Citibank India Non Resident Checking Account

[jingjingna]

Clicked on one of the adverts yesterday and was swiftly taken to Citibank's Indian website for Non residents. Had a chat with a live operator and was informed that an Indian Rupee Checking account can be held by foreign nationals and an International Visa debit card is provided.

To open an account one needs to deposit USD 500 instead of the usual USD1000 and the minimum balance requirement will be waivered for twenty years!

No additional charges for waithdrawing cash via ATM either..sounds pretty good apart from the fact that the account is held in Rupees.

What do you think? We all know how difficult it is to get a proper Visa Debit card here in LOS!

Your comments/feedback appreciated and wanted.

[Firefan]

Account in Rupies combined with the wire fees involved to recharge it would keep me of. There are plenty of other offshore cards out there where you can keep it in USD. Cheers!

[jingjingna]

Well, give us some for examples then! ???

[vasan_blr]

Clicked on one of the adverts yesterday and was swiftly taken to Citibank's Indian website for Non residents. Had a chat with a live operator and was informed that an Indian Rupee Checking account can be held by foreign nationals and an International Visa debit card is provided.

To open an account one needs to deposit USD 500 instead of the usual USD1000 and the minimum balance requirement will be waivered for twenty years! 

No additional charges for waithdrawing cash via ATM either..sounds pretty good apart from the fact that the account is held in Rupees.

What do you think? We all know how difficult it is to get a proper Visa Debit card here in LOS!

Your comments/feedback appreciated and wanted. 

<{POST_SNAPBACK}>

Hello i have one from past 6 years. Indeed it is very useful for Indians. This is for Non-Resident Indians controlled by Reserver Bank of India. Probably they allow foreigners to open also becuase of the foreign investments in India.

Key features.

1. They give a "Maestro Cirrus" debit card useable world wide. It is equalent to Master card for ATM debit. You cannot use this to pay in stores. (Not visa card as you said)

2. If you travel in India it is accepted as Debit card in the stores after checked your PIN number entered in the shops password key pad.

3. Withdrawal from any ATM world wide is FREE(No hidden charge). You can only withdraw in the local currency.

4. Internet Access is given for free on demond. Again it is useful for Indians to send Demond draft / Transfer fund for FREE in India. (Useful for me, sitting in Bangkok i can order Draft or transfer fund to any other Indian bank).

5. Checking balance in world wide ATM is also FREE. (Once i checked my SCB account balance in an ATM in India and i lost 100 Baht for that.). I used my ATM card in many countries never been charged.

6. Deposit money is also FREE. You just send your US$ cheque or any other acceptable currency cheque for Citi NRI account to the nearest NRI center(For us Singapore). I prefer to send US$ cheques to Newyork, with in 10 days it will be cleared, where as if i send to Singapore it take atleast 21 days.

7. The balance will be in Indian Rupees and you can repatriate to $ anytime you like.

8. In general Indian Rupees is very solid aginst US$ becuase of the more Foreign Direct Investment. Rates wont change like in Bankok 10-15 times a day. Present rate is Rupees 43.50, this is same from almost a year. In any case you will not loose though $ value goes down.

9. Toll free number is given world wide. You can call to the call center and findout your balance or what ever you like.

10. You can earn 6% interest with TAX FREE.

Check http://www.citibank.co.in

I hope above information is useful.

Citibank also offers US$ account in Singapore, but every transaction has a charge and interest rate is not attractive.

[vasan_blr]

What do you think? We all know how difficult it is to get a proper Visa Debit card here in LOS!

Your comments/feedback appreciated and wanted. 

<{POST_SNAPBACK}>

Hello i have one from past 6 years. Indeed it is very useful for Indians. This is for Non-Resident Indians controlled by Reserver Bank of India. Probably they allow foreigners to open also becuase of the foreign investments in India.

Check http://www.citibank.co.in

I hope above information is useful.

Citibank also offers US$ account in Singapore, but every transaction has a charge and interest rate is not attractive.

<{POST_SNAPBACK}>

Added some more tips.

Yes as you said initial deposit is $500 and no minimum balance is required to maintain.

When you deposit from Thailand, dont take Thai Baht chque, becuase you get lower rate for Baht. Better to take a US$ cheque (In Siam commercial bank the charge is Bt.203) and send by register post (Bhat.53) to NewYork. That's the only expence you meet to deposit in your account. You can see you balance in your ATM card with in 10 days.

Once in 6 months you can get statements.

If you register your e-mail, they send you a mail after each deposit and each Demond Draft ordered from online.

I hope my information helps you.

[jingjingna]

Thanks form your input on this Vasan..so the debit card provided is very much the same as a Thai debit card.

I am not sure where you're getting the 6% interest from though???

An NRO account attracts 3.50% and the NRE account a mere 1.50% or something like that

[vasan_blr]

Thanks form your input on this Vasan..so the debit card provided is very much the same as a Thai debit card.

I am not sure where you're getting the 6% interest from though??? 

An NRO account attracts 3.50% and the NRE account a mere 1.50% or something like that 

<{POST_SNAPBACK}>

Yes sorry, the rate is changed now. The below from website explains better.

The NRE Account

The Non Resident External (NRE) Account is a savings account held in India, in Indian rupees. The Principal and the interest in an NRE account is fully repatriable. Interest income is exempt from Indian Income Taxes. Currently the interest rate offered on the NRE savings account is 1.16% per annum*.

The NRO Account

The Non Resident Ordinary (NRO) Account is a savings account held in India, in Indian rupees. The NRO account can be funded through NRI's income in India. Only the interest in an NRO account is repatriable. Interest income on this account is liable for Indian Income Taxes. Currently the interest rate offered on the NRO savings account is 3.5% per annum*.

*Rate subject to change without prior notice.

[Firefan]

Start by clicking on some of the google ads on this page. Cheers!

Well, give us some for examples then! ???