Citibank NRE Account

Does the speed of inter-bank money transfers make up for Citibank’s low interest rates? Here’s what you should know.

One of the oldest and possibly most respectable names in the global banking sector, Citibank has over 2,649 branches spread across 19 countries, including the US, UK, Mexico, Pakistan, Russia and UAE. Along with online banking and phone banking facilities, the Citi mobile app has been quite popular amongst the digital native generation of NRIs. It is also known for its high-speed money transfers and huge connectivity with foreign banks. Citibank has branches in all major Indian cities, as well as a few semi-urban locations.

Citibank NRE Account Features

Given the reputation of the bank, its features should be larger than life too. Here’s a look.

  1. Among the lowest interest rates for NRE savings accounts of 3.5% p.a. Interest is calculated on daily balances and paid quarterly.
  2. Interest rates ranging from 4.75% to 6.5% p.a. on NRE fixed deposits for short and long-term tenures.
  3. Average monthly balance requirements differ across three packages: ₹40,000 for the regular package, ₹2,00,000 for preferred customers and $100,000 for Citigold customers.
  4. Preferred and Citigold customers get exclusive benefits, like preferential foreign exchange rates, access to select international airport lounges and free issuance of duplicate cheque books.
  5. Online banking and 24/7 phone banking facilities are offered, along with a highly functional Citi mobile app.
  6. Free and instant fund transfer to other Citibank accounts in more than 20 countries, including Egypt, China, Bahrain and Vietnam.
  7. Fast money transfers from NRE accounts overseas to more than 7,000 banks worldwide, at no extra charge.
  8. Depending on the type of account and destination country, customers can send up to ₹620,000 per transaction on a single day and a maximum of ₹3,100,000 in one month.
  9. Easy online account opening, with option for collecting documents from your doorstep.
  10. Deposits in foreign currency denominations is permitted from overseas accounts and other NRE/FCNR accounts in India. The currencies allowed are AED, AUD, CAD, EUR, GBP, SGD and USD.
  11. Free personalized cheque book.
  12. International debit card, which accepted across a wide network of online and retail establishments worldwide.
  13. Customers are allowed to issue demand drafts in Indian rupees or a foreign currency, acceptable in more than 700 locations in India.
  14. Customers in the US can transfer up to $30,000 per day to the NRE savings account.

Limitations

  1. Transfer limits, depending on the account type.
  2. Many customers have reported downtimes in net banking.
  3. Slow response time to customer queries.
  4. High wire transfer fees for sending money to a non-Citibank accounts.
  5. Lowest interest rates among Indian NRE bank accounts, both for savings accounts and fixed deposits.
  6. Non-availability in rural areas and small towns.

Advantages

  1. Free Citibank global transfers in more than 20 countries
  2. Fast money transfers overseas
  3. A smart and interactive mobile app to track accounts
  4. Huge presence outside India

Disadvantages

  1. Low interest rates
  2. High transfer fees for banks outside the global Citi network
  3. Poor customer services
  4. High monthly average balance requirements
  5. Lack of useful benefits for regular NRE account holders

Have you used Citibanks NRE services? Please share your experience in the comment below, so others can benefit.

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