For many years, a Citibank NRI account was a top choice for Non-Resident Indians managing their finances in India [1] [2]. However, it is essential for prospective and existing customers to know that Citibank's consumer banking operations in India were acquired by Axis Bank in 2023 [3]. This guide provides a comprehensive overview of the features historically associated with Citibank NRI banking and explains how these services and accounts are managed today under Axis Bank, ensuring you have the most current information for your banking needs. [6]
Citibank NRI Account - Quick Information
The following table provides a quick summary of NRI accounts, reflecting the transition of Citibank's retail operations to Axis Bank.
| Feature | Details |
|---|---|
| Account Types | NRE, NRO, and FCNR deposits now managed by Axis Bank. [1][6] |
| Opening Process | New accounts opened via Axis Bank online & branches. [3][6] |
| Documents Required | Passport, visa/residence permit, address proof, and photos. [5][6] |
| Tax on Interest | Tax-free in India; NRO: Taxable under Indian laws. [7] |
| Minimum Balance | As per Axis Bank policy [earlier Citibank: ₹1,00,000 AMB].–[2][8] |
| Digital Banking Access | Access via Axis Bank mobile & internet banking.[3][6] |
| International Transfers | Axis Bank supports wire transfers & remittances. [1][6] |
Types of NRI Accounts Formerly Offered by Citibank
While new accounts are opened with Axis Bank, understanding the types of accounts that were part of the Citibank India NRI account portfolio helps in navigating the products offered today. Axis Bank provides the same fundamental account types. [1]
1. NRE Account (Non-Resident External)
This account is designed for depositing your foreign earnings[1] [6]. Funds in an NRE account are held in Indian Rupees, but the principal and interest earned are fully repatriable, meaning you can freely transfer them back to your country of residence [6]. The interest earned on NRE accounts is exempt from income tax in India.[7]
2. NRO Account (Non-Resident Ordinary)
An NRO account is ideal for managing income earned within India, such as rent from property, dividends from investments, or a pension[1] [6]. The funds are held in Indian Rupees. While the interest earned is taxable in India,[7] you can open an NRO account jointly with a resident Indian relative. [5] [6]
3. FCNR Account (Foreign Currency Non-Resident)
For NRIs seeking to mitigate the risk of currency exchange fluctuations, the FCNR account is an ideal solution[1] [6]. These are term deposit accounts that allow you to hold funds in a designated foreign currency (like USD, GBP, EUR, etc.). Both the principal and the interest are tax-free in India and are fully repatriable.[7]
Eligibility Criteria for Opening an NRI Account
To open an NRI account with Axis Bank, which now handles the former Citibank portfolio, you must meet certain eligibility criteria. The process is straightforward for individuals of Indian origin living abroad. [5]
- Non-Resident Indian (NRI): An Indian citizen who resides outside India for employment, business, or any other purpose for an indefinite period.
- Person of Indian Origin (PIO): An individual who is a citizen of another country (but not Pakistan or Bangladesh) who has held an Indian passport at any time, or whose parents or grandparents were citizens of India.
- Overseas Citizen of India (OCI): An individual registered as an OCI cardholder under the Citizenship Act, 1955. [4]
Documents Required for Opening an NRI Account
You will typically need to provide self-attested copies of the following:
- Identity Proof: A valid passport with your photograph and signature.[1]
- NRI Status Proof: A valid visa, residence permit, or work permit showing your legal status in your country of residence.[1]
- Address Proof:
- Foreign Address: A copy of a utility bill, driving licence, or bank statement showing your overseas address.
- Indian Address: A copy of your Aadhaar card, Voter ID, or Indian passport if you wish to provide an address in India.
- Photographs: Recent passport-sized colour photographs.[1]
- PAN Card: A copy of your Permanent Account Number (PAN) card.[1]
- For PIO/OCI: A copy of your PIO or OCI card.[1]
How to Open an NRI Account with Axis Bank?
Since the Citibank India NRI account opening online process is now integrated with Axis Bank, you can follow Axis Bank's procedures to get started.[6]
From Outside India
- Step 1- Visit the Axis Bank Website: Navigate to the NRI banking section on the official Axis Bank website. [1]
- Step 2- Choose Your Account: Select the type of NRI account (NRE, NRO) you wish to open.[1]
- Step 3- Fill the Application Form: Complete the online application form with your personal details, contact information, and other required information. This has replaced the legacy Citibank NRI account opening form.[1]
- Step 4- Upload Documents: Scan and upload the required documents as per the instructions.[1]
- Step 5- Verification: An Axis Bank representative will contact you to verify the details and guide you through the final steps of the process.[1]
From India (During a Visit)
- Step 1- Visit an Axis Bank Branch: You can walk into any Axis Bank branch in India.[6]
- Step 2- Meet an NRI Banking Advisor: The bank staff will guide you through the different account options and help you choose the one that best suits your needs.
- Step 3- Submit Documents: Carry original and photocopies of all your required documents for verification.
- Step 4- Complete Formalities: Fill out the physical application form and complete the necessary formalities at the branch to get your account opened.
What is the Minimum Balance & Charges?
While specific figures are now subject to Axis Bank's schedule of charges, NRI accounts typically have minimum balance requirements to avoid maintenance fees. Historically, the Citibank NRI account minimum balance was set at an average of ₹1,00,000 across all linked accounts.
| Account Type | Typical Minimum Balance | Potential Maintenance Fee (if balance is not maintained) |
|---|---|---|
| NRE Savings Account | ₹1,00,000[2] | A monthly or quarterly fee applies |
| NRO Savings Account | ₹1,00,000[2] | Monthly or quarterly fee applies |
It is always recommended to check the latest schedule of charges on the Axis Bank website to understand the current requirements.
Tax Implications for NRI Account Holders
In India, the interest earned in an NRE account and FCNR deposit is completely tax-free. However, the interest earned in an NRO account is subject to income tax at the applicable slab rates, and tax is typically deducted at source (TDS).[7]
Benefits of NRI Banking with Axis Bank (Formerly Citibank)
Continuing the legacy of excellent service, opening an NRI account with Axis Bank comes with a host of benefits designed for the global Indian.[8] [9]
- Wide Network: Access to Axis Bank's extensive network of branches and ATMs across India.
- Digital Excellence: A user-friendly mobile app and internet banking platform for managing your account from anywhere in the world.
- Attractive Interest Rates: Competitive Citibank NRI interest rates are now determined by Axis Bank, offering good returns on your savings.
- Investment Opportunities: Seamless integration with investment platforms, allowing you to open a Citibank NRI demat account (now an Axis Bank Demat account) and invest in the Indian market.
- Preferential Services: Access to dedicated relationship managers and preferential pricing on loans and other banking products for high-value customers.
How Can NoBroker help with NRI Legal Services?
Managing finances and property from abroad can involve complex legal hurdles. While you manage your Citibank NRI account through Axis Bank, NoBroker’s NRI services can simplify your property-related needs. Our experts can assist with drafting legal documents like rental agreements or sale deeds, conducting property title checks, and providing guidance on Power of Attorney, ensuring your investments in India are secure and legally compliant.
