Citibank has a long and storied history dating back to the early 19th century. It was founded in 1812 in New York City under the name City Bank of New York. The bank’s primary founder was Samuel Osgood, a prominent New York merchant and politician. In 1865, the bank took on the name National City Bank of New York to reflect its growing national prominence. Over the next century, National City continued to expand both domestically and overseas, establishing branches across the United States and in foreign countries.
In 1955, the bank shortened its name to First National City Bank. Then in 1976, the bank changed its name again to Citibank, N.A. to create a unified global brand and reflect its international presence. While the name has evolved over the centuries, Citibank’s core mission of serving clients and fueling economic growth has remained constant over its 200+ year history. Today, Citibank is one of the largest banks in the world and a leading global financial services company.

Citibank’s presence in India

Citibank began its India operations in 1902 in Kolkata, making it one of the oldest foreign banks in the country. Citibank has had a presence in India for over 115 years.

Major locations

Some of Citibank’s major locations in India include:

  • Mumbai – Headquarters & largest presence
  • Delhi/NCR – Regional hub
  • Bangalore – Major technology and back office center
  • Chennai
  • Kolkata
  • Hyderabad
  • Pune
  • Gurgaon

Branches and ATMs coverage

Citibank has a network of around 50 branches across India located in major metro cities. It has one of the largest ATM networks among foreign banks in India, with over 1,800 ATMs spread across the country. Citibank’s ATM network covers all major metro and urban centers enabling wider geographic coverage.

Products and Services

Savings Accounts

Savings accounts are a good option if you want to set aside money and earn interest. Citi Bank has four main types of savings accounts:

Basic Savings: The basic savings account has no monthly maintenance fee if you maintain a minimum balance of $500. This account earns interest so your money can grow over time. The interest rate is variable, meaning it can change at any time. This account is a good choice if you want a simple way to save money.

Premium Savings: The premium savings account offers a higher interest rate than the basic savings account. To earn this higher rate, you’ll need to maintain a minimum balance of $50,000. This type of account is ideal if you have a large amount to deposit and want to earn more interest. The premium savings account has no monthly maintenance fee.

Women’s Accounts: Citi Bank offers the Access Account for women. This account has no monthly maintenance fee and comes with several benefits like discounted check orders and free wire transfers. It’s designed to provide extra value for women managing their finances.

Senior Citizen Accounts: The Citigold Account for seniors has no monthly maintenance fee for customers over 60 years old. It offers higher interest rates on savings and CDs. Seniors also get complimentary checks, money orders, and bank checks. This account makes banking simpler for older adults.

Current Accounts

Current accounts from Citi Bank are useful for everyday banking and transactions. They have different features to fit your needs.

Regular Current:

The regular current account has no minimum balance requirement. This account lets you complete basic banking tasks like:

  • Make ATM withdrawals
  • Use online and mobile banking
  • Pay bills online or by check
  • Deposit cash and checks

While there’s no minimum balance, you’ll be charged a monthly service fee if your balance falls below $1,500. The regular current account is a straightforward choice for daily banking.

Premium Current:

  • The premium current account offers added benefits for a monthly fee. You’ll get reimbursements for using ATMs of other banks. You also get free checks, wire transfers, and overdraft protection.
  • To avoid the monthly fee, you’ll need an average balance of $10,000 across your Citi accounts. The premium account adds more features for frequent banking.

Overdraft Facility:

  • Overdraft allows you to overdraw your current account up to a set limit for a fee. This can prevent transactions from being declined if you spend more than your balance.
  • Citi Bank offers account holders an overdraft facility of up to $1000. A fee applies each time you use it. Overdraft can help in emergencies but should be used carefully to avoid fees building up.

Term Deposits

Term deposits are a type of savings account offered by banks like Citi Bank that allow you to deposit money for a fixed period of time and earn interest on it. Some key things to know about Citi Bank term deposits:

Tenures: 

Citi Bank offers term deposits for a variety of tenures ranging from 7 days to 10 years.

Some common tenures are:

    • 7 days
    • 15 days
    • 1 month
    • 3 months
    • 6 months
    • 1 year
    • 2 years
    • 3 years
    • 5 years

The minimum tenure is 7 days and the maximum is 10 years. The longer the tenure you choose, the higher the interest rate you can earn.

Interest Rates:

  • Interest rates on Citi Bank term deposits vary based on:
  • Tenure – longer tenures get higher interest rates
  • Deposit amount – higher deposits may get slightly higher rates
  • Type of customer – senior citizens and Citi Bank account holders may get additional interest
  • As per RBI guidelines, interest rates on term deposits below Rs. 2 crore are as follows:
      • 7 – 14 days: 3.25%
      • 15 – 29 days: 3.75%
      • 30 – 45 days: 4.50%
      • 46 – 90 days: 5.00%
      • 91 – 120 days: 5.50%
      • 6 months: 6.25%
      • 1 year: 7.00%
      • 1 – 2 years: 7.00%
      • 2 – 3 years: 6.75%
  • For exact interest rates on your specific deposit amount and tenure, check Citi Bank’s website or visit your nearest branch.
  • Interest is calculated quarterly and paid at maturity along with the principal. For tenures above 1 year, interest is paid annually.

Citi Bank Loans

Citi Bank offers various types of loans to customers to help them meet their financial needs. Let’s look at some of the major loan options in detail:

Citi Home Loans

Home loans from Citi Bank allow you to buy your dream home or renovate an existing one.

Interest Rates: The interest rate on Citi Bank home loans currently starts at around 7.15% per annum. This rate is linked to Citi Bank’s External Benchmark Lending Rate which is revised from time to time based on market conditions.

Maximum Loan Amount: You can avail a home loan of up to Rs. 5 crores from Citi Bank. The maximum loan amount depends on your eligibility, repayment capacity and the property value.

Documents Required:

Some key documents required when applying for a Citi Bank home loan include:

      • Proof of identity and residence
      • Salary slips and bank statements
      • Documents related to the property
      • Credit report

CitiBank Personal Loans

Personal loans from Citi Bank can be used for various personal needs like weddings, vacations, medical treatments etc.

Fees & Charges: Citi Bank charges a processing fee of up to 2.50% of the loan amount. Other charges include foreclosure charges (if you close the loan early) and late payment penalties.

Eligibility Criteria: 

To get a personal loan from Citi Bank, you need to:

  • Be between 21-60 years of age
  • Be a salaried individual or self-employed professional
  • Have a good credit score and repayment capacity
  • Provide income proof and other KYC documents

The loan amount and tenure depends on your eligibility, credit profile and repayment capacity.

CitiBank Credit Cards

Credit cards offered by Citi Bank provide customers with a convenient way to make purchases and manage expenses. Citi issues credit cards on the Visa and Mastercard network, providing acceptance at millions of locations worldwide.

Types of Credit Cards

Rewards Cards:

Rewards cards allow cardholders to earn points or miles on purchases which can be redeemed for statement credits, gift cards, travel and more. Popular Citi rewards cards include:

Citi Rewards+ Credit Card – Earns ThankYou Points on purchases which can be redeemed for gift cards, statement credits and more.

Citi Premier Credit Card – Earns 3x points on travel, gas stations, restaurants, air travel and hotels. Points can be transferred to airline partners.

Citi Prestige Credit Card – Earns 5x points on dining and air travel. Offers airport lounge access.

Cashback Cards: 

Cashback cards provide cardholders with a percentage of money back on purchases. Top cashback credit cards from Citi include:

Citi Double Cash Credit Card – Earns 2% cash back on all purchases. 1% when you buy plus 1% when you pay your bill.

Citi Custom Cash Credit Card – Earns 5% cash back on purchases in top eligible spend category each billing cycle up to $500 spent.

Premium Cards: 

Premium cards offer lucrative rewards programs, travel benefits, and travel and purchase protections. Leading premium credit cards from Citi include:

Citi Prestige Credit Card – Earns 5x points on dining and air travel purchases. Includes airport lounge access, Global Entry/TSA Precheck credit and more.

Citi Chairman Credit Card – Provides statement credits and points bonuses on air travel, dining and more. Offers complimentary fourth night free at hotels.

Features & Benefits

Reward Points: Most Citi cards allow cardholders to earn and redeem ThankYou points for statement credits, gift cards, travel reservations, and more. Points can also be transferred to airline partners.

Offers: Citi provides exclusive offers and savings for cardholders on shopping, dining, travel, entertainment and more. Offers are easily redeemed through the Citi mobile app.

Joining Benefits:

  • Many Citi cards provide new cardholders with signing bonuses of 50,000 points or more along with benefits like intro 0% APR on purchases.
  • Additional benefits include no foreign transaction fees, trip cancellation/interruption protection, lost luggage reimbursement, and extended warranty coverage.
  • Citi also provides access to Citi Entertainment for special access to ticket presales and exclusive events.

With different types of credit cards, rewards programs, and benefits, Citi Bank offers solutions for all kinds of spending and financial needs. Responsible use of Citi credit cards can provide great value and convenience.

CitiBank Mobile & Internet Banking

Mobile and internet banking have become an essential part of modern banking services. Citi Bank offers state-of-the-art digital banking solutions to cater to today’s tech-savvy customers.

Features

Citi Mobile App: Citi Mobile App allows customers to bank on the go using their smartphones.

Some key features of Citi Mobile App include:

  • Account balances and transaction history: Customers can check real-time account balances and transaction history for their Citi accounts.
  • Mobile check deposit: Deposit checks remotely by just taking a picture through the app.
  • Pay bills and make transfers: Customers can pay bills, transfer money between Citi accounts or send money to others.
  • Location finder: Locate nearby Citi ATMs and branches.
  • Account alerts: Customers can set up alerts for account activity, balances etc.

Citi Online Banking: Citi Online Banking provides a full suite of banking services through citi.com and Citi Mobile Web.

Key features include:

  • Dashboard access to all accounts, balances, transactions etc.
  • Online statements and documents.
  • Customizable alerts and notifications.
  • Ability to pay bills, transfer funds.
  • Check deposit and mobile check deposit.
  • Manage rewards points and redemptions.

Digital Services Offered

Some of the innovative digital banking services offered by Citi Bank include:

  • Biometric login: Customers can log in using fingerprints or facial recognition. Enhances security.
  • Virtual account numbers: For online purchases, virtual account numbers provide an added security layer.
  • Digital wallet integration: Citi cards can be added to digital wallets like Apple Pay, Google Pay etc. for contactless payments.
  • SMS banking: Customers can check account balance or last 3 transactions via SMS.
  • Chatbots: Citi bot chatbot provides assistance for basic banking queries 24/7 through text messages.
  • Credit card controls: Customers get controls like turning cards on/off, setting spending limits etc.

By leveraging the latest technology, Citi Bank aims to provide customers with seamless and secure digital banking across platforms. The user-friendly mobile and online banking solutions enable customers to manage their finances conveniently on the go.

NRI Banking Offerings

Citi Bank offers a wide range of banking products and services tailored specifically for Non-Resident Indians (NRIs). Here are some of their key NRI banking offerings:

  • NRI Accounts – Citi offers NRO, NRE, and FCNR accounts in INR, USD, GBP, EUR, CAD, AUD, and other major currencies. These accounts allow NRIs to seamlessly manage their money in India.
  • Remittances – NRIs can easily transfer money to and from India using Citi’s online remittance services. Remittances can be scheduled in advance as well. Competitive exchange rates offered.
  • Investment Options – NRIs can invest in fixed deposits, mutual funds, Indian equities, bonds etc. Dedicated relationship managers provide investment advice. Portfolio can be managed online.
  • Loans – Home, car, personal, business loans offered for NRIs in India. Attractive interest rates and minimal documentation. Loans can be applied for online.
  • Insurance – Citi offers health, life, home, travel and other insurance products for NRIs tailored to their needs. The policies can be managed online as well.
  • Credit Cards – Citi has credit cards designed for NRIs offering rewards points, lounge access, and other benefits. The cards can be managed using online banking.

Opening an Account

Opening an NRI account with Citi Bank is quick and simple:

  • Online Application – NRIs can start by filling out the online NRI account opening form on Citi’s website. Basic details like name, contact info, citizenship etc. need to be provided.
  • KYC Documentation – NRIs need to submit identity proof, address proof, passport copy and other KYC documents. These can be submitted online in most cases.
  • Video IPV – Citi may schedule a quick video call to verify the NRI’s identity before approving the account opening request.
  • Account Activation – Once approved, the NRI account is activated within 2-3 working days. Account number and online banking credentials are shared.
  • Initial Funding – NRIs can transfer funds online to start using their new Citi bank account. The account can be maintained in INR or key foreign currencies.

Customer Service

Citi offers dedicated customer service for all its NRI customers:

  • Relationship Manager – NRIs get access to a personal relationship manager who understands their needs. All queries get resolved quickly.
  • 24/7 Call Center – Citi has a 24×7 NRI call center where queries and complaints can be addressed over phone, email or chat.
  • Online Chat Support – For convenient self-service, NRIs can access online chat support on Citi’s website to get their queries answered.
  • Overseas Branches – Citi has branches in major NRI hubs globally. NRIs can visit these branches for assistance. Staff speaks English and regional languages.
  • Doorstep Banking – Citi provides home remittance pick-up and other doorstep banking facilities to NRIs requiring assistance.
  • Comprehensive FAQs – The NRI website section has extensive FAQs on products, services, policies and procedures. Queries can be self-resolved.
  • Social Media Support – Citi’s social media channels like Facebook, Twitter etc. also provide customer service support to NRIs and help address their concerns.

Citibank Financial Performance

Citibank is one of the largest banks in the United States and a leading global financial services company. Its financial performance over the past few years has been quite strong despite some challenges.

Revenue & Profits Figures

In 2023, Citibank reported total revenues of $75 billion, up 5% from the previous year. Its net income was $15 billion, an increase of 8% compared to 2022. The growth was driven by higher net interest income as well as fees from investment banking and wealth management.

Citibank’s profits have steadily risen over the past 5 years. In 2019, its net income was $12 billion which rose to $13 billion in 2020, $14 billion in 2021 and $15 billion in 2022. This reflects the bank’s focus on building diverse revenue streams and improving efficiency.

Credit Rating

Credit ratings assess the financial strength of banks and their ability to repay debts. Citibank is rated highly by the major credit rating agencies.

It has an AA- long-term rating from S&P and an Aa3 rating from Moody’s. These indicate a very strong capacity to meet financial commitments. The ratings have been stable over the past few years despite economic fluctuations.

The high credit ratings allow Citibank to raise funds at lower interest rates in capital markets. It also signals the bank’s financial stability to customers.

Awards & Recognitions

Citibank has received numerous awards and recognition for its banking and digital innovation.

In 2022, it was named the ‘Best Bank for High-Net-Worth Families’ by Kiplinger’s Personal Finance. It also received the ‘Best Digital Bank’ award globally from Euromoney magazine.

Some other major awards won recently include:

  • ‘Best Corporate Bank’ from Asiamoney
  • ‘Best Bank for Diversity & Inclusion’ from Euromoney
  • ‘Most Innovative Investment Bank’ from The Banker

The awards validate Citibank’s strengths in corporate banking, digital solutions, wealth management and commitment to diversity. They also highlight its innovation in developing new products and services globally.

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