Axis Bank Completely Take Over Citi Bank’s Businesses

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Citibank customers will see a big change from today (March 1, 2023). The grand old bank that started its operations in Kolkata in 1902 has completely sold off its retail banking assets to Axis Bank. Private lender Axis Bank on Wednesday announced that it had completed the acquisition of Citigroup’s Indian consumer business for a cash consideration of ₹11,603 crore. With this, all consumer business of Citibank in India will be transferred to Axis Bank.

Last year, US bank Citigroup announced the sale of its consumer banking business, which included wealth management, and lending to Axis Bank, as part of a plan to exit retail operations in 13 markets.

After the completion of this deal, Axis Bank now got access to Citibank India’s 3 million unique customers, 7 offices, 21 branches, and 499 ATMs across 18 cities in India.

Citibank India has informed its customers on its official website that Citibank India has transferred its ownership to Axis Bank, which will be effective from March 1, 2023″.

In addition, Citi Bank India informed its customers that they could continue to use all the existing Citi products, services, ATMs, branches,  internet banking, and Citi Mobile App as usual.

The website mentions that the trademarks “Citi,” “Citibank,” “Citigroup,” Arc Design, and all similar trademarks and derivatives will be temporarily used under license by Axis Bank from Citigroup Inc. and related group entities.

Important points to note for Citibank’s customers:

  1. No changes tobank account number, credit and debit card number, chequebook, and IFSC/MICR.

  1. Citi Mobile App or Citibank Online will continue as earlier.

  1. If you have taken an insurance policy through Citi India, the facilities will remain the same, and services will continue to be provided by Axis Bank.

  1. The earning ratio and redemption process of reward points will remain the same for both credit and debit cards.

  1. Citi customers can be able to access any Axis Bank ATM. All the free transaction facilities currently available to the customers at Citibank ATMs will be extended to Axis Bank ATMs. But any charges presently applicable over and above free transactions at Citibank ATMs will also be charged at Axis Bank ATMs.

  1. It is to be noted that the Citigold ‘Global Banking Privilege’ will discontinue.

  1. Citi NRI Bank Account: All the Existing NRI deposits (NRO/NRE/FCNR) will continue to earn interest at the same rate they were earning on Citi deposits. However, any new NRI depositswill be considered according to Axis Bank rates.

  1. Citi customers’ investments in Mutual Funds, PMS, or AIFs will be transferred to Axis Bank.

  1. There will be no change to any home loan in Citibank that is benchmarked to the Citibank Mortgage Prime Lending Rate, Base Rate, or Marginal Cost of Lending Rate (MCLR). In case of any changes during the transition,  borrowers will update by the Axis Bank.

  1. In case of disputes with Citi Credit Card, it may be difficult to resolve your card complaints.

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