- Date : 02/03/2023
- Read: 3 mins
The consumer business of Citibank in India will now be a part of Axis Bank.
The consumer business of Citibank in India will now be a part of Axis Bank as Axis Bank has acquired this portion and the non-banking finance arm for Rs. 11,603 crores. Citibank India stated that Axis Bank will now serve its customers. The consumer business contains retail banking, personal loans, home loans, credit cards, etc.
Here are the answers to a few questions you might have:
Also Read: Axis Bank profits jump by 62% in the third quarter. All you need to know.
Will your Citibank account details remain the same after the acquisition?
Yes!
What are the expected changes?
You can expect two changes starting March 1, 2023:
- You will receive a higher interest rate on savings accounts (in line with Axis Bank)
- You will have a revised SWIFT code - AXISINBB for foreign currency outward and inward.
What about Axis Bank ATM access? What about the charges?
You can access all Axis Bank ATMs once the transfer concludes. You will get free transactions per Axis Bank guidelines, and any charges over free transactions will be charged on Axis Bank ATM transactions.
What about auto-renew existing deposits?
The existing deposits and their auto-renewal will see no change.
What about changes in Debit card features, benefits, and details?
The debit card details, features, and benefits will remain the same.
What about Citi debit card reward points?
You will continue to accrue reward points on your Citi debit cards and be able to redeem them. The redemption process and earning ratio will be the same.
What about changes in the credit card redemption process, rewards, fees, billing cycle, credit limit, and interest rate?
The credit limit will remain the same, and the billing cycle will also remain the same. The interest rate will also remain the same. However, you will be informed through an advance notice if there is any change. The accrual and redemption process will also remain the same.
Also Read: Should you invest in Axis Bank's long-duration fund?
What about bill payment of the Credit card?
The bank said the customers should make payments with the existing modes, and changes will be duly informed.
What about Citigold Global Banking Privileges?
Global Banking Privileges like Citigold credit portability, status portability, relocation account opening service, home connect, emergency cash, etc., will cease upon the transfer.
What about the home loan?
Axis Bank will take over the home loan in line with the loan agreement.
What about the interest on the home loan?
The interest rate will remain the same. If you have a variable interest rate, it shall continue after the change in the benchmark rate, aligned with the repricing reset cycle.
