What will happen to Citibank Customers' Savings Accounts, Cards, etc after 
Axis Bank-Citibank Merger

What will happen to Citibank Customers' Savings Accounts, Cards, etc after Axis Bank- Citibank Merger { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

As of March 1, 2023, Citibank's consumer business in India will be transferred to Axis Bank.

Axis Bank Ltd, an Indian private lender, has completed a deal to buy Citigroup Inc's local consumer and non- banking finance businesses.

The transaction value of 116.03 billion rupees is based on Citi's portfolio's closing assets, assets under management, and liabilities.

When announced in March 2022, the deal was worth 123.25 billion rupees and was Axis Bank's largest- ever acquisition.

- Existing NRI deposits (NRE/NRO/FCNR) will be maintained at the current Citi Rate. { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

- Any new NRI deposit (NRE/NRO/FCNR) will be subject to the current Axis Bank rates.

- AXISINBB 1099 certificate issuance ( to US NRIs) and reporting will be discontinued due to the revised SWIFT code for foreign currency inward and outward transactions.

Will Citibank account information be kept the same after the acquisition?

According the acquisition by Axis Bank, Citibank accounts will remain unchanged. { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

Customers can continue to use their with no accounts Citi licenses account with no account changes to their account,, following the's many benefits

Will there be any changes to existing auto- renewal deposits?

Existing deposits are asked to liquidate them by 28th February 2023 by visiting the branch or using Citibank Online. { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

In the absence of a request, the Bank will credit these deposits back to the Savings Account Balance.

Alternatively, you can re- book these deposits in accordance with the bank's new limits via Citibank Online and there will be no early withdrawal penalty for such deposits.

Will the details, benefits, and features of my Citibank Debit Card change?

There will be no changes to your Citibank Debit' Cards, or functionality. { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

Will Citibank customers' bank account information remain the same?

I check the account with no changes to their number, IFSC / MICR codes, Citibank Debit Card, cheque book, Fees & Charges. { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

By Ajeeta Bhatia Goodreturns source: goodreturns.in Dailyhunt View more