Citibank Savings Account
A savings account is the most common form of an interest-bearing deposit account which is held with a bank or NBFC that provides a nominal interest rate. A savings account is often the first bank account for many. As the name suggests, a savings account is used primarily to save money for specific or daily expenses. Having a savings account also helps keep a tab on all the transactions made by the account holder – both deposits and withdrawals. It also encourages the habit of saving. The money kept in the savings account also attracts a nominal interest rate, so it is more lucrative and safer to store the cash with the bank, rather than keep physical cash with you.
There are various fees associated with a savings account. The minimum balance required, interest rate and fees and charges vary from bank to bank. In general, there is a limit on the number of withdrawals you can make from the account each month.
There are some downsides to a savings account as well. Savings accounts are not lucrative - in the sense that they are the least profitable type of short-term investments. The interest on a savings account is far less when compared to that of an FD account or other short-term investment instruments. Though they are liquid investments and easily accessible in times of need, they offer low yields in comparison to other forms of savings.
Citibank Savings Account
A Citibank savings account provides a host of banking benefits including reward points / air miles for various transactions, lifestyle and privilege offers, trading and portfolio solutions, flexible and easy accounts management, special banking facilities for senior citizens, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a Citi Savings Account.
Features and Benefit of Citi Savings Account
There are various benefits to having a savings account with Citi Bank. Following is an overview.
- With a Citibank savings account, you can have the following service access on the go:
Citibank Online (banking at your fingertips, anytime, anywhere)
Mobile & SMS Banking
CitiPhone Banking (banking over the phone)
- Get up to 20% savings on your dinning bills, depending on the kind of debit card you have got. This offer is valid at over 2,000 popular merchant diners.
- Get special shopping offers and other attractive deals on your Citibank Card across hundreds of Citibank partner stores.
- Safety and security when you store your cash in a savings account
- Enjoy different savings account for different needs.
- Get unlimited access to ATMs all over India
- Earn a higher return of up to 4% p.a. on your Citi Bank Savings Account, enabling your savings to grow faster.
Types of Citi Bank Savings Accounts
Citi Priority Account
- Wealth management services with Citi Priority Personal Banker
- First-year complimentary Citi PremierMiles card, and 10,000 welcome bonus miles
- Digital Financial Planner
- Exclusive online Citi Priority Privileges
Citibanking Savings Account
- Get a complimentary Citibank Platinum Debit Card
- Free ATM cash withdrawal
- Daily withdrawal limit of up to Rs.1 Lakh.
- Rewards Program: Earn 1 reward point for every Rs.100 spent
- Get accelerated reward points on Jet Airways and Air India
- Reward points redeemable as cash or airmiles.
- Instant fund transfer and receipt through SMS or Mobile Banking.
Citibank Savings Account for Expatriates
- Free withdrawals at any ATM in India and overseas
- Simplified remittance process
- Priority phone banking: Your call will be attended to in 20 seconds or less
- Free ATM cash withdrawal around the world.
- Daily withdrawal limit up to Rs1 Lakh.
- Get 1% cash back on all your Debit Card purchases (subject to terms)
- Rewards Program: Earn 2 air miles on Jet Airways and Air India for every Rs.100 spent
- Wealth Planning
- World Class Banking & Financial Products like mutual funds and insurance
- Investment Research & Analysis
- Complimentary World Debit MasterCard
- Complimentary PremierMiles Card
- Earn in miles and redeem them for airline tickets of over 100 domestic and international airline partners.
- Avail concierge services
- One-Glance-Statement of account: This service gives the card holder a comprehensive and detailed view of all Citibank accounts and details such as: current and savings account, term deposits details, investment services account (mutual funds & bonds), insurance policy details, credit card details, loan and demat holdings.
Citi Savings Account Minimum Balance
The minimum balance required in Citi savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview of the minimum relationship value:
|Type of Savings Account||Balance Required|
|Citi Priority||Avg. Net Monthly Relationship Value: Rs. 1,00,000|
|Citibanking Savings Account||Min relationship value of Rs.2,00,000 (can also be spread over investment products such as Insurance, Home Loans, and Demat Account).|
|Citibank Savings Account for Expatriates||Min relationship value of Rs.2,00,000 (can also be spread over investment products such as Insurance, Home Loans, and Demat Account).|
|Citigold||Net Relationship Value* (NRV) of Rs. 50 Lakh for Savings Account Holders and Current Account Holders.|
Citi Savings Account Interest Rate
Citi savings account comes with interest rates of up to 4%, depending on the daily balance, and the amount in your account. Do keep in mind that the rates are subject to change at the sole discretion of the bank.
Citibank Savings Account Charges
Different Citibank savings accounts have a different schedule of charges. It is better to contact Citibank directly for the most up to date charges.
How to open a Citibank Savings Account
Citi Bank savings account opening is easy and hassle-free with options to open an account online or in person at your nearest Citibank branch. You can walk into your nearest Citi Bank branch with your KYC documents or choose to apply for a savings account online and upload the required documents.
Citi Bank Savings Account FAQS
What is the best interest rate on a Citi Bank saving account?
The interest rates can go up to 4%. For the latest interest rates, it is advisable to contact the nearest Citi Bank branch.
Who is eligible to open a Citibanking account?
This account can be opened by those earning a net monthly income of Rs.1 Lakh and above and working in companies that have a tie-up with Citibank Suvidha salary account. Alternatively, customers wishing to open a CitiBanking account can submit an initial cheque of Rs.2 Lakh.
Is it possible to open a Citibanking savings account online?
Yes, absolutely. Just log on to the Citibank website, select the required savings account as per your savings needs and eligibility, and apply!