citibank. ⁵
|Type of account||Average Monthly Balance|
If you don’t meet the average monthly balance you will have to pay a fee of 1% of the amount above the minimum balance, or a maximum of ₹600.
Additionally, your average monthly balance can be different depending on your overall relationship with Citibank. Check with a Citibank representative for how much you may need to maintain monthly.
For the term deposits there are minimum opening amounts required:⁶
|Type of deposit||Minimum opening amount|
|FCNR deposit||$2,000 USD currency equivalent|
Here are the annual percentage rates of interest for NRE and NRO savings accounts with Citibank. ⁷
|Type of savings account||Annual percentage rate|
|NRE savings account||2.5%|
|NRO savings account||2.5%|
If you are looking to make a NRE or NRO term deposit, here are the interest rates for different time frames.
|Type of term deposit||6 months||1 year||2 years||More than 3 years|
|NRE term deposit||N/A||2.75%||3.00%||3.50%|
|NRO term deposit||2.60%||2.75%||3.00%||3.50%|
And if you are looking to hold an Foreign Currency deposit, here are the interest rates for each currency
|1 year||1-2 years||2-5 years|
Interest rates can change at any time, and can depend on your overall banking relationship with Citibank.
Citibank can be a good option for those who are existing customers and have familiarity with the bank. Or those who can maintain the high balances and are looking for easy online banking and privileges.
Citibank has a secure online banking system and an app that can make transactions, alerts and balance checks easy to do. They also make it easy to move money instantly between your Citibank accounts.
There are also travel, dining and entertainment privileges that come with the debit card offered with the NRI accounts.
Citigold customers also benefit from a dedicated relationship manager, access to airport lounges and even deals on golf privileges in India.⁸
Wise is FCA regulated and uses smart technology to make transfers fast and easy- from India directly to local bank accounts abroad.
|🚀 International transfers are fast, simple, and cheap with the Wise Web/Android/ iOS app|
And if you are already abroad, check out the Wise multi-currency account- a free account that lets you hold multiple currencies in one place. Plus you can send, receive, and spend each currency as you wish with the Wise debit card.
Check out Wise Business Account that helps you save on international transfers with transparent low transfer fees and mid-market exchage rate.
Citibank offers great customer service for customers. First, if you are looking to troubleshoot or find information on your own, Citibank has a FAQs page as well as a Forms Centerfor any forms you may need.
You can also reach Citibank by phone from these countries:⁹
|Canada||Toll-free: 1-800-248-4674 Before opening an account:Toll-free: 1-866-703-2462|
|UAE||Before opening an account:Toll-free: 8000-172-122 After opening an account:Toll-free: 800-035703463|
|India||+91 22 4955 2484|
|Singapore||Toll-free: 1-800-225-7211 Before opening an account: 800 101 2342|
|USA||Toll-free: 1-800-248-4674 Before opening an account:Toll-free: 1866 703 2462|
US residents can also reach out to NRI services before opening an account at firstname.lastname@example.org
If you are a Citigold customer, you can reach out to your dedicated relationship manager directly.
Sources used for this article:
- Citibank exit
- Citibank NRI Accounts
- Opening an account
- Minimum Balance
- Minimum opening amount
- Interest rates
- Citibank benefits
- Customer care
All sources checked as of 15 September, 2021
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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