Mumbai-headquartered Axis Bank announced on Wednesday it has completed the acquisition of Citigroup’s India consumer business from Citibank NA, at an overall consideration of ₹11,603 crore. This means Axis Bank will now handle all of Citibank’s existing and future consumer business in the country.
In India, Axis Bank has taken over Citibank’s consumer banking business as part of Citigroup’s plan to exit retail operations in 13 markets, including India. The private lender now has as many as 30 lakh unique customers of Citibank India, its seven offices, 21 branches, and 499 ATMs across 18 cities.
Do you, therefore, want to know what changes for you as a Citibank customer? Here are the details:
(1.) Bank account numbers, credit and debit card numbers, cheque books, and IFSC will remain unchanged.
(2.) Existing Citi products, services, branches, ATMs, internet banking, and mobile app will remain functional.
(3.) For both credit and debit cards, the earning ratio, and redemption of reward points, will continue to be the same.
(4.) Features of any insurance policy availed through Citibank will remain the same, and will be provided by Axis Bank.
(5.) For existing NRI deposits, interest earned will be as per the rates on Citibank deposits. For a new deposit, however, the interest will be on Axis Bank’s rates.
(6.) Investments in mutual funds, portfolio management service (PMS) and alternative investment funds (AIFs) stand transferred to the new operator.
(7.) The number of free transactions currently available at Citibank ATMs stand extended to Axis Bank ATMs. However, charges currently applicable over and above free transaction are extended too.
(8.).Citigold ‘Global Banking Privileges,’ however, are no longer available.
(9.) A home loan benchmarked to a Citibank rate (prime lending, base, marginal cost) will not undergo any change. If there is an update, Axis Bank will inform the borrowers.
(10.) In case of a card-related dispute, getting a resolution might be difficult.
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