What will happen to my Citibank salary account?

What will happen to my Citibank salary account?

Citi India’s ‘Suvidha’ salary account holders will need to maintain a monthly net relationship value of Rs 1 lakh if their salary is no longer getting credited to the Suvidha account due to a change in job. The Suvidha salary account is a zero balance account. Citi had introduced the Citibanking account last year.

How can I change my Citibank salary account to normal account?

If there is no credit of salary in your account for 90 days, your Citibank salary account would get converted to a Regular savings account. You would be required to maintain Net Relationship Value (NRV) of 1 Lakh Rupees from 91st day onwards.

Does salary account get converted to savings account?

When the salary has not been credited to your Salary Account for quite some time (usually three months) then the bank will convert your Salary Account into a regular Savings Account which will require maintaining a minimum balance.

What will happen to Citibank account holders in India?

Citibank has announced to shut its retail banking business including credit cards, savings bank accounts, personal loans etc. Also, Citi’s exit from India will serve as an opportunity for banks in India to either acquire the existing stock of clients or gain share markets in segments like loans, credit cards etc.

What happens if salary is not credited in salary account Citi Bank?

If there is no salary credit to your account for more than a certain number of months, some banks convert it into a regular Savings Account with a need to maintain a minimum balance. The Citibank Suvidha Salary Account is a good, stable and secure account to have as a salary account.

How can I close my Citibank Suvidha salary account?

To close an Account, simply contact your Account Manager or Documentation Specialist to discuss requirements and receive an Account Closure Checklist/Request form:

1. Fill in all relevant fields on the Account Closure Form.
2. Transfer funds via CitiDirect to zero the account balance.

How do I close my Citibank salary account?

You can also chat with customer support by visiting here https://chat.citibank.co.in/IN/WebChat. Step 4: Deposit the letter at the desk and ask for an authorized copy of the letter as an acknowledgment of your request for closing the account. Citibank takes around 2-4 working days for closing the account.

How can I change my salary account to personal account?

You would need to intimate your employer about your existing Bank details, so that the monthly salary credits are routed through the same account. You would also need to intimate your Bank branch for the required change in employer mapping with the Bank.

Can I change my salary account?

It is advised to convert the salary account into a savings account if the previous account of the individual was the first-ever account held. However, if one holds a different savings account to accumulate funds for the long-term, then they can send an application to the bank to close the previous salary account.

Is Citibank shutting down in India?

“Citi is not closing down consumer business in India. We will focus on the institutional business,” said an official of the bank. While scaling up the consumer banking business has been an issue, profits were not an issue for the bank as it reported a net profit of Rs 4,918 crore in the year ended March 2020.

Is Citibank India closing down?

There is no immediate change or impact to the existing account/relationship with Citi. We are committed to ensuring that customers continue to receive the best services, and we will continue to operate as usual. Consumer operations, including all branches, call centers and offices, continue to operate as they do today.

What is Suvidha account?

The Citibank Suvidha Salary Account is tailor made to suit the banking needs of modern day professionals. With preferential pricing on Citibank products, a powerful debit card, 24X7 access to convenient digital banking platforms, Suvidha Salary Account is a one stop solution for all your banking needs.

Will my Suvidha salary account get converted to general savings account?

Citibank will keep an eye on your account for 90 days before converting it back to Suvidha Salary Account. Yes, It will get converted to general savings account once your salary stops getting credited for next three months.

What is it like to have a salary account in Citi Bank?

Having a CITI bank salary account makes you forget about visiting branch for every silly reason.All you need to do is call on the 24*7 help line and you will get the resolution for almost everything within few minutes Digitzed banking which can be operated with much ease and less branch walk-in hence saves your precious time!

Should I switch my Citi savings account to another bank?

Check whether you need the benefits offered. If yes, either maintain min avg balance else pay the monthly fee. If you do not need those benefits, then you can shift to other category of savings account with Citi itself or with some other bank. Citi offers Basic Savings Bank Deposit Account which has no minimum balance requirement.

What if no salary is credited in mention time in Suvidha?

If No salary credited in mention time then you Suvidha Salary account will be converted into Suvidha account and you need to maintain 1L as minimum balance. Then there will not be any change in your Suvidha salary account. You can update your organization details by sending ‘company’ to 52484 as sms, here type ‘company’ as it is.