A savings account is the most popular type of bank account in India. Everyone can access at least one savings account, from homemakers to people in business. Therefore, you need to know the purpose a savings account serves. Also, you need to be aware of the ins and outs of the bank where you want to open a savings account before proceeding further.
Along the same lines, Citibank is one such bank that offers savings account services to the common people. It is quite a popular bank. Opening a savings account at Citibank is quite straightforward.
This guide will take you through all the steps and benefits of opening a Citibank savings account.
Highlights of the Citibank Savings Account
While a Citibank savings account provides you with a tangible option in terms of stockpiling your capital as well as performing several basic banking tasks, it also allows you to earn interest on your savings. Citibank is known for having one of the best loyalty programs. Through this, you will be able to earn several points and rewards as soon as you open a Citibank savings account.
The other highlights of a Citibank savings account are:
- Currently, the Citibank savings account interest rate is 2.5% per annum.
- The account also offers net banking facilities.
- Several banking services associated with the account are free of cost
- Access to several ATMs across the country
- No requirement for Citibank savings account opening balance for a few accounts.
Citibank is an important subsidiary of the global finance company called Citigroup. Citibank was started in 1902, and it has expanded in several countries since then. Citibank, over time, has become an important financial institution, with 44 branches across 31 cities. Additionally, the bank has around 700 ATMs across India.
Citibank is now known for its best-in-class banking services. They offer several other financial products and services besides the Citibank savings account.
Types of Citibank Savings Accounts
Citibank is known for providing one of the best savings account services in the country. The bank offers eight types of savings accounts to serve the varying needs of consumers:
- Citibank Suvidha Account
- Citibank Junior Account
- Expat Savings Account
- Global Banking Account
- Citi Priority Account
- Citibank Basic Savings Bank Deposit Account
- Citigold Account
- Citigold Private Client Account
With regards to the choice of account, Citibank offers quite a few options based on your income threshold and other factors. Before opting for one, you can reach out to the bank and enquire about any of the above-listed savings accounts.
Features of Different Types of Citibank Savings Accounts
Several features distinguish the different types of Citibank savings accounts. You can look at the features of different Citibank savings accounts and then choose one based on what meets your requirements.
Let’s have a look at some of the features offered by different types of Citibank savings accounts:
Citibank Savings Account
- Every individual who opens a Citibank savings account gets access to a free Citibank Platinum Debit Card.
- The account offers welcome privileges to the account holders through discounts on a variety of lifestyle products. The account holders also enjoy several benefits on services like travel, entertainment, shopping, etc.
- The account comes with several value-added services like easy fund transfer, mobile banking, cashless transactions, no extra fees on a wide array of transactions, etc.
- Get access to your weekly and monthly statements via e-mail and SMS. Also, get timely alerts for every transaction made via the Citibank savings account.
- Enjoy attractive interest rates and earn money on idle funds in the bank account.
- Earn reward points under the Citibank loyalty programs. Earn a point on spending Rs. 100 when you use your Citibank Platinum Debit Card.
- There are no Citibank savings account minimum balance requirements for most savings accounts offered by the bank.
Citibank Suvidha Salary Account
The Citibank Suvidha Salary account is one of the most popular savings accounts offered by Citibank. Some of its features include:
- It is a salary account that allows you to withdraw the entire balance. It is a zero-balance account.
- The account comes with a chip-embedded debit card that is accepted worldwide.
- The account also offers a plethora of features like easy and free fund transfers via NEFT or RTGS, access to advice from money managers and financial advisors, free demand draft generation facility, etc.
- The account holders get a daily money withdrawal limit of Rs. 1 lakh if they use an ATM to withdraw.
- The best feature of the account is that it offers an overdraft facility. The account holder can withdraw an amount equivalent to their net salary up to 5 times annually.
- The account comes with an active update facility where the account holder is notified about every activity, like transactions, generation of bank statements, etc., via an SMS or an e-mail.
- Citibank offers all Citibank Suvidha Salary account holders a rebate on the interest rate on all kinds of loans.
- The debit card that comes with the account gives an avenue to the account holder to earn Reward Points that can later be redeemed at grocery stores.
- The Citibank savings account interest rate for a Suvidha account is 2.5% per annum.
Citigold is one of the premier savings accounts offered by Citibank. The primary features of the account are:
- The account offers Team Based Relationship Management services to all Citigold account holders. They get access to some of the best advice on finance and wealth management from the best experts in the field.
- Citigold offers lucrative features like One-Glance Statement, mobile access, etc., making managing the savings account easy.
- The account provides the benefit of choosing from a wide array of finance and banking products tailored to meet the ever-evolving financial needs of the account holders. Individuals get control of their finances as they receive timely updates and several insights on how they can manage their accounts better with Integrated Wealth Planning.
- The account offers global banking; hence, the account holders can access their accounts anywhere in the world. The account offers international privileges like Global Status Recognition, a cash withdrawal facility of up to $3,000 in case of emergencies, etc.
- The debit card with the account provides access to several domestic and international airport lounges.
- Besides personal finance, Citigold offers advice on growing your business financially, the best ways to invest across securities and managing forex.
- The account offers a complimentary World Debit MasterCard with exclusive travel and dining privileges.
Citigold Private Client Account
Another important savings account that Citibank offers is the Citigold Private Client Account. The features that make Citigold Private account different from all the other savings accounts out there are:
- This account is offered to people with a high net worth, i.e., they must have a net account value of Rs. 5 crores in a year to be eligible.
- The account comes with exclusive banking services where the account holders can access wealth management services curated to meet their needs. They also get great lending solutions as they are top-tier customers.
- A senior banker gets allotted to the account holder as a personalised advisor to serve their banking needs.
- The clients get exclusive golfing privileges.
- The account holder can seek advice from the portfolio advisors that are a part of the bank. They can also reach out to season specialists for advice on business climate and how well the finances can be managed during uncertainties.
- Citibank offers a personalised and well-curated product suite to Citigold clients. The suite contains a good mix of investment and lending products.
- The account holders can access several domestic and international lounges with their Citigold Private Client Debit Card.
- Several discounts and preferential pricing are offered to Citibank Private Client account holders across financial products.
- The account also provides access to exclusive Citigold Private Client lounges worldwide.
- The account gives an individual a priority banking customer status across all Citibank branches worldwide.
- The account holders can explore global investment opportunities with this account.
Citi Priority Account
Citibank offers the option of opening a Citi Priority account to individuals who want to invest and plan out a big purchase or a big financial decision moving ahead in life. This decision includes buying a house, planning to have children, etc. Some of the features of this account are:
- Exclusive mobile banking services, SMS banking, etc.
- The Citi Priority account holders get a personal banker to help them with their financial needs.
- Opening a wide range of investment options and wealth management services.
- The account offers several global banking services like emergency cash withdrawals, no-cost cash withdrawals from all ATMs worldwide, and other services that add value to consumers.
- The account holders are given a digital financial planner to record transactions and manage their finances well.
- The account gives you exclusive benefits like preferential pricing on several banking products, fee waivers, personalised financial products, etc.
- 24 X 7 access to the Citiphone helpline number to help the account holders with their account or any other banking services offered by Citibank.
- The account holders get exclusive Citibank products like PremierMiles credit cards, personal and home loans, etc.
Citibank Basic Savings Bank Deposit Account
Citibank wants to target consumers across all income groups. Hence, they also offer a basic savings account that anyone can open, irrespective of income level. Some of the features of a basic savings account are:
- The account holders can have a zero balance.
- The account comes with a complimentary debit card and a chequebook.
- The account holders can use the Citibank Online facility that comes with the account.
- The daily transaction limit for a Citibank Basic Savings Bank Deposit account is Rs. 10,000.
Global Banking Account
A Global Banking Account is ideal for customers who travel or frequently make international transactions. Citibank has more than 4,000 branches worldwide, and a Global Banking Account makes the account holders eligible to get banking services across all these branches. Some of the best features of this account are:
- The account comes with customised solutions for individuals moving to India for the long term.
- An individual moving to a different country from India can also open this account.
- Access to the benefits that are a part of the entire global banking network.
- The account advises NRIs with a Global Banking Account on managing their funds in India.
- Secure fund transfers to people who are based anywhere in the world.
- The account comes with a plethora of global investment opportunities.
Citibank Junior Account
A Citibank Junior Account is offered to parents who want to open a bank account for their child who is below 18 years. The account comes with different features. Some of these features include:
- Access to Financial Market Reports.
- Investment advice by some of the best Investment Counselors if the account holders want their child to start investing early.
- 24 X 7 CitiPhone Banking services.
- The account holders get the facility of continuation, where the account gets upgraded once the child becomes 18.
- Dual insurance benefit that covers both the child and the parent.
- Access to 10 different investments that are a part of the Classic Child Plan.
Why is Citibank Savings Account a Preferred Choice?
There are several reasons to choose Citibank for your savings account. Let’s have a look at some of these reasons.
- Individuals who open a Citibank savings account get a complimentary Citibank Debit Card. This is valid for all kinds of savings accounts. The debit card allows you to make cashless transactions at retail outlets. You can also make online purchases across websites using the Citibank Debit Card.
- The spend limit of the debit card has also been set reasonably high. Also, you can use the card to withdraw money up to a high limit.
- Once you open a Citibank savings account, you also access internet banking. Citibank promises a great user experience to all the users who use the internet banking facility. The facility allows you to carry out several banking-related activities like transferring funds, keeping a tab on your account, adding a beneficiary, etc.
- As stated earlier, Citibank has a network of over 700 ATMs in the country. Because of this, you can easily withdraw money from pretty much anywhere in the country. Globally, the bank has over 1 million ATMs. Hence, you will always be close to a Citibank ATM, even when you are abroad.
- The banking services offered by Citibank are complimentary to your Citibank savings account. And there are quite a few of them. Hence, the bank doesn’t charge you an additional amount if you avail of any of these services. These services include cash withdrawals and fund transfers via RTGS, NEFT, etc.
Frequently Asked Questions (FAQs) :
1 .What is the Citibank savings account minimum balance requirement for Citibank Suvidha Salary Account?
There are no minimum balance requirements for a Citibank Suvidha Salary Account. Hence, you can withdraw the entire account balance to meet your financial needs.
2. Which Citibank savings accounts offer wealth management services to their clients?
Wealth management services are offered to clients who open a premium savings account with Citibank. These accounts include Citigold Account, Citigold Private Client Account, etc. However, you can reach out to the bank if you want access to wealth management services.
3.What is the Citibank savings account interest rate for a Global Banking account?
Ex-pats with a Global banking Account with Citibank earn a 3.5% interest per annum on the amount held in their bank account.
4.How many Citibank ATMs are there in India?
Currently, around 700 Citibank ATMs in India are spread across different cities.
5. Do I have to pay an additional amount to get a debit card with my Citibank savings account?
No, most Citibank savings accounts offer a complimentary debit card. However, the range of services that come with a debit card differs from account to account.