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Overview of Citibank Savings Account

Citibank savings account offers many benefits and different options to the account holders such as complimentary debit card, rewards points on spends, anywhere banking facility, bill payments, mobile banking and interest earnings. One can open a savings account through its website.

What is a Savings Account?

Citibank Savings Account

A savings account is a simple bank account that can be opened with any bank. It is a place to store your money when you do not need it. One can withdraw, transfer it or simply leave it in the account to earn interest. Most banks and financial institutions offer savings account as part of their product offering.

A minimum balance would need to be maintained in any savings account. Interest rate and fees to maintain the account will vary from bank to bank. There are withdrawal limits as defined by the bank for a certain type of accounts.

A savings account will not yield as many returns as a proper investment option. The interest earned in a savings account is much lower than your investment product. But it offers liquidity and accessibility to money as and when you need it.

Features and Benefits of Citibank Savings Account

Citibank savings accounts offer numerous benefits to its account holders. Some of the main features are mentioned below:

  • A complimentary debit card is issued to the account holder
  • Reward points can be earned on the spends using the debit card
  • No charges on many banking services
  • Quick assistance through 24x7 CitiPhone helpline
  • Emergency cash advance facility
  • Online Banking options
  • Access the account on the go with the mobile banking app
  • Instant fund transfers

Types of Citibank Savings Accounts

Citibanking Savings Account

  • One can avail a complimentary Citibank Platinum Debit card when you open a savings account with the bank
  • This card offers free cash withdrawal across the globe
  • Withdrawal limit of Rs. 1 lac per day
  • Earn reward points on the card spends
  • Emergency cash advance facility
  • Instant fund transfer through SMS or Internet banking
  • Access the account on the go with Citi Mobile
  • An average monthly relationship value of Rs. 2,00,000 needs to be maintained across savings, term deposits, investments, insurance, home loan and Demat account
  • An interest rate of 2.5% is applicable and it is calculated on a daily basis but paid out on a quarterly basis
  • One can avail NEFT/RTGS transactions on a complimentary basis

Citibank Suvidha Salary Account

  • There is no minimum balance required in this type of account
  • ATM/Debit card is available with a daily limit of Rs. 50,000
  • At par payable cheque book
  • Complimentary personal accident cover of Rs. 10lacs
  • Utility bill payments can be done without any charges
  • No cost Demand Draft facility is available across its branches
  • Complimentary NEFT/RTGS and IMPS transfers
  • An interest rate of 2.5% p.a. is applicable
  • Overdraft facility up to 5 times the net salary is available on this account

Citibank Savings Account for Expatriates

  • An expat can avail of free withdrawals at any ATM in India and overseas
  • The remittance process is simplified with only one-time documentation
  • Zero fee banking services are available
  • Easy access to financial solutions like Mutual Funds, Time Deposits and Forex Services
  • Emergency cash advance if your debit card is stolen
  • Easy access to account and services with mobile banking app – Citi Mobile
  • A minimum relationship value of Rs. 2,00,000 need to be maintained across savings account, fixed deposits, home loan, Demat account and insurance
  • Complimentary Platinum Debit card with a withdrawal limit of Rs. 1,00,000 a day.
  • 1% cashback on all debit card purchases

Citibank Basic Savings Bank Deposit Account and Small Account

  • This type of account comes with a complimentary ATM/Debit card and chequebook
  • There is no minimum balance requirement
  • Daily transaction limit of Rs. 10,000 is applicable on the debit card
  • Unlimited account credits through any channel
  • 4 free customer-initiated debits in a month across channels
  • No foreign remittances will be allowed unless complete valid documentation is made available

Citibank Senior Account

  • Higher interest rate and flexible tenures are the main features of this account
  • There is an option to set the automatic rollover facility
  • Overdraft facility against the time deposit
  • Free unlimited withdrawals at ATMs
  • Complimentary Bill Utility payment service is available
  • An online funds transfer is possible without any charges
  • Order free Demand Drafts online and get them delivered to more than 1100 locations in the country

Citibank Junior Account

  • One can offer first-hand experience of banking to children with a Junior account
  • A Citibank Junior Debit card is offered for children above 15 years of age with withdrawals from all ATMs at no charge
  • Make payments at all favourite merchant outlets
  • One can transfer money to the Junior Account on a regular basis and invest in Deposits and Mutual Funds
  • Standing instructions can be issued from the parents’ account through online banking
  • Limits on the debit can be set to curb overspending

Citibank Savings Account Minimum Balance

For most Citibank savings accounts, a minimum balance of Rs. 1,00,000 to 2,00,000 needs to be maintained as a minimum balance on an average. The bank can change its policy and this information needs to be checked when you apply for a savings account.

Citibank Savings Account Interest Rate

Currently, Citibank offers a 2.5% p.a. interest rate on its savings bank account. However, this can change at the discretion of the bank at any time.

Citibank Savings Account Charges

Citibank does not charge any amount for operating a savings account however there could be some fees levied if the minimum balance is not maintained. These charges are subject to change at the discretion of the bank from time to time.

How to open a Citibank Savings Account

One can apply for a savings bank account through the bank website or by physically visiting the nearest bank branch. One can also open a Citibank savings account through its mobile banking app. The 24x7 customer care service can help in getting the process started and documents can be submitted at the bank directly.

Citibank Savings Account FAQ

1. Are there any withdrawal charges levied by the bank?

Citibank does not levy any withdrawal charges on ATM withdrawals that are made from the Citibank savings account.

2. What is the interest rate on a Citibank savings account?

Citibank offers 2.5% p.a. interest on its savings bank account.

3. Does Citibank offer a reward program on its debit card?

Yes, one can avail many reward program offers on the debit card issued through the savings bank account. You earn 1 point for every Rs. 100 spent on the card and this is never-expiring

Citibank Savings Account - Customer Reviews

4 / 5 (18 Reviews)
26 Sep 2020

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