Axis Bank Completes Acquisition of Citibank’s Consumer Business
Axis Bank, India’s third-largest private sector bank, has completed the acquisition of Citibank’s consumer business covering loans, credit cards, wealth management, and retail banking operations in India. The deal, announced in March 2022, has been completed on March 1, 2023. In a video advertisement, Axis Bank welcomed the 30 lakh plus customers of Citibank, assuring them of a smooth transition. Citibank has put out a list of answers to customers’ common queries about the transition process, which we will decode below.
1. Account Details to Remain Same:
Customers with Citibank accounts can continue using their Citi account for now without any changes in the account number, IFSC/MICR codes, debit card, cheque book, fees, and charges. However, Axis Bank will notify customers in case of any changes in the future.
2. Access to Axis Bank ATMs:
Citibank customers will be able to access any Axis Bank ATM after the transfer date, i.e., March 1, 2023. The number of free transactions currently available to customers at Citibank ATMs will be extended to Axis Bank ATMs as well. Any charges currently applicable over and above free transactions at Citibank ATMs will be charged on transactions at Axis Bank ATMs too.
3. Changes in Citigold ‘Global Banking Privileges’:
The Citigold Global Banking Privileges will cease to exist after the transfer to Axis Bank. These global banking privileges include bank account opening service if you are relocating to another country, attractive deals at hotel, retail shops, restaurants, and access to lounges worldwide. You can withdraw up to $10,000 instantly from your account as emergency cash while traveling. However, Axis Bank’s premium card has similar benefits, and Citi customers can apply for those credit cards.
4. Changes for Citi NRI Bank Account:
Existing NRI deposits (NRE/NRO/FCNR) will continue to earn interest as per the rates they were earning on their Citi deposits. Any new NRI deposits will be as per prevailing Axis Bank rates. The revised SWIFT code for foreign currency inward and outward transactions will be AXISINBB.
5. Changes in Investments:
Investments in mutual funds, portfolio management service (PMS), or alternate investment funds (AIF) will be transferred to Axis Bank (ARN 0019). You can continue to access your investment portfolio and transact in your investment account through bank branches/relationship managers/Citibank online and mobile banking. However, you will get access to research reports, product information, and investment communication that will be in line with Axis Bank’s house views and policies instead of Citibank’s.
Axis Bank will continue to service the insurance policies taken through Citi after the transfer. The insurance coverage provided by the insurer will continue as it is after this transfer, provided you pay the insurance premiums as and when due. The premium being paid will remain the same as insurance premiums are decided by the insurance company.
6. Citibank Credit Cards:
According to Axis Bank, there will be no change in the earning rewards and redemption process after this transfer. Your reward points across Citi credit cards will continue to accrue and remain available for use. There will be no change in fees, interest charges, billing cycle, payment due date, and bill payment methods for Citi credit cards. All standing instructions given to Citi with regard to loan payments, bill payments, or any other account transfer will continue after March 1 as well.
About Axis Bank:
Axis Bank is the third largest private sector bank in India. The Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses.
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