Citibank NRO Account: Interest Rate

Citibank is in many ways an ideal bank for NRIs because it is a global bank, yet it started  operations in India more than a century back. Today Citibank has important investments in the Indian financial market. The bank has over 21,000 employees, of which 5,500 are in India. In this piece we discuss the specifics of NRO accounts and the features of the Citibank NRO account. 

Note: Axis Bank has acquired the Citibank India’s consumer banking business effective March 1, 2023. Citi India customers are now served by Axis Bank.

However, Citibank said consumers can continue using existing bank branches, ATMs, internet banking and app.

NRI accounts are special accounts that do not operate like usual Indian Accounts. It is mandatory for NRIs to open an NRI account to operate an account in India. They cannot have a domestic Indian savings account.

Want to open an NRO account? Click the button below to open an NRO account right away.

The Difference Between NRO and NRI Account 

 There are several accounts available to NRIs in India. There is the NRE (Non-Resident External) account, which is meant for foreign earnings by the NRI to be kept in the bank in rupees. Then there is the NRO account, Non-Resident Ordinary account to manage earnings from India in rupees. Next, there is the Foreign Currency Non – Resident Account (FCNR), where the foreign currency stays as it is. 

Both the NRE and NRO are savings accounts. The FCNR requires a term deposit. 

The NRE account:

  • Repatriation of funds to the country of residence is permitted easily. However, fluctuations in currency may affect the amount repatriated. 
  • Key benefit of this account is that both the amount and the interest in the account are exempt from tax
  • The NRI can appoint a resident Indian as a mandate holder. The mandate holder can operate the account on behalf of the NRI. The resident Indian has to be a close family member. 
  • NRE accounts can be opened as a joint account with other NRI and Resident Indians. Bank transfers are available at good rates. 

The NRO Account:

  •  It is subject to taxation.
  • It is meant for Indian earnings to be used in India.
  • Like the NRE account, a mandate for Resident Indian (close relative) is allowed.
  •  NRO accounts can be opened as joint account with other NRIs also. 
  • A foreign national of non-Indian origin visiting India can open an NRO account, with funds remitted from outside India through a banking channel or by sale of foreign exchange brought by him/her to India 

Citibank NRO Account Minimum Deposit 

The Citibank NRO Account minimum deposit is INR 80,000

Citibank NRO Account Form

Citibank NRO Account Interest Rates 

Citibank NRO account interest rates W.E.F. 1st March 2023 are as under:

Daily Outstanding BalanceApplicable Rate of Interest
Less than Rs. 50 Lacs3.00% p.a.
Rs. 50 Lacs and up to less than Rs. 800 Crs3.50% p.a.
Rs. 800 crs and aboveOvernight MIBOR + 0.70%
Citi NRO Account Interest Rate

Documents for a Citibank NRO Account 

Account opening documentation may differ depending on your citizenship or employment. Please contact the pre-account opening team at [email protected] for more information. 

Citi NRI Customer Service Numbers 

Individuals can contact Citi NRI customer care team for queries related to NRO account and other banking services.

Phone NumbersPhone Numbers

AustraliaToll-free: 1-800-252-856
BahrainPost Account Opening Toll-free: 8000-4884
CanadaToll-free: 1-800-248-4674Pre Account Opening Toll-free: 1-866-703-2462
UAEPre Account Opening Toll-free: 8000-172-122Post Account Opening Toll-free: 800-035703463
Hong KongToll-free: 800-908-413
India+91 22 4955 2484
SingaporeToll-free: 1-800-225-7211Pre-Account Opening: 800 101 2342
ThailandToll-free: 001-800-65-6196
EuropeToll-free from UK: 0800 032 2484 Toll-free from Europe: 00-800-2484 2484 Pre Account Opening Toll-free: 0808 101 7384
USAToll-free: 1-800-248-4674 Pre Account Opening Toll-free: 1866 703 2462Email [email protected] for pre-account opening queries

While conducting financial transactions in India, NRIs face many problems. However, now NRIs can use SBNRI platform to get their financial queries/ complaints resolved online. You can download SBNRI App to apply for an NRI account, file taxes, invest in the Indian stock market and ask any questions related to them. 

You can also click on the button below to ask any questions. Visit our blog and YouTube Channel for more details.


Can one open the Citibank NRO account online ?

Yes, but you have to provide all the relevant documents. If you are in India, it is recommended you go to your bank. 

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