Opening a basic zero balance savings account is essential for everyone to park funds and undertake basic financial transactions. This blog covers key aspects of Citi Bank’s zero balance account that offers hassle-free banking without worries of monthly balance commitments. Read on to know the eligibility, documents required, fees and charges as well as interest rates applicable for such accounts.
Types of CITI Bank Zero Balance Account
Citibank offers different types of zero balance accounts to suit customer’s needs.
| Account | Features |
| Citi Suvidha Salary Account | Easy to open salary account Unlimited withdrawal Debit card Additional benefits like rewards, loans |
| Citi Basic Savings Account | Savings oriented zero balance account 25 cheque leaves per year Monthly withdrawal limit 1 lakh Debit card |
| Citi Privilege Access Account | For higher net worth individuals Complimentary credit card Concierge services Global airport lounge access |
How to Open CITI Bank Zero Balance Account Online?
Citibank provides a fast and easy online process to open a zero-balance account without having to visit a branch.
- Visit Citibank online website or app and select ‘Open an account’.
- Choose the type of zero balance account like salary, savings etc.
- Enter basic details like name, date of birth and upload KYC documents.
- Provide contact details, residential address proof and income details.
- Read terms and conditions and submit the online application.
- On approval, login credentials will be sent to activate the account.
- You can start using internet banking, mobile app and debit card immediately.
How to Open CITI Bank Zero Balance Account Offline?
Opening a Citi zero balance account offline:
- Visit the nearest Citibank branch with valid KYC documents like address proof and identity proof.
- An authorized officer will provide the printed application form to fill your basic details.
- Provide information like name, date of birth, contact details, address proof and occupation.
- Submit the filled form after signing at the branch.
- Officer will verify your details and instantly open the zero-balance account.
- You will receive debit card and cheque book within a week at registered address.
- Online banking login credentials will be sent separately via SMS.
- Citibank ensures a simple, instant and paperless account opening process offline as well.
- Personal guidance is available from branch officers during the offline account opening.
CITI Bank Zero Balance Account Interest Rates
While zero balance accounts don’t require maintaining minimum balance, Citibank offers interest on some accounts for the balance amount.
- Citi Savings Account pays 2.5% p.a. for balances up to Rs. 1 lakh. Interest is calculated on daily balance and credited half-yearly.
- Citi Suvidha Salary Account offers 2.5% p.a. for balances up to Rs. 25,000. Customers get additional benefits like gift vouchers on maintaining average quarterly balance.
- Citi Privilege and Priority accounts have preferential interest rates on savings depending on relationship value.
- Senior citizens get 0.5% additional rate on savings accounts as per RBI directives.
Fees and Charges of CITI Bank Zero Balance Account
Citibank ensures zero balance accounts are very attractive with minimal charges. A few transactions are free every month after which a nominal fee applies.
- ATM transactions at Citi or other bank ATMs: 3 free, then Rs. 20 per withdrawal
- Debit card EDC transactions: No charges on first 5 purchases, then 0.75% above Rs. 2000
- Online banking/mobile funds transfer: No charges
- Cheque book charge: First 10 leaves free annually, then Rs. 5 per additional 10 leaves
- Stop payment charges: Rs. 100 plus taxes
- Account closure charge within 6 months: Rs. 500
Eligibility Criteria to Open CITI Bank Zero Balance Account
Citibank has kept the eligibility basic for everyone to experience benefits of a zero-balance account.
- Minimum age required is 18 years to open the account.
- You need to furnish valid KYC documents like address and identity proof.
- Salaried individuals can submit latest salary slip or Form 16.
- Self-employed need to provide ITR/GST returns or business documents.
- Students can provide Bonafede certificate or fee receipt as ID proof.
- Foreigners, NRIs furnishing valid visas and address proofs can also open it.
- No minimum deposit or balance is mandatory to be maintained monthly.
Documents Required to Open CITI Bank Zero Balance Account
To fulfill regulatory KYC norms, a few key documents are mandatory to open a zero-balance account with Citibank:
- Address proof: Voter ID, Passport, Driving License, Aadhaar Card
- Identity proof: Pan Card is preferred. In absence, Voter ID or Passport accepted.
- One passport size photograph.
- For salaried, latest salary slip or Form 16 as income proof.
- Self-employed provide ITR acknowledgement or GST returns.
- Students submit Bonafede certificate or fee receipts.
- NRIs/foreigners furnish passport and current visa documents.
CITI Bank Zero Balance Account Welcome Kit
Once the account is opened, Citi ensures customers receive a kit to start banking.
- Debit Card is sent within 7 days to access funds anytime.
- Temporary debit PIN is provided to use the card for essential purchases.
- Cheque book request can be made online if required.
- Internet banking registration information is included.
- Citi Mobile banking App download link makes banking digital.
- Customer care contact details for any assistance regarding account operations.
CITI Bank Zero Balance Account Helpline
Citi Bank offers zero balance savings account known as Citi Suvidha Salary account for salaried individuals. In case of any queries regarding account opening or operations, Citi Bank has a 24×7 helpline for customers. Some key details are:
| Address | First International Financial Centre, Plot Nos C-54 and C-55, G-Block, Bandra Kurla Complex, Bandra East, Mumbai – 400 051. |
| Phone number | Customers can call Citi Phone Banking team on +91 22 4955 2484. |
| Email id. | [email protected] |
One can also visit the nearest Citi Bank branch for in-person assistance during working hours. Customers are advised to quote their 16-digit card number or customer ID for faster resolution.
Final Word
Citi Bank has strived to make zero balance accounts very practical for common citizens through minimal criteria and paperwork. Customers can choose this convenient option to experience digital banking on the go via mobile apps without worrying about charges. With benefits like interest earnings and value back offers, these accounts can fulfill day-to-day banking needs in a very satisfactory manner.
FAQs
Yes, Citibank was originally founded in 1812 as City Bank of New York in USA. However, it has extensive operations across 100 countries globally including India.
No, this is incorrect information. Citibank and Axis Bank are separate entities with no merger. Citibank has been present in India directly since 1902 with its own branches.
Yes, Axis Bank announced that it has closed the acquisition of consumer businesses of Citibank India and its non-banking finance arm Citicorp Finance (India) for a total amount of Rs. 11,603 crores. Post acquisition, Axis Bank’s market share in credit cards has improved from 11.4% to 16.2%. So, the article confirms that Axis Bank has acquired Citibank’s consumer business in India including credit cards, wealth management and retail banking.
Yes, Citibank offers zero balance savings account called ‘Citi Suvidha Salary Account’ for salaried individuals where no minimum balance is required if salary is credited in it.
Yes, Citibank is considered a very safe bank with robust risk management. It follows global security standards and is authorized by RBI to operate as a foreign bank branch in India.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
