Mar 01, 2023, 08:33 am
Citibank's customers will witness a major transformation from today (1 March 2023). The grand old bank, which started its India operations back in 1902 in Kolkata, has completely sold its retail banking assets to Axis Bank. Private lender Axis Bank announced on Wednesday that it has completed the acquisition of Citigroup's India consumer business for an overall consideration of ₹11,603 crore. With this, all of Citibank's consumer business in India will be transferred to Axis Bank.
Last year, the US bank Citigroup announced the sale of its consumer banking business, including wealth management, and loans to Axis Bank as part of its plans to exit retail operations in 13 markets.
With the completion of this deal, Axis Bank would get 30 lakh unique customers of Citibank India, seven offices, 21 branches, and 499 ATMs across 18 Indian cities.
Citibank India has on its official website informed its customers that "Citi India has transferred ownership of its consumer banking business to Axis Bank with effect from 1 March 2023".
Further, Citi India advised its customers that they can continue to use "all existing Citi products and/or services, branches, ATMs, internet banking and Citi Mobile app as usual".
The website mentioned that the trademarks "Citi", "Citibank", "Citigroup", the arc design, and all similar trademarks and derivations thereof are used temporarily under the license by Axis Bank from Citigroup Inc and related group entities.
Information for Citibank's customers:
1. Your bank account numbers, credit and debit card numbers, chequebooks, and IFSC will remain the same.
2. Citi Mobile App or Citibank Online will remain functional.
3. Debit / Credit card point redemption process remains unchanged
4. If you have an insurance policy availed through Citi India, the features would remain the same and will continue to be serviced by Axis Bank.
5. You will be able to access any Axis Bank ATM. The number of free transactions currently available to you at Citibank ATMs will be extended to Axis Bank ATMs. However, any charges currently applicable over and above free transactions at Citibank ATMs will be charged on transactions at Axis Bank ATMs too.
6. Notably, the Citigold 'Global Banking Privileges' will cease today.
7. Citi NRI bank account: The existing NRI deposits (NRE/NRO/FCNR) will continue to earn interest as per the rates they were earning on their Citi deposits. But, any new NRI deposits will be as per Axis Bank's rates.
8. Your investments in mutual funds, PMS, or AIF will be transferred to Axis Bank.
9. Citibank home loan: If you have a home loan that is benchmarked to Citibank mortgage prime lending rate, base rate, or marginal cost of lending rate (MCLR), the same will not undergo any change. In case of any change during the course of the transition, Axis Bank will update the borrowers.
10. Dispute with Citi credit card: In this case, getting a resolution to your card complaints might be difficult.