All You Need To Know About NRI Banking Services At Citi Bank

There are several Indian banks that offer NRI banking. It is essential to know every tiny detail before you choose the right bank for you. Citi Bank is one of the many Indian banks that allows Indians living abroad to have a bank account in India. Citi Bank offers accounts for both Non-Resident External (NRE), and Non-Resident Ordinary (NRO) personnel. This page will cover every detail you need to know about the different kinds of bank accounts and the benefits of holding them. Facts such as eligibility, application process, required documents, interest rates, termed deposits with interest rates, remittance platforms with features are explained in detail.

1. NRI Bank Accounts
2. How can you apply?
3. What are the documents required to apply?
4. What is the monthly charge?
5. What is the Interest rate?
6. NRI Term Deposit Accounts
7. Bank owned remittance platform
8. Exchange rates
9. Education Loans
10. Forex cards services
11. Customer Care Contact
12. FAQs
13. Useful Links

1. NRI Bank Accounts

There are two kinds of NRI bank accounts that Citi Bank offers. They are:

NRE bank accounts

Non Resident External (NRE) Account
Who can open an account	NRIs and PIOs Useful for your foreign income earned outside India to earn tax-free interest
Funds Transfer	Funds can be transferred from overseas or any other NRE/FCNR account with any bank in India.
Who can be a joint holder	With two or more NRIs/ PIOs or with a resident relative on 'former or survivor' basis as Power of Attorney holder.
Currency	Indian Rupees(INR)
Interest Rate	Calculated on daily balances and paid quarterly
Taxation	ncome from interest on balances standing to the credit of NRE Accounts is exempt from Income Tax. Likewise balances held in such accounts are exempt from wealth tax. However, interest earned may be subject to tax in the country of residence of the customer.
Repatriation	Principal and interest are fully repatriable.

Who can apply for an NRE account?

This account is right for you if you will maintain this account with funds from overseas on a repatriable income basis. Both Non-resident Indians (NRIs) and Person of Indian origin (PIOs) can apply for this account. This kind of account is extremely useful as you can store your income earned outside of India to earn tax-free interest. Funds can be transferred from overseas or any other NRE/FCNR account with any bank in India. A note-worthy point is that CitiBank does not offer accounts for Indians living in the American state of California.

What is the minimum amount required to maintain the account?

There are two kinds of accounts under the NRE category, Preferred and Citigold. Preferred is right for you if you can maintain a minimum monthly balance of 2,00,000 INR. Whereas Citigold requires you to maintain a minimum monthly balance of 75,00,000 INR.

NRO bank accounts

Non Resident Ordinary (NRO) Account
Who can open an account	NRIs and PIOs Useful to manage your income earned in India such as rent, dividends, pension.
Funds Transfer	Funds can be transferred from overseas/domestic bank account in India**/NRE/NRO/FCNR account with any bank in India.
Who can be a joint holder	With two or more NRIs/ PIOs or with a resident relative on 'former or survivor' basis as Power of Attorney holder.
Currency	Indian Rupees(INR)
Interest Rate	Calculated on daily balances and paid quarterly
Taxation	Interest earned on this account is taxable in India. Tax is currently deducted at source at 30% +CESS, subject to DTAA. In addition to the interest taxed in India, the interest earned may also be subject to tax in the country of residence of the customer.
Repatriation	Only interest is fully repatriable after tax deduction. Not repatriable except for all current income. Balances are remittable up to USD 1 (one) million per financial year (April-March) along with their other eligible assets.

Who can apply for an NRO account?

This account is right for you if you wish to use this account to manage the money earned in India. Both Non-resident Indians (NRIs) and Person of Indian origin (PIOs) can apply for this account. This kind of account is subject to tax. Funds can be transferred to this account overseas or domestic bank, any NRE/NRO/FCNR account in an Indian bank. A note-worthy point is that CitiBank does not offer accounts for Indians living in the American state of California.

2. How can you apply?

To open an NRE or NRO account you can either visit a branch in India or submit an online form.

First, Visit the website, and fill the form.

This will send your details to the bank, who will then ask a representative to contact you to proceed with the application.

3. What are the documents required to apply?

You will need the following documents :

• A signed copy of your Indian passport (both front and back page)
• A signed copy of your resident country’s visa.
• A passport sized coloured photograph
• A signed copy of your proof of address (It can be driver’s license with address, Aadhaar card, voter id or any other address proof recognized by the government).

Please note that the document requirements may change depending on the country you live in. For Instance, if you live in Singapore, you’ll also be required to submit a copy of your NRIC.

4. What is the monthly charge?

If you maintain the monthly balance, you don’t have to pay any monthly fee. However, if you fail to do so, you have to pay a fee of 1% of the amount required to reach the minimum balance or a maximum of Rs. 600.

However, your monthly charge may depend on the kind of relationship you have with the bank. It is advised to contact your wealth manager to get more information on the same.

Repatriation

For NRE accounts, principal and interest are fully repatriable. Whereas for NRO account, only interest is repatriable after tax deduction.

5. What is the Interest rate?

The annual interest rate for NRE and NRO savings accounts is 2.5%. The interest on the Rupee checking account is compounded on a Daily Average balance method and is credited to your account quarterly.

6. NRI Term Deposit Accounts

NRE Deposit

For these deposits, the funds can be sourced from India and overseas. If you wish to transfer money from another account for this then, you can transfer funds from another NRE or FCNR account. You cannot transfer money from an NRO account. You can choose either simple or compound interest. Compound interest is acquired every 90 days, and is paid at maturity. Simple interest is acquired monthly and is paid quarterly to your rupee checking account. Automatic roll over option is available if you wish to avail it. The tenure ranges from a minimum of 365 days to a maximum of 1825 days. The interest is not subject to tax and the minimum amount for the deposit is Rs. 80,000.

The interest rates mentioned below came into effect on the 12th of August, 2022.

Time in days	Comp period	< Rs. 2 Crore		>=Rs2 crore <Rs3 crore		>=Rs3 crore <Rs5 crore		>=Rs5 crore <=Rs10 crore
		P.A. Rate	APR*
				P.A. Rate	APR*	P.A. Rate	APR*	P.A. Rate	APR*
365-400 Days	4	2.75%	2.78%	2.00%	2.02%	2.00%	2.02%	2.00%	2.02%
401-540 Days	4	2.75%	2.78%	2.00%	2.02%	2.00%	2.02%	2.00%	2.02%
541-731 Days	6	3.00%	3.06%	2.00%	2.02%	2.00%	2.02%	2.00%	2.02%
732 - 1095 Days	8	3.50%	3.61%	2.00%	2.04%	2.00%	2.04%	2.00%	2.04%
>=1096 days	12	3.50%	3.67%	2.00%	2.06%	2.00%	2.06%	2.00%	2.06%

*APR is defined as the Annual Percentage Rate. A noteworthy point is that NRE accounts and NRE term deposits are exempted from any tax. Refer to the website for more details.

NRO Deposit:

For these deposits, the funds can be sourced from India and overseas. If you wish to transfer money from another account for this then, you can transfer funds from another NRE, NRO or FCNR account. You can choose either simple or compound interest. Compound interest is acquired every 90 days, and is paid at maturity. Simple interest is acquired monthly and is paid quarterly to your rupee checking account. Automatic roll over option is available if you wish to avail it. The tenure ranges from a minimum of 7 days to a maximum of 1825 days. The interest is subject to a tax deduction at source (TDS) and the minimum amount for the deposit is Rs. 80,000.

The interest rates mentioned below came into effect on the 12th of August, 2022.

Time in days	Comp period	< Rs. 2 Crore		>=Rs2 crore <Rs3 crore		>=Rs3 crore <Rs5 crore		>=Rs5 crore <=Rs10 crore
		P.A. Rate	APR*
				P.A. Rate	APR*	P.A. Rate	APR*	P.A. Rate	APR*
7-10 Days	0	1.85%	-	2.00%	-	2.85%	-	2.00%	-
11-14 Days	0	1.85%	-	2.00%	-	2.00%	-	2.00%	-
15-25 Days	0	1.90%	-	2.00%	-	2.00%	-	2.00%	-
26-35 Days	0	1.90%	-	2.00%	-	2.00%	-	2.00%	-
36-45 Days	0	2.55%	-	2.00%	-	2.00%	-	2.00%	-
46-60 Days	0	2.55%	-	2.00%	-	2.00%	-	2.00%	-
61-90 Days	0	2.55%	-	2.00%	-	2.00%	-	2.00%	-
91-120 Days	1	2.55%	2.55%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%
121-150 Days	1	2.55%	2.55%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%
151-180 Days	1	2.55%	2.56%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%
181-270 Days	2	2.60%	2.61%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%
271-364 Days	3	2.75%	2.77%	2.00%	2.01%	2.00%	2.01%	2.00%	2.01%
365-400 Days	4	2.75%	2.78%	2.00%	2.02%	2.00%	2.02%	2.00%	2.02%
401-540 Days	4	2.75%	2.78%	2.00%	2.02%	2.00%	2.02%	2.00%	2.02%
541-731 Days	6	3.00%	3.06%	2.00%	2.02%	2.00%	2.02%	2.00%	2.02%
732 - 1095 Days	8	3.50%	3.61%	2.00%	2.04%	2.00%	2.04%	2.00%	2.04%
>=1096 days	12	3.50%	3.67%	2.00%	2.06%	2.00%	2.06%	2.00%	2.06%

*APR is defined as the Annual Percentage Rate. A noteworthy point is that NRO accounts and NRO term deposits are subject to tax. Refer to the website for more details.

FCNR deposit:

For these deposits, the funds can be sourced from India and overseas. If you wish to transfer money from India then, you can transfer funds from another NRE or FCNR account. You cannot transfer money from an NRO account. Interest is compounded every 180 days and is paid upon maturity. Automatic roll over option is available if you wish to avail it. The tenure ranges from a minimum of 365 days to a maximum of 1825 days. The interest is not subject to tax and the minimum amount for the deposit is USD 2000 or equivalent.

The interest rates mentioned below came into effect on the 12th of August, 2022.

Tenure	USD (in %)		GBP (in %)		EURO (in %)		Jap. Yen (in %)		Canadian $ (in %)		Australian $ (in %)
	APR*	Yield	APR*	Yield	APR*	Yield	APR*	Yield	APR*	Yield	APR*	Yield
365 - 399 Days	0.01	0.01%	0.01	0.01%	0.01	0.01%	0.01	0.01%	0.01	0.01%	0.01	0.01%
400 - 410 days	0.01	0.01%	0.01	0.01%	0.01	0.01%	0.01	0.01%	0.01	0.01%	0.01	0.01%
411 - 729 days	0.01	0.01%	0.01	0.01%	0.01	0.01%	0.01	0.01%	0.01	0.01%	0.01	0.01%
730 - 1825 days	0.01	0.02%	0.01	0.02%	0.01	0.02%	0.01	0.02%	0.01	0.02%	0.01	0.02%

*APR is defined as the Annual Percentage Rate. Refer to the website for more details.

7. Bank owned remittance platform

Citi Bank has an online remittance platform that allows NRIs to send money from their residing country to India.

The platform allows two kinds of transfer methods, they are:

International Wire Transfers:

It is right for you to plan to transfer a huge amount of funds, and if you require it to be quickly transferred to your Indian CitiBank account. However, if you use the platform to send money to another Indian bank account, it may take 2-3 days for the money to get credited in the bank account. Citi Bank does not charge any transaction fees, but your local bank might.

Another noteworthy point is that all international transactions are subject to GST. Please visit the International wire transfer page to get more details on the taxation.

Automated Clearing House:

This method is perfect if you wish to transfer money from the US. You can remit up to $ 30,000 USD per day to your Indian bank account. It normally takes 5 days for the amount to get credited into your Indian bank account. If you want to pursue this method of payment, you will have to register with the bank. You can follow the following steps to register and remit money online via ACH:

• Login to your account in CitiBank Online.
• Provide details such as- US Bank Account, Name on your US Bank Account, Name of the Bank, Type of Account and Routing (or ABA) Number.
• Once registered, the bank will initiate a debit and credit transaction from this account, typically 3-4 business days after you register your Source Account.
• Login to your Rupee Checking Account and confirm the debit-credit amount to complete the verification process.
• Transfer money!

8. Exchange rates

Foreign Currency to Indian Rupee:

Please note that the indicative foreign exchange rates mentioned above are as of August 12, 2022 11:00 AM IST and indicative only. The rate applied to your transfer will be the applicable rate on the date and time your transaction is executed and may be different from those displayed below.

Currency	TT Selling
US Dollar	81.26
Euro	83.83
Japanese Yen	60.94
Sterling Pound	99.08
Swiss Franc	86.29
Canadian dollar	63.70
Australian dollar	57.75
Singapore dollar	59.33
Honk kong dollar	10.37
Swedish Krona	8.07
Danish Kroner	11.27
New zealand dollar	52.41
South African Rand	5.00
Mexican Peso	4.07
Norwegian Kroner	8.53
UAE Dirham	22.12
Thai Baht	2.307
Hungarian Forint	0.212
Polish Zloty	17.89
Saudi Riyal	21.63
Turkish Riyal	4.53
Kuwaiti Dinar	265.25
Israeli Shekel	25.08
Chinese Yuan	12.06
Czech Koruna	3.444
Malaysian Ringgit	18.30

Indian Rupee to Foreign Currency:

Please note that the indicative foreign exchange rates mentioned above are as of August 12, 2022 11:00 AM IST and indicative only. The rate applied to your transfer will be the applicable rate on the date and time your transaction is executed and may be different from those displayed below.

Currency	TT Buying
US Dollar	78.07
Euro	80.54
Japanese Yen	58.55
Sterling Pound	95.20
Swiss Franc	82.91
Canadian dollar	61.20
Australian dollar	55.49
Singapore dollar	57
Honk kong dollar	9.96
Swedish Krona	7.75
Danish Kroner	10.83
New zealand dollar	50.36
South African Rand	4.80
Mexican Peso	3.91
Norwegian Kroner	8.19
UAE Dirham	21.25
Thai Baht	2.217
Hungarian Forint	0.204
Polish Zloty	17.19
Saudi Riyal	20.78
Turkish Riyal	4.35
Kuwaiti Dinar	254.84
Israeli Shekel	24.10
Chinese Yuan	11.59
Czech Koruna	3.309
Malaysian Ringgit	17.59

9. Education Loans

Citi Bank does not offer any student loan, however, there are several other kinds of loans they offer. You can refer to their website for more details on the same.

Personal Loan:

You can avail a personal loan, with loan amount up to Rs.30,00,000. Visit their website to know more and apply for the loan. If the application process was smooth, the amount will get credited to your account within 48 hours. They offer flexible repayment options with a time period ranging from 12 to 60 months. Your loan will be subject to a fixed interest amount. You can also choose to get additional funds during the repayment duration. Citibank allows you to pay in a single go for the fore-closure of the loan as well.

Home Loans:

You can choose to get home loans to purchase a new home or you can choose to get a loan against a property. CitiBank offers home loans to NRIs as well. Mortgages are available for a maximum repayment tenure of 15 years. For a home loan, you must be within the age limits of 21 and 65. The maximum loan amount is Rs.10 Crores. Lending rates may differ. Check their website for more details on the same.

Quick cash on citibank cards:

CitiBank allows you to get a loan on your credit card. You can proceed to their website or app, to avail this feature. You are free to choose the repayment method along with the tenure. Once the request has been processed,the amount will be transferred to your bank account immediately.

Ready Credit:

Citibank’s ready credit offers a loan amount up to Rs. 5,00,00. This is referred to as “Instant funds”, and these are accessible through your Salary account. You can use it whenever and wherever you want. All you have to do is login to your citibank online account, click on ready credit offer and apply. Refer to their website for more details.

Loan Against Securities:

CitiBank offers loans against new and used commercial vehicles as well as new and used construction equipment. They offer a fixed interest rate inorder to maintain security. You can visit their website for more details on the same.

Loan Against Fixed deposits:

This feature is available to Indian citizens residing in India only. You can get up to 90% value of the time deposit without breaking the deposit for your liquidity requirements. You must be more than 21 years of age. All you have to do is contact your relationship manager, fill out a form and share the required documents to avail the loan.

10. Forex cards services

The bank does not have a separate Forex card. However, all of their debit cards and credit cards are internationally accepted. You can enable international transactions if you wish to travel abroad.

11. Customer Care Contact

Like any other bank, CitiBank values their customer’s satisfaction and thus has a great customer care service. Most of the time, your queries can be found in their FAQs webpage or their Forum Webpage.

Here is a list of contact numbers depending on the country you’re residing in:

Australia	1-800-252-856
Bahrain	8000-4884
Canada	Toll-free: 1-800-248-4674 Before opening an account, (Toll-free): 1-866-703-2462
UAE	Before opening an account, (Toll-free): 8000-172-122 After opening an account, (Toll-free): 800-035703463
Hong Kong	800-908-413
India	+91 22 4955 2484
Singapore	Toll-free: 1-800-225-7211 Before opening an account: 800 101 2342
Thailand	001-800-65-6196
USA	Toll-free: 1-800-248-4674 Before opening an account, (Toll-free): 1866 703 2462
Europe	Toll-free from UK: 0800 032 2484 Toll-free from Europe: 00-800-2484 2484 Pre-Account Opening Toll-free: 0808 101 7384

12. FAQs

If you have any queries, you can also visit their query page to know more about your questions.

❖How do I transfer funds to another bank in India?

You can remit money from your NRE or NRO account to any other Indian bank account either through the National Electronic Funds Transfer (NEFT) system or the Real Time Gross Settlement (RTGS) system. A noteworthy point is that you cannot transfer funds from NRO to an NRE account.

For more details, please check Transfers to any bank account section under the Payments & Transfers page in this website.

❖How do I transfer money to my rupee checking account from overseas?

You can choose between international wire transfer or Automated Clearing House (for US customers only). Please go through the details of the options available in your country of residence in the Transfers from Overseas section in the official website to decide on the option that is most convenient for you.

❖How do I transfer money to my local overseas account from my rupee checking account?

You can remit money from your NRE Rupee checking account to any overseas bank account. Repatriation, is the term used when you wish to transfer money from a NRO account to an overseas bank account. Repatriation is subject to limits and documentation guidelines of the Reserve Bank of India.

You can use the Citibank global transfer option to transfer from your NRE account to your Citibank account overseas.

❖My Term Deposits with Citibank are due to mature soon. What do I need to do?

If you have chosen the automatic roll over option, the money will be credited to your savings account automatically. You will receive a maturity alert approximately 14 days prior to maturity of the deposit. If you wish to change the tenure or the amount and rebook the deposit, please complete the Deposit Application form for existing customers and mail it to the NRI Service Centre in your country of residence or to Mail Room address.

If you wish to terminate this deposit on maturity, please complete the Fund Transfers Request Form. You can mail the completed form to the NRI Service Centre in your country of residence or to Mail Room address. You can also visit any Citibank branch in India to hand over this form in person. Please note that all Account Holders on the account need to sign this instruction.

The bank representatives from India may call you on the registered contact numbers on your account to confirm your request prior to executing the instructions.

❖I want to close my term deposit before maturity, will I lose any money?

You can choose to pre-terminate a deposit any time. If you choose to pre-terminate the deposit before completing the minimum tenure period, no interest will be paid. For an NRE account, the minimum tenure is 1 year, whereas it is 7 days for an NRO account.

If you pre-terminate a Term Deposit in full, after you complete the minimum tenure of the deposit, you will earn interest on the deposit. The interest rate paid on the withdrawn amount will be either:

The interest rate at the time of original deposit booking OR

The applicable rate of interest for the new tenure and amount on the date of premature withdrawal

The lower interest rate between the above-mentioned interest rates, less a penalty of 1% will apply

However, if you decide to partially pre-terminate the deposit then, the deposit will be split in two – the money being withdrawn and the remaining amount. The amount being withdrawn is subject to the same rules as fully pre-terminating the term deposit. For the remaining amount, appropriate interest will be credited at the maturity of the deposit. Interest may differ based on the remaining amount.

❖How do I access my account at CitiBank online?

If you are a first-time user, you will have to register and create an account. You can register using your debit card and the ATM pin number. If you had opted not to get a debit card, you will not be able to register by yourself. You will have to contact the bank for internet banking.

If you do have a debit card, you can register for internet banking by following the steps mentioned below:

• Enter account information (select NR rupee checking account from the drip down menu)
• You will have to authenticate by entering your 16-digit debit card number, CVV, Date of Birth, ZIP code or your passport number.
• Read the terms and conditions and click proceed.
• You will have to authenticate once again by entering the One-time password sent to your registered phone number.
• Once that is done, enter a user ID of your choice. Enter a suitable strong password of your choice as well. Make sure that your password is 8 to 16 characters long and alphanumeric. Your password cannot contain space of any special characters.
• Now log in your account.

❖What are the guidelines for creating an Internet password?

• Make sure your password is 8 to 16 characters long.
• Don’t use single words that can be found in the dictionary. For example, “elephant” is a bad password.
• Don’t use any personal information such as your or family member’s names, date of births or other trivial details such as favourite food.
• Don’t include space in your password. For instance, my dog is unacceptable.
• Don’t use the following special characters ", <, >, /, \, &, %
• Don’t use a password that contains part of your online User ID or email address.

❖I forgot my user ID; how do I access my account?

You can select Forgot password or User ID link to retrieve your login credentials.

❖How do I update my contact information?

If you wish to update your contact information, proceed to “Your contact details” once you’ve logged into your account. You will have to enter Online Authorization Code (OAC) sent to your registered phone number , if you wish to change the contact details.

If you wish to update your address, send the bank a signed copy of your new address proof, along with a letter stating your rupee checking account number. Your address proof document can be any of the following:

• Valid Passport with address
• Valid Driving license with address
• Documents issued by Government department of foreign Jurisdiction (for foreign passport holder only)
• Letter issued by Foreign Embassy/Mission in India (For foreign Passport holder only) (for foreign passport holder only)
• Utility bill not more than 2-month-old of any service provided (Electricity , telephone, post-paid mobile phone, piped gas, water bill)
• Property or municipal tax receipt
• Latest Bank account or post office savings bank account statement

❖Why do I need to update my profile often?

The Reserve Bank of India guidelines require all banks to periodically contact customers and collect the most recent colour photograph, identification documents and proof of address.

13. Useful links

Create an account

Forgot password or User ID

Apply for a termed deposit

Deposit Application form for existing customers

Mail Room address

Transfers from Overseas

Transfers to any bank account

Online remittance platform

International wire transfer

Travel abroad.

Remit funds overseas using online banking - Easy steps for resident individuals