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1.

Savings Account
Interest is calculated on the daily balances maintained in the account at an interest rate specified by the bank. The interest earned will be
credited into your account at half yearly intervals at the end of March and September each year. In the event you close your account prior to
interest credit to your account, the accrued interest will be credited to your account at account closure.
Illustration of interest earned on Savings Account:
I On ` 1,00,000 balance (1st June – 30th June) – Interest earned = 4% X 30/365 X ` 1,00,000 = ` 320.88
ii. On ` 1,00,000 balance (1st June – 20th June) and ` 1,50,000 balance (21st June – 30th June) – Interest earned = (4% X 20/365 X ` 1,00,000)
+ (4% X 10/365 X ` 1,50,000) = ` 219.20 + ` 164.40 = ` 383.60
2. Current Account
As per current Reserve Bank of India regulations, no interest is offered on Current Accounts.
RUPEE CHECKING ACCOUNT
A
INTEREST PAYMENT ON RUPEE CHECKING ACCOUNTS
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TYPES OF ACCOUNT
The type of account you choose depends on your need and whether your earnings are from India or overseas. There are two basic types of
transactional accounts – Non-Resident External (NRE) and Non-Resident Ordinary (NRO).
The table below details some features of these two accounts.
Key Features NRE Rupee Checking Account NRO Rupee Checking Account
What is the basic purpose of these
accounts?
Both NRE and NRO Rupee Checking Accounts allow a Non-Resident Indian to easily manage all their financial
obligations in India
Currency of Account Balances in account are held in Indian Rupees
Rate of Interest
4% per annum for Savings Account Only
Provision for a Mandate A family member resident in India can be authorized to operate the account on behalf of the account holder
Debit-cum-ATM Card
Debit-cum-ATM Card for use anywhere in India and
Worldwide
Debit-cum-ATM Card for use in India only
Source of Funds
• Foreign Currency remittances from overseas
• Funds transfer from any other NRE or FCNR account in
India
• Foreign Currency remittance from overseas
• Funds transfer from any NRE, NRO FCNR or domestic
bank account
Tax on Interest Earned
( Pl ease speak to your Tax
Consultant for tax obligations in
your country of residence)
• Interest earned is exempt from Income Tax in India
• However, Interest earned may be subject to tax in your
country of residence
• Interest earned on this account is taxable in India. Tax is
currently deducted at source at 30% + CESS when the
interest accrues on your deposit
• In addition to the interest taxed in India, the interest
earned may also be subject to tax in your country of
residence
Repatriation
• Repatriation can be easily done for both Principal and
Interest earned
• If you wish to repatriate funds, we require written
instructions with the wire details for executing this
repatriation
• Repatriation needs to be in adherence to the guidelines
of the Reserve Bank of India and is limited to equivalent
of US $1 million per financial year for all qualified
balances
• Additionally, you will need to provide documents as per
the guidelines issued by the Reserve Bank of India
depending on the source of funds of the account
Joint account holder
Only with Non Resident Indians
(With Resident Indians on “former or survivor” basis only)
With Resident Indians or Non-Resident Indians
ACCOUNT OPENING INFORMATION BOOKLET
Please retain this booklet for your future reference
PRE-TERMINATION – Withdrawal of a deposit prior to the original maturity date
• If you pre-terminate a deposit before the minimum tenure of the deposit, NO interest will be paid.
• The minimum tenure for FCNR and NRE Deposits is 1 year. Hence if you pre-terminate these deposits before 1 year, you will not earn any
interest.
• The minimum Tenure for NRO Deposit is 7 days. If you pre-terminate this deposit before 7 days, you will not earn any interest.
For all pre-terminations, the original deposit is treated as two deposits – one is the amount withdrawn and the other is the amount remaining in
the deposit.
The interest rate paid on the withdrawn amount will be either:
• The interest rate at the time of original deposit booking OR
• The applicable rate of interest for the new tenure and amount on the date of pre-mature withdrawal
• The lower interest rate between the above mentioned interest rates, less a penalty of 1% will apply.
The Interest rate applicable on the remaining amount will be:
• The applicable interest rate for this amount and tenure of original deposit.
• This rate may be the same as the original deposit or lower.
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CV/NR/NA/ALL/RCA-INFO/7.1/01-06-2014
PRE-TERMINATION OF DEPOSITS
D
Payment of interest
For deposits of tenure great than 1
year interest is compounded every
180 days and paid on maturity.
For deposits of tenure exactly 1 year,
interest is paid on maturity without
compounding.
For Compound Interest- Interest is
compounded every 90 days and paid
on maturity
For Simple Interest – Interest is
calculated at applicable rate and paid
quarterly
For Compound Interest – Interest is
compounded every 90 days (for
tenures greater than 90 days) and
paid on maturity
For Simple Interest – Interest is
calculated at the applicable rates and
paid quarterly (for tenures greater
than 90 days)
Tenures less than 90 days offers only
Si mpl e I nterest and I nterest i s
calculated at applicable rate and paid
on maturity
Deposit renewal
The following choices are available to the depositor:
• Renew the deposits for the same tenure as original deposits at interest rate applicable on the date of renewal
• Pay the maturity proceeds into linked Rupee Checking Account or as per depositor instruction
Repatriation
Repatriation can be easily done for
both Principal and Interest earned.
If you wish to repatriate funds, we
require written instructions with the
wi re detai l s for executi ng thi s
repatriation
Repatriation can be easily done for
both Principal and Interest earned
through your NRE Rupee Checking
Account
If you wish to repatriate funds, we
require written instructions with the
wi re detai l s for executi ng thi s
repatriation
Repatriation needs to be in adherence
to the guidelines of the Reserve Bank
of India and is limited to equivalent of
US $1 million per financial year for all
qualified balances
The transaction will be effected through
your NRO Rupee Checking Account
Additionally, you will need to provide
documents as per the guidelines issued
by the Reserve Bank of India depending
on the source of funds of the account
Source of funds
Foreign Currency Remittance from overseas
Funds transfer from any other NRE or FCNR account in India
Foreign Currency Remittance from
overseas
Funds transfer from any other NRE,
NRO, FCNR or domestic bank account
Tax on interest earned
(Pl ease speak to your Tax
Consultant for tax obligations in
your country of residence)
Interest earned is exempt from
Income Tax in India.
However, Interest earned may be
subject to tax in your country of
residence
Interest earned is exempt from
Income Tax in India.
However, Interest earned may be
subject to tax in your country of
residence
Interest earned on this account is
taxable in India. Tax is currently
deducted at source at 30% + cess when
the interest accrues on your deposit
In addition to the interest taxed in India,
the interest earned may also be subject
to tax in your country of residence
TYPES OF DEPOSIT ACCOUNTS
There are three types of Deposit Accounts: Non-Resident Ordinary (NRO), Non-Resident External (NRE) and Foreign Currency Non-Resident.
The table below details some of features of these three Deposit Accounts.
Please visit www.citinri.com for the current interest rates on Deposit Accounts
DEPOSIT ACCOUNTS
C
Key Features FCNR Deposit NRE Fixed Deposit NRO Deposit
Available currencies
• British Pound
• Euro
•Japanese Yen
• Australian Dollar
• Canadian Dollar
• United States Dollar
Indian Rupees Indian Rupees
Minimum amount of deposit US$ 5,000 or equivalent ` 2,00,000 ` 2,00,000
Tenure 1 to 5 years 1 to 5 years 7 days to 5 years
Interest Rates
Fixed (Simple Interest for tenure of 1
year and Compound for tenures
greater than 1 year)
Fixed (Choice of simple or compound
interest)
Fixed (Choice of simple or compound
interest)
Illustration of interest paid in case pre-termination prior to original maturity date, but after the minimum tenure of a deposit:
Original Deposit
Original Principal Amount ` 100,000
Original booking date June 1 2011
Original maturity date May 31 2013
Original tenure (days) 730
Original Interest rate 9%
Maturity Amount ` 118,810
Deposit Pre-Maturely Withdrawn Deposit Remaining
Amount withdrawn pre-maturely ` 60,000
Amount remaining ` 40,000
Original booking date June 1 2011 June 1 2011
Pre-mature withdrawal date May 31 2012
Maturity date of Deposit Remaining May 31 2013
Pre-mature withdrawal tenure (days) 365
Remaining Deposit tenure (days) 730
Applicable interest rate on date of Withdrawal 8%
Pre-Payment Penalty 1%
Applicable interest rate on Remaining Deposit 8%
Effective interest rate 7% 8%
Revised Amount (Paid out or Balance) ` 64,200 ` 46,656
The maturity amounts shown in the illustration above may be different based on Taxes Deducted at Source (TDS), if applicable.
CV/NR/NA/ALL/RCA-INFO/7.1/01-06-2014 3
CHANGE IN RESIDENCY STATUS OF A CITIBANK, N.A. INDIA ACCOUNT HOLDER
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When a resident Indian leaves India for any country (other than Nepal or Bhutan), for employment, business or immigration or for any
other reason for an uncertain period of time, the Resident Indian will be treated as Non Resident Indian and the bank account in India will
be designated as a Non Resident Ordinary (NRO) Account.
Consequently, there would be some or all of the following changes to your Citibank India Account or Citibank Suvidha Account in India:
Description Changes
Account Number and Branch No change
Interest Rate on Savings Account No change
Home Loan Payments and other
Standing Instructions from your Citibank
Account or Citibank Suvidha Account
No change
Check Book Your existing checks can still be used. However, we will issue you a new Check Book for your NRO Account.
Tax Deduction at Source (TDS) Interest earned on Balances in Non Resident Ordinary Account is subject to TDS
Deposits Deposit Accounts will be closed and principal and interest (if applicable) will be credited to your Citibank NRO Account
Citibank Money Multiplier Account This account will be closed and balances, if any, will be credited to your Citibank NRO Account
Employee Reimbursement Account This account will be closed and balances, if any, will be credited to your Citibank NRO Account
ATM/Debit Cards
These Cards will no longer be valid and new ATM/Debit Card and ATM PINs will be issued for your NRO Account.
You will not be able to use your new ATM Card for cash access at International ATMs.
Credit Card & Loans
You will need to pay off your Total Balance on your Card including all pre-termination fees for Loan closures. Upon
clearing your dues, your Credit Card will be closed. Balances from your Citibank Account or Citibank Suvidha Account
may be used to clear your Credit Card or Loan balances as per the terms and conditions of your Credit Card or Loan.
Overdraft Facility
The Overdraft Facility on your Citibank Account or Citibank Suvidha Account will be closed. Balances from your
Citibank Account or Citibank Suvidha Account may be used to clear your Overdraft amounts if any, as per the
terms and conditions of your Overdraft Facility
An Overdraft Facility is not available on your NRO Account
Mandate Account Your mandate associated with your Citibank Account or Citibank Suvidha Account will be closed.
India Mutual Funds
The status recorded with the asset management companies need to be changed from Domestic to NRO. Post the
status change, the DMF accounts can be linked to the converted domestic accounts
Along with your application form, please include a letter addressed to Citibank, requesting to change the tax
status of all the holdings in your Mutual Funds account to NRO
Transactions on your Mutual Funds, through Citibank Online will be restricted post conversion of your account to NRO.
If you are relocating to the United States, please select from any of the options below:
• Sell all the existing units of the mutual funds held in your account with Citibank N.A. India.
• Submit a request to change the broker code from Citibank N.A.India to a third party mutual fund distributor.
Please get in touch with your relationship manager or contact a Citibank India branch and request them for the
broker code change format.
DEMAT Account If you wish to close your DEMAT Account, please visit a Citibank branch or ask a Citibank NRI Relationship Manager for assistance.
Brokerage Account
You will need to sell equities in your brokerage account and this account will be closed. Sale proceeds will be
transferred to your Citibank India Account or Citibank Suvidha Account.
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CV/NR/NA/ALL/RCA-INFO/7.1/01-06-2014
AVERAGE MONTHLY RELATIONSHIP BALANCE (RB) FROM QUALIFYING PRODUCTS
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Example of RB from qualifying products
Qualifying products Balance Average Monthly Relationship (`) Description
a) Savings/Current Account 50,000
Average daily balance of the calendar month is
calculated based on the sum of daily end of day
balance divided by the total number of days in the
month
b) Another linked Savings/Current account 10,000
c) Fixed Deposits (FCNR(B), NRE & NRO Desposits) 140,000
Monthly Relationship balance from qualifying
products
200,000 a+b+c
For Non US customers - investment products like balance in domestic mutual fund, 25% of demat balance, insurance premium and outstanding principal
of home loan are also considered in qualifying products
Outward Remittances - Foreign
Currency Check/ Draft / Wire
Deposits - $30 per transfer. Savings
accounts - Free. Service tax will be
applicable
Deposits - $30 per transfer. Savings
accounts - Free. Service tax will be
applicable
Deposits - $30 per transfer. Savings
accounts - Free. Service tax will be
applicable
Re-order of Check Book - Citiphone &
Branch
` 100 Free Free
Duplicate Physical Statement request
- Citiphone & Branch
` 100 Free Free
Free transactions
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ATM Withdrawal and balance enquiry in India
ATM Withdrawal and balance enquiry at ATMs outside India. Please note the Bank that owns the ATM might charge you an access fee
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NEFT/RTGS Transfers
Inward Remittances (Please note: A Service Tax will be applicable)
Issuance and Encashment of Travellers Checks at a Citibank Branch in India (Please note: A Service Tax will be applicable)
Request for a duplicate online statement of your account
Re-order a check book online
Utility Bill Payments in India through Citibank Online
Re-activation of an inactive account
Account Type
Rupee Checking Account
Preferred Rupee Checking
Account
CitiGold Rupee Checking Account
Monthly Balance Requirements
Average Monthly Relationship
Balance across Products for
qualification
Less than ` 200,000 ` 200,000 - $ 100,000 (Equivalent) Greater than $ 100,000 (Equivalent)
Average Monthly Relationship
Balance requirement
` 40,000 ` 40,000 `40,000
Monthly Charges
Please Note: You must meet the
Average Monthly Relationship
Balance across all qualifying
products
If you do not meet the Monthly
Relationship Balance Requirements:
` 400
If you do not meet the Monthly
Relationship Balance
Requirements: ` 400
ATM/Debit Card related Charges
Annual Membership Fee Free Free Free
Replacement Fee for Lost or Stolen
Card
` 100 Free Free
ATM PIN Reissue Fee Free Free Free
Transaction Based Charges
Rupee Demand Draft
Free online and Citiphone.
` 2.50 per ` 1,000 for drafts payable at
Citi Locations; ` 3 per ` 1000 for
drafts payable at other locations
Free
Free
Draft Cancellation ` 100 Free Free
Service Tax
Please note that as per Government of India regulations, a Service Tax will be charged on all foreign currency conversions, fees and other charges. This Service
tax is payable to the Government of India and will be charged to your account. This is subject to change as per the regulations of the Government of India. The
Service Tax on Foreign Currency Conversions is charged on any currency conversion on the gross amount of the currency converted at the rate mentioned
below:
• 0.012% of the gross amount of currency converted for an amount up to ` 100,000 subject to minimum of ` 30
• ` 120 and 0.06% of gross amount of currency converted for the amount exceeding ` 100,000 and up to ` 10,00,000
• ` 660 and 0.012% of the gross amount of currency converted for the amount exceeding ` 10,00,000, subject to maximum of ` 6,000
In addition to the charge amount, an education cess of 3% (2% for education cess and 1% for higher education cess) will charged on the service tax charged.
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As per RBI communication, cash limit of ` 10,100/- per withdrawal will be permitted at non Citibank ATMs.
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The minimum transfer amount for RTGS is 2 lakhs.
SCHEDULE OF CHARGES
F
If you do not meet the Monthly
Relationship Balance
Requirements: ` 400