Citibank has introduced an initiative that would offer savings deposit account holders services like draft issuance, duplicate statements, fund transfers, stop payments and withdrawals from automated teller machines (ATMs) of other banks free of charge.
However, the new offering, ‘Citibanking’, comes with a rider. Customers have to maintain a relationship value of Rs 200,000 with the foreign lender to avail of these services. The bank plans to target customers it describes as the “emerging affluent”, with an annual income of Rs 300,000 to Rs 1,500,000.
Anand Selva, country business manager (global consumer group), Citi India, said, “The Citibanking offering, created through extensive research, demonstrates our commitment to address the increasingly changing needs of this segment. With this launch, we have personalised and customised offerings for our customers across the wealth continuum — salaried accounts (Suvidha), the newly defined emerging affluent (Citibanking), the affluent (Citigold), the high net worth individuals (Citigold Select) and the ultra high net worth individuals (Citi Private Bank).”
According to a study by McKinsey India, the emerging affluent segment in India accounts for 16 million households, of which 37 per cent is based in the top 14 cities. The segment is expected to grow at a compounded annual growth rate of nine per cent, while the revenue pool of Rs 25,000 crore is seen expanding at 16 per cent.
Sandeep Bhalla, head (retail banking), said, “Consumers in this segment embrace technology in every aspect of their lives and are increasingly leading a global lifestyle. Waiting is no longer an option. They want a bank that values their time, offers world-class digital banking services and supports their global banking and investing needs. Citibanking seeks to deliver all these and make banking convenient.”
A Citibanking customer would also get debit cards that would offer ‘evergreen reward points’ redeemable for air miles or cash back. Clients can also avail of a Citibank Rewards Credit Card with 1,500 bonus reward points, subject to meeting the credit approval criteria.
A dedicated personal banker would also be appointed as a single-point contact for financial planning. The bank would provide assistance for opening accounts abroad for relocating clients. It would also provide ‘emergency cash assistance’ of up to $1,000 through its foreign branches.