Citibank India offers a varied range of banking services to its NRI customers, including NRI accounts, term deposits, internet and mobile banking, international wire transfer, debit card, repatriation, etc. Citibank India helps NRIs manage their finance and banking needs in India. With a Citibank NRI account, NRI customers can deposit and manage their foreign income earned outside India. There are two types of NRI savings accounts extended by the bank – Non-Resident External (NRO) and Non-Resident Ordinary (NRO) Accounts. Citibank NRE account is one of the 10 best NRE savings accounts for NRIs in 2021.
Also Read: Federal Bank NRI Savings Account
Features & benefits of Citibank NRI account
Citibank India NRI savings account is an interest-bearing checking account where the funds are maintained in Indian Rupees. Here are the key features and benefits of Citibank NRI account:
- Attractive interest rates on your savings with the Citibank NRI account.
- Value-added benefits like zero charge fund transfers and bill payment options, free of cost international wire remittance facilities, and cheque book at no charge.
- 24/7 online and mobile banking and phone banking facilities.
- Debit card with global access – access your account at ATMs or for the payment at Mastercard merchant establishment anywhere in the world.
Types of Citibank NRI savings account
Citibank offers two types of NRI accounts
- Citibank NRE account
- Citibank NRO account
|Features||Non-Resident External (NRE) Account||Non-Resident Ordinary (NRO) Account|
|Purpose||NRIs can open and maintain this account with funds from overseas on repatriable income basis||To maintain earnings from resources in India like rent, pension, dividends and Indian salary|
|Eligibility||– NRIs and PIOs|
– Useful to park your foreign income to earn tax-free interest
|– NRIs and PIOs|
– Useful to maintain your income earned in India
|Funds transfer||Funds can be transferred from any foreign country or any other NRE/ FCNR accounts with any bank in India||Funds can be transferred from overseas/ other bank accounts in India/ NRE/ NRO/ FCNR account with any Indian bank|
|Joint account||Can be opened with two or more NRIs/ PIOs or a resident relative on ‘former or survivor’ basis||Can be opened with two or more NRIs/ PIOs or a resident relative on ‘former or survivor’ basis|
|Currency||The account is maintained in INR (Indian Rupees)||The account is maintained in INR (Indian Rupees)|
|Interest rate||2.5% per annum, calculated on daily balances and paid quarterly||2.5% per annum calculated on daily balances and paid quarterly|
|Repatriation||Principal and interest are fully repatriable||– Only interest is fully repatriable |
– Balance are remittable up to $1 million in a financial year (April to March)
Citibank NRI account opening
You can open a Citibank NRI account online as well as offline. There are two ways for Citibank account opening:
- Visit the nearest branch of the bank in India or Citibank’s website
- Open NRI account online through SBNRI
Citibank NRI account opening on bank’s website
Here are the steps to open Citibank India NRI account opening on the bank’s website:
- Visit the bank’s website and open the NRI banking page.
- Click on the ‘Apply Now’ button.
- Citibank NRI account opening form will open on the redirected page.
- Submit personal information like your name, country of residence, phone number and email address.
- The bank representative will get in touch with you within 3 to 7 working days.
Open NRI account online through SBNRI App
NRIs and PIOs can apply for an NRI account opening online in the simplest and shortest way, using the SBNRI app. Here are simple steps to apply for an NRI account with minimal documentation and in a few steps via the SBNRI App:
- Download the SBNRI App and sign in using your credentials.
- Click on ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- Scan and upload KYC documents using the in-app scanning feature.
- Click on ‘Apply’ and that’s it.
Here are the documents required to open an NRI account with Citibank:
1. One passport size color photograph
2. Passport and visa
- Copy of Indian passport containing photographs and personal details and proof of legal status in country of your current residence
- Valid visa or permanent resident card
For PIOs & OCIs
- Foreign passport containing photographs and personal details
- Any one of the following documents:
- PIO (Person of Indian Origin) card or OCI (Overseas Citizen of India) card for you or your parents or grandparents or spouse.
- Copy of Indian passport held any time by you or your spouse or by your or your spouse’s parents/ grandparents
Photocopies of any of the following documents:
- Valid driving license containing address
- Valid passport containing address
- Documents issued by Government Department foreign jurisdiction containing address on it
- Letter issued by Foreign Embassy/ Mission in India containing address
- OCI card
For your Indian address proof, you may submit the following documents:
- Aadhaar card issued by UIDAI (Unique Identification Authority of India)
- Voter’s ID card issued by Election Commission of India
- Letter issued by the NPR (National Population Register) containing name and address
Citibank NRI savings account interest rate
Citibank NRI account interest rates are as under:
- Citibank NRE account interest rate: 2.5% per annum
- Citibank NRO account interest rate: 2.5% per annum
Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes.
NRIs residing in the United States can open a Citibank NRI account online. People living in other countries like Germany, Indonesia, Netherlands, Philippines, Qatar, Singapore, Malaysia, Switzerland, United Arab Emirates and the United Kingdom can apply for an account at www.citinri.com.
Any person of Indian origin living overseas can open an NRI account with Citibank. Resident Indians are not allowed to open NRI accounts. If your residential status changes from a resident Indian to Non-Resident Indian (NRI), you will need to convert your domestic account to an NRI account.
The fees and charges for a Citibank Rupee Checking account vary depending on the category of the account you maintain. Discounted fee and preferential services are offered to Citigold and Preferred customers.
As a Citibank NRI account holder, you need to maintain an average monthly minimum relationship balance of Rs. 40,000 across all your accounts to avoid paying a monthly service fee.