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Spotlight On: Citibank NRI Services: Banking And Money Transfers

Updated on Dec 02, 2020
Citibank

Citibank India operates as a foreign bank in India and its headquarter is located at Bandra Kurla Complex in Mumbai, Maharashtra. Since its establishment in 1902, there are in total 42 Citibank branches in 30 cities and over 700 ATMs across the nation. Citibank India is a subsidiary of the multinational financial services company, Citigroup located in New York City, United States.

Citibank NRI Services

Citibank NRI account holders have access to free online banking, free checkbook, debit cards, and several convenient options for transferring funds overseas and in India. Through the CitiNRI services, NRIs can also avail of a range of mutual funds in India.

Citibank India offers foreign remittances facilities only to Non-Resident Indians (NRIs) clients. These money transfer services are not available to resident Indians.

If you are an NRI, you can avail of the following services by Citibank India:

NRI Accounts

NRI can open a Non-Resident External Account (NRE) and Non-Resident Ordinary (NRO) Account with Citibank or other Indian banks. NRE and NRO accounts are the most common NRI accounts. These are rupee-denominated accounts which can be either checking or savings accounts.

Term/fixed deposits are also allowed in rupee (NRE/NRO) or foreign currency (US Dollar, British Pound, Euro, Japanese Yen, Australian Dollar, and Canadian Dollar). Foreign Currency Non-Resident (FCNR) account is for your foreign currency deposits and is on a fully repatriable basis. Funds in the NRE account are fully repatriable while it is partially repatriable in the case of the NRO account.

Do refer to Citibank terms and conditions.

NRI Account Benefits

  • Savings accounts are interest-bearing (interest rate is 3.5% per annum both for NRE and NRO accounts. This is lower than other Indian banks like ICICI bank which has 4% interest rates on NRI savings accounts). 
  • No charge for fund transfers and bill payment 
  • Free international wire transfers 
  • Free Cheque book
  • 24/7 online and phone banking 
  • Global access Debit cards/ Credit cards

International Money Transfers with CitiNRI

There are three options available for outward remittance from your Citibank NRI accounts. Choose the one that meets your requirements.

Citibank Global Transfers: Citibank NRI customers can transfer funds from their NRE accounts to other Citibank accounts in 18 select countries almost instantaneously without paying any fee. You do need to pay a fee if you are sending money to a non-Citibank account.

The transfer limit is INR 620,000 per transaction in a day with a total limit of 5 transactions per day and a maximum of INR 3,100,00, limited to 10 transactions per month.

The exchange rate offered can fluctuate depending on the market, so do check the rates before you send your money. Citibank offers better exchange rates compared to other local banks.

However, various online money transfer companies such as Remitly, Xoom, etc. provide much better exchange rates and charge lower transfer fees. Compare and get the best exchange rates, the lowest fees, and the quickest transfer speed.

Repatriation: Funds from your NRO account can be transferred to either your bank account overseas in foreign currency or to your NRE account in Indian rupees. As per the guidelines of the Reserve Bank of India, you are allowed to repatriate up to $1 million in a financial year from your NRO account.

You should speak with your Citibank relationship manager for details related to Repatriation requests. 

Funds transfer: You can send money online from your NRE account (checking and deposit accounts) to a bank account overseas. It is very convenient and carries no charge. The money is transferred in 1-2 business days. The receiving banks may charge a fee for the transfer.

Remit Money to India

Citibank

Remitting money to India is easy with the following options. Choose the one that is convenient for you or based on your country of residence.

  • Citibank Global Transfers: You can transfer funds from your overseas Citibank account in select countries to your Citibank NRI account in India for free. The transfers are almost instantaneous. A maximum of Rs 30 lakhs a day can be sent which is limited to only 5 transfers in a day and 15 transfers in a month. The limit on the transfer amount may vary from country to country. 
  • International wire transfers: Send money from your overseas bank account to your Citibank NRE account for free. It takes about 2-3 business days for the money to be received. For such wire transfers, you will need to provide the recipient?s details (name, address, account number), SWIFT code, routing number. 

Automated Clearing House (ACH) only for U.S. Customers: If you are in the U.S., you can send money to your NRI account from your U.S. bank account through the ACH system without paying any fee. ACH is an electronic payment facility for U.S. customers. You will have to log in to Citibank Online to initiate the process and it normally takes about 5 business days for the money to get credited to your account.

Payments and Transfers in India

Citibank India offers NRI many payments and transfer options that are simple and convenient in India. You can transfer money online to any bank accounts in India at no charge. You can pay your utility bills, loans, insurance bills online with your Citibank bank account. Or order demand drafts in Indian rupees or foreign currency that are payable at more than 700 locations in the country. 

Citibank also offers special offers and privileges to NRI customers at select merchants and restaurants in India and overseas.

How safe is Citibank?

Citibank employs the latest security technologies to ensure your information is safe and protected when you bank with them. The green address bar on the Citibank website means it has an Extended Validation (EV) SSL certificate which is a security feature. Your information is protected by 128-Bit encryption so that it is safe whenever you open your accounts and perform online transactions. The sites are protected by several firewalls to prevent security breaches.

You can set up CitiAlert to get notified of any suspicious activity on your account. Citibank has a webpage dedicated to how to protect yourself from fraud, monitor your account, and do online/ mobile banking safely.

Citibank Consumer Service

Citibank India offers 24/7 customer care service. You can get in touch with customer service via phone, email, and chat to avail of their online account opening services. You can pre-book your branch appointment online. Click on the NRI Help to put up any query and clear your doubts. 

Consumer reviews on Citibank NRI services are mixed. Negative consumer reviews are about the unresponsiveness of the bank officers and that 24/7 customer support is misleading.

To conclude, it would be wise to check with other banks in India to get the best NRI banking services before you decide to open a Citibank NRI account or with other Indian banks. Each bank can have different account features and benefits. Choose the one that best suits your requirements.

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