All you need to know about the Citibank Rupee Checking Account.
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to minimise the details. The Non Resident External (NRE) Account is a current/savings account held in India, in Indian rupees. The Principal and the interest in an NRE account are fully repatriable. Interest income is exempt from Indian Income Taxes. The NRE savings account earns an interest of 4% per annum* while the current account is a non-interest bearing account.
* Rate subject to change without prior notice.
The Non Resident Ordinary (NRO) Account is a current/savings account held in India, in Indian rupees. The NRO Account can be funded through NRI income in India. Only the interest in an NRO Account is repatriable. Interest income on this account is liable for Indian Income Taxes. The NRO savings account earns an interest of 4% per annum* while the current account is a non-interest bearing account.
* Rate subject to change without prior notice.
- Completed Rupee Checking Account Application Form
- One RECENT passport-size color photograph of each applicant with the applicant's name written behind it
- Photocopy* of your passport, with pages showing personal details as well as Work Permit / Visa details
- Photocopy* of your Driver’s License or Utility Bill or Bank Statement showing your current mailing address (utility bill or bank statement cannot be more than 30 days old). If you do not have any of these documents, please submit a document showing your current mailing address from the list of documents given below.
- A check / draft for USD 5,000 or its equivalent, favoring Citibank N.A., India Account (Your Name). (We accept local currency checks in USD, GBP, EUR, AUD, CAD and SGD)
*Please put your signature on photocopies of all supporting documents that you submit to us.
In case, you cannot meet one of the Citibank NRI Relationship Managers for account opening, photocopies of all supporting documents submitted by you should be attested by a Notary Public or the Indian Embassy.
USA:
- Photo U.S. Non-Driver's License
- Photo U.S. Learner's Permit
- Photo U.S. Passport
- U.S. Government Photo ID
- Photo U.S. Armed Forces ID
- Photo U.S. Employment Authorization Card
- Photo U.S. Alien Identification
- University Photo ID with the current academic transcript or a bursar's receipt
- Photo Government Aid Card
- Photo Naturalization Certificate
- Photo Non-U.S. Passport
- Photo Canadian Driver's License
- Photo National Identity Card
- Photo Mexican Matricular Identification
- Letter of Introduction from: Bank, Accredited University, Employer, or Embassy Reference Letter
- Employee Photo Identification Card
- Pay Stub - Must be computer generated and < 30 days
- Certified Birth Certificate (only for minors & students)
- W2 Form
- 1099 Form
- Mortgage Statement (less than 30 days old)
- Motor Vehicles Document
- Photo College ID
- High School Picture ID
- Health Insurance Card
- Non-Photo Government Aid Card
- Medicare Card
- Tribal ID Card
- Union Card
- Photo Trade License
- Certified Certificate of Citizenship
- Foreign Driver's License (Other than Canadian)
UK:
- Identity Card issued by member state of European economic area
- Current Photo Driver's License (UK/EEA)
- Current Full UK Driver's License (non-photo)
- Utility Bill/Telephone Bill less than 3 months old, with name and address of customer, in its original form, for customers who have not been met personally
- Current Bank Statement within the last 30 days, with customer's address
- Can be a photocopy of the e-Statement (Stamped in original by bank)
- Can be a bank letter confirming customer account, name & address
- Certificate from supplier of utilities confirming the arrangement to pay for the services on pre-payment terms
- Local Authority Tax Bill (valid up to 1 year)
- Original Mortgage Statement from a recognized lender (most recent based on issuance cycle)
- Local Council Rent Card
- Tenancy Agreement
- Inland Revenue Tax Assessment
- Statement of Accounts or Notice of Coding for the current tax year
- House Insurance Certificate
- Vehicle Insurance Certificate
- Address verification from known employer with independent call back
- Address confirmation from College/University with independent call back
Singapore:
- Local Driver's License or New Photo Card Driver's License
- National ID Card
- Current SAF/SPF & SCDF Identity Card
- Utility Bill/Telephone Bill/Mobile Bill less than 3 months old with name and address of customer
- Current Bank Statement within the last 30 days, with customer's address
- Government Issued Birth Certificate
- Photo Credit Card issued by a recognized financial institution
- Valid Credit Card statement with customer's name issued by a regulated financial institution
- Computer printed pay slip from a recognized company
- Valid Work Permit/Visa for foreign nationals when it is a standalone document and not included in the passport
- Professional License with Photograph
- Employment Pass
- CPF Statement
- Valid College Card
- Valid Employee ID Card with customer's name and photo
UAE:
- UAE Resident/Employment Visa Pages
- Local Driver's License
- National ID Card (Government Issued Health Card, Labour Card)
- eGate Card
- Copies of Utility Bill/Telephone Bill less than 3 months old, with name and address of customer (DEWA/ETISALAT)
- Trade License with Photograph
- Vehicle Registration Document
- Current Bank Statement within the last 30 days, with customer's address
- Birth Certificate issued by Government
- Photo Credit Card issued by a recognized financial institution
- Credit Card statements issued within the last 30 days.
- College Photo ID Card and Bursar's receipt for the current term - issued by a college affiliated to the respective State University or a Post Graduate institute of the State
- Other Citibank branch reference containing DOB, address and National ID No.
Australia:
- Local Driver's License (AUSTRALIAN)
- Armed Forces ID Card (Army/Navy/Air Force/Paramilitary)
- Current SAF/SPF & SCDF Identity Card
- Utility Bill/Telephone Bill/Mobile Bill less than 3 months old, with name and address of customer
- Current Bank Statement within the last 30 days, with customer's address
- Professional/Trade License with Photograph
- Vehicle Registration Document
- Photo Credit Card issued by a recognized financial institution
- College Photo ID Card or Bursar's receipt for the current term - issued by a college affiliated to the respective State University or a Post Graduate institute of the State
- Employee Photo ID Card from a recognized company
- Computer printed pay slip from a recognized company.
- Property Registered Deed/Title Certificate/Lease Agreement
- Certified Certificate of Citizenship
- Medicare Card
- Firearms License
- Security Industry License
- Centerlink Health Care Card
- Centrelink Pensioner Concession Card
- Centrelink Commonwealth Seniors Health Card
- Valid Credit Card issued by a recognized deposit taking institution
- Council Rates Notice
- Assessment Order from Income Tax Department
Canada:
- Driver's License
- Armed Forces ID Card (Army/Navy/Air Force/Paramilitary)
- National ID Card
- Alien Identification Book
- Non-Driver Photo ID Card
- Mexican Matricula
- Utility Bill/Telephone Bill with name and address of the customer
- Food (Ration) Card with or without photograph (No photo of the account holder needed, but account holder appears as one of the family members)
- Professional License with Photograph
- Trade License with Photograph
- Vehicle Registration Document
- Current Bank Statement within the last 30 days
- Certified Birth Certificate
- Photo Credit Card issued by a recognized financial institution
- College Photo ID Card or Bursar's receipt for the current term - issued by a college affiliated to the respective State University or a Post Graduate institute of the State
- Certified Certificate of Citizenship
- Medicare Card
- Medicare Card
- School ID/College ID (with photo and signature of client) along with a current official transcript or Bursar's receipt for the current term
- Veteran's ID
- W-2 Form having TIN information
- US Employment Authorization Card with Photo
You can open the account while in India through any of our branches or you can open the account through any of the NRI Service Centers abroad. There is no difference under both options. In case you are planning to stay in India for sometime and wish to collect your welcome pack/ATM card/APIN etc., while in India, you will need to indicate the same to the branch personnel and give your Indian address as the mailing address. Once you go abroad, you can contact your nearest NRI Service Center and change the mailing address to your address abroad.
With the Rupee Checking Account you can send money home, without spending on money transfers. It is the most convenient and easy way. There are 7 modes by which you can send money:
- Online Transfers - Currently for US customers only from any US Bank Account to your Citibank Rupee Checking Account using the Automated Clearing House (ACH) facility. Currently for Singapore customers only from any Singapore Bank Account to your Citibank Rupee Checking Account using the GIRO facility
- Wire Transfers/Telegraphic Transfers - From any local bank in your city to your Citibank Rupee Checking Account
- Electronic Funds Transfer - Rupees from your local bank in India to your Citibank Rupee Checking Account
- Citibank Global Transfers - From your local Citibank Account to your Citibank Rupee Checking Account for customers in select regions
- Dial-to-Transfer* - This unique facility helps you transfer funds electronically from your bank in the United States to your Citibank Rupee Checking Account in India
- Checks - You can fund your account by Personal Check/Certified Check/Cashier's Check or Drafts
- Demand Drafts - You can send money to anyone in India through our online demand draft issuance facility, which will be issued and couriered at the doorstep of the payee, free of cost, at over 700 locations in India
* This facility is only for US customers.
From the time we receive your completed application form it would take 2-3 days for your Rupee Checking Account to be opened. Your ATM/Debit Card and checkbook will reach you in 7-10 days from the date your account is opened.
1. Nominee is the person to whom Citibank will return the money in the account, in the event of the account holder(s) death. Appointing a Nominee is optional and you can indicate this in the Rupee Checking Account application form itself.
2. Mandatee is the family member designated in India to whom you give access to the funds in India through an ATM/Debit Card and checkbook. Once your Rupee Checking Account is opened, you will need to fill the Mandatee application form and complete the process.
3. Your joint account holder will enjoy all privileges enjoyed by an account holder. In an NRE type of account, the joint account holder has to be necessarily an NRI while for an NRO type of account; you could have an NRI or an Indian resident as a joint account holder.
Your Rupee Checking Account will be deemed inoperative by the Bank if:
- Your account is opened with no initial credit & there are no further credits for six months from date of account opening
- Your account is maintained with a Current Balance of Rs. 0 (Zero) with no transactions for 12 continuous months
In either of the above conditions, your account will be closed by the bank by giving one month notice, provided there is no active overdraft account or linked DMF without any balance.
Yes, the Mandatee has to be a resident of India.
To open an account for the Mandatee, you need to fill in the Mandatee application form. Before submitting the form, please ensure that-
- all the mandatory fields of the Mandatee application form are complete
- the signature in the application form matches at least one of the signatures in the submitted ID documents
- photograph is attached
- the ID document attached covers the following details of the Mandatee-
- Name
- Date of Birth
- Photograph
- Signature
- an address proof for the Mandatee's address is provided
All Indian Identity Documents are accepted for the Mandatee, which include:
- Passport
- PAN Card
- Ration Card
- Driver's License
- Voter's ID
- Bank Passbook/Bank Statement (not older than 90 Days)
- Utility Bill (not older than 90 Days)
The transactions that a Mandatee can make/perform, is based on the limits assigned by the account holder.
The following transactions are allowed for a Mandatee, on the Rupee Checking Account-
1. Withdrawals
- Issue INR denominated checks
- Use ATM card (only in India)
- Issue INR Demand Drafts at branches in India
- Issue INR Demand Drafts via CitiPhones (TIN PIN based)
- No foreign currency/draft/TC withdrawals allowed
- INR Cash Withdrawal from NRO Account
2. Deposits:
Mandatee can deposit checks in NRI Account holder's name (Branch/Drop Box) as per the following rules:
- For an NRO A/C the Mandatee can walk into a Citibank branch and:
- Can deposit INR check
- Can credit the account with INR Cash (> Rs. 50,000 PAN Card of account holder is required)
- For an NRE A/C the Mandatee can walk into a Citibank branch and: - Can deposit foreign currency check
However a Mandatee is not allowed to do the following-
- Make address changes in accounts
- Deposit checks in the name of Mandatee into the account
- Place Standing Instructions in the account
- Make a foreign Currency Cash/Drafts/Traveler's checks deposit or withdrawal
The minimum amount that is required to open the Rupee Checking Account is USD 5,000 or its equivalent unless specified otherwise.
On an ongoing basis, you would need to maintain an average monthly balance of the equivalent of USD 5,000.
A nominal service charge equivalent to INR 500* would be charged for that month in case the average monthly balance is not maintained. This charge of USD 10 is waived in case your net relationship value (NRV) is greater than USD 10,000.
* Service Tax of 10% and an education cess of 2% will be levied on the Service Charge, in accordance with the latest notification from Government of India.
For Savings Account:
You earn an interest of 4.0% per annum on the daily balances held in your Rupee Checking Savings account.
Illustrative example on Interest Calculation
For Current Account:
The Rate of Interest on the Rupee Checking Current Account is 0%.
It depends on you account classification. Click here to view the schedule of charges.
There is no commission to be paid for transferring funds into your Rupee Checking Account.
1. The ATM card provided has a daily withdrawal limit of Rs. 75,000. In case of a NR Citigold account, the daily withdrawal limit is Rs.1,50,000.
2. There are no charges on the ATM card at both on us (Citibank owned ATMs)/off us (ATMs not owned by Citibank) machines in India/abroad. This is a special feature offered to you by Citibank NRI Services.
The interest earned in NRE type of account is exempt from Income Tax in India. However, in an NRO type of account, interest earned is subject to Income Tax in India. A withholding tax of 30% 'plus surcharge' would be deducted at source on all interest earned. You can claim credit for this amount towards income tax payable by you in India. If you have no income tax liability in India, you can obtain a refund of the same from the Indian Income Tax Department.
Click here to view the various methods you can use to fund your account.
